Landlord Newsletter December 2006 Late Rent Notice
The LPA Newsletter, December 2006
Dear Fellow Landlord,
Have you done your holiday decorating yet? How about shopping? It seems the commercial side of the holiday season is starting earlier and earlier each year. With all your responsibilities as a landlord, it can be overwhelming to keep up during this time of year.
Many tenants choose this time of year to fall behind in the rent. They have good reasons for it. It may be because their job is slowed by the winter weather, or they over-shopped for holiday gifts. Whatever the reason, you are not a "Scrooge" if you enforce your lease during the holidays.
I'm hoping you won't have to enforce any leases this year, but if you must, have your notices prepared for action before rents get too late. There is no reason your holiday season should be spoiled by non-paying tenants.
In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and Happy Holidays!
Why You Shouldn't Give Presents to Tenants
Nonpayment of rent is obviously one of the biggest problems facing landlords. It always was and probably will continue to be. But for now, we can take steps to minimize losses when rent isn't paid.
Nonpayment of rent doesn't always mean the rent was not paid. A partial rent payment creates an unpaid portion. In many leases, including The LPA Lease, past due charges such as unpaid late fees are deemed payable as "added rent". Unpaid Added Rent is the same as unpaid Rent, valid grounds for eviction.
If you need to collect unpaid rent, there is a legal process that must be followed.
When rent is not paid on time, the landlord should be prepared to take action like an automated robot, to collect before too much time passes. Don't be strung along by the tenant waiting for some windfall that may never come.
When the tenant doesn't pay the rent, it is a serious matter not to be ignored. Many of us prefer to give the tenant another day and keep hoping that nothing is wrong because we don't want to believe anything is wrong. Just remember that the longer we give the tenant before trying to collect, the easier and more comfortable we make it for them to steal from us.
"How do I know that you are who you say you are? My lawyer wants proof that you are the landlord." - After 6 months of living here and paying late every month, I told him that unless he pays the rent plus the late fees, he'll find out in eviction court who the owner is. - Marcia C., CA
"The heater for the pool is broken. I can't swim in cold water. You'll get the rent when the heater gets fixed." - Since the use of the pool is not in the lease, the rent and late fee must be paid. - Charlie J., Fort Myers, FL
"My family comes first and I haven't even finished my Christmas shopping. If I have anything left this month, I'll send you the rent Mr. Scrooge!" - Steve S., BVR Mgmt
"He that places a feast of knowledge in front of a starving mind, Not only fills and empty heart, but quenches a thirst divine." -Dylan Martin
Behind every great idea is someone saying "it won't work". - unknown
"A mind stretched to a new idea, never goes back to its original dimension". - Oliver Wendell Holmes
"How much did your last tenant problem cost you?"
- John Nuzzolese
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