How to Handle Tenants Who Pay Rent Late in Montgomery County, MD

Purchasing a rental property can be risky, especially if you self-manage the property as an independent landlord. Collecting rent from your tenants in Columbia, Maryland, is crucial to making your real estate investment profitable.

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Unfortunately, some tenants may not always pay their rent on time. For landlords, this can be distressing and problematic. When you don’t get rent from your tenants, you don’t get income from your investment property.

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Set Up Convenient Payment Methods

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While your tenants should absolutely pay their rent on time no matter what, you as the landlord can make it a little easier for them to do so. There are a number of ways tenants in Columbia can now pay their rent – some more convenient than others.

Technology has made paying rent super easy. Landlords can now collect rent each month through mobile apps, online tenant portals, and other electronic services. Some of the most popular services are PayPal, Venmo, and CashApp.

You may have to pay a minimal fee to use these electronic services. However, think of it as a convenience fee for both you and your tenants. 57% of renters say that being able to use online payment methods is important to them when paying rent.

Of course, you can always collect rent the old-fashioned way with a check. Your tenants can send it to you through the mail. Or you can set up a drop box at the property. All your tenant has to do is drop their check-in it and you’ll collect it.

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Notify the Credit Bureau

Not many landlords are aware that they can notify the Credit Bureau of missed or late rental payments. These late or missed payments could possibly affect your tenant’s credit score.

We do caution landlords when going this route, though. Before notifying the Credit Bureau, give your tenants a warning. Credit scores are extremely easy to ruin and difficult to build back up.

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Hire a Property Management Company

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