Monthly Delinquency Reports in DC, MD & VA
When you own and rent out property, your income is generated by monthly tenant payments. This is why finding trustworthy tenants is one of your biggest concerns as a landlord. Timely payments facilitate a steady monthly income and allow you to avoid unpleasant processes like eviction.
Unfortunately, even with the proper vetting processes and background checks, it’s possible one or more of your tenants will fall behind on rent payments. Monthly delinquency reports from your property manager make it easy to keep track of your delinquent tenants so you can take the appropriate action at the right time.
To set up monthly delinquency reports and other accounting services, please call Tidewater Property Management at (443) 548-0191(443) 548-0191. We offer these and other related services to property owners in Maryland.
How to Encourage Your Tenants to Pay Rent on Time
Besides keeping your tenants happy, your top priority as a property owner is to make sure rent is paid on time and in full each month. Here are the key points for encouraging timely rent payments:
- Make it easy to remember: Provide clear instructions in your lease for when and how to pay rent. Most renters are accustomed to paying on the first of the month, so we recommend choosing this easy-to-remember date. Emails or reminder texts a day or two before also helps to prevent forgetfulness.
- Make it convenient: Provide multiple options for paying rent so your tenants can choose what’s most convenient for them. When you hand over rent collection responsibilities to Tidewater, you give your tenants the option of paying by check or through an online payment portal.
- Make it secure: Your tenants should always trust that their checks or bank account numbers are safe when they pay their rent.
- Make it automatic: When tenants can sign up to have their rent withdrawn from their bank account each month, there’s no fear of forgetting.
Dealing with Delinquent Tenants
Even with the perfect payment setup, it’s still possible your tenants will fall behind on rent, whether due to forgetfulness or financial woes. When this happens, take the following steps with help from Tidewater:
- Check your monthly delinquency reports: This ensures you didn’t miss a tenant’s payment by mistake.
- Issue a late notice: After the grace period (usually three to five days after rent is due), deliver a written late notice in person, tape it to their door, or email it to them. If you don’t hear back within a few days, call the delinquent tenant on the phone to discuss the issue (only call once to avoid accusations of harassment.)
- Deliver a “Pay or Quit” notice: This is the first step in the eviction process. Tidewater can draft the notice for you, which you should deliver in person to any tenants who remain unresponsive despite your attempts to reach them.
- Take legal action: If all efforts to communicate the delinquency fail, it’s time to take the tenant to small claims court, work with a collection agency, or report their debt to a credit bureau. Tidewater can help you pursue the proper legal action if it comes to this.
Keep Track of Late Rent with Monthly Delinquency Reports
Make sure you don’t let delinquent tenants defy their lease agreement right under your nose—keep track of late payments effortlessly with monthly delinquency reports from Tidewater Property Management. In addition to keeping you informed, we’ll also work closely with you to ensure all statutorily required notices are served in the proper timeframe before you move forward with the eviction process.
To benefit from our comprehensive services for property owners in Maryland, please contact Tidewater today!