Guaranteeing the payment of rent to the future property owner

Renting can always feel like a risky proposition for a landlord. One of the worries that most owners have is that they won’t receive payment of rent on time or ever. So what steps can a future landlord take to ensure they don’t get stiffed or worse have to go through a lengthy legal process to evict a non-paying tenant?

Steps to Ensure Prompt Payment of Rent

The first step can be an airtight rental agreement that specifies the date the payment of rent is expected. Stipulating dates and consequences for non-payment lets tenanpayment of rent  know the proprietor means business. Also, a thorough background check of past rentals, as well as requesting proof of income will at least reassure a landlord that the renter has money coming in and has a history of good faith in payment of rent. A rental reminder when payment is late can also be effective.

Steps to Take When Non-payment Occurs

Inevitably some tenants won’t pay late or ever. After a period when it becomes apparent that the tenant is unwilling to meet their obligations, a notice of eviction can be drafted. For this, it is best to have legal representation to cover all the relevant bases. Although the temptation to change the locks and turn off the utilities can be tempting in a non-payment situation, it is best to steer clear of any action can that negatively affect the landlord in a legal dispute. The best course of action is to file an eviction notice with proper legal guidance and let the law take its course.

The best way to ensure payment of rent is to do your homework as a landlord. Draft a thorough residential rental agreement, check references, ask for a co-signer if necessary, verify sources of income and above all trust that most people understand their obligation to pay rent.