Do you have a tenant who’s not paying rent? Here’s how to rectify the situation.
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As a property manager, what do you do if you have a tenant who’s not paying rent?
In your lease agreement, you should include a joint and several liability clause. Essentially, this means all your tenants equal one tenant. You have one contract, and however your tenants decide to get that money to you, you only have one payment.
This means when you make your rent demand, it goes to all of them. It doesn’t matter if one tenant is being punctual and the others aren’t. Your recourse is against all of them.
If you’re not getting your rent, draft a 5-day demand letter on the 15th of the month and send it out on the 16th.
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If you’re not getting your rent, draft a 5-day demand letter on the 15th of the month and send it out on the 16th. If you’re a Rhode Island landlord, never mail it before the 16th. Hopefully, your responsible tenant can convince the others to get with the program.
If you have questions about this or any other real estate topic, give me a call. I’m here to help.