When you own a rental, you want to be able to make money off of it. The only way to earn income from your building is to collect rent. Here is how you can make sure that you receive payment and deter nonpayment.
A late fee for rent is a great way that you can deter tenants from paying late, according to the experts at https://www.rentrescue.com. Now, in most cases, you should have a grace period for your tenants. Normally, you would ask for money on the first but give the tenant until the fifth before you charge a late fee. Late fees should make sense to the rent that the tenant pays. Some states require that you charge no more than a certain percentage, four percent, for instance.
To accept partial payments may provide you with a means to collect all of your rental income. If your tenant faces financial hardship but it is only a temporary hardship, you can set up an agreement for him or her to pay you in multiple payments.
The best-case scenario is that your tenant will pay the rent on time, every time. Sometimes, this is not the case, however. When your tenant does not pay rent, you have to have a way to earn your rental income.