HOUSTON, TX. – If you’ve owned Houston Rental Property for any length of time you know that things change in the rental market for a variety of reasons.
Your tenants may become unemployed temporarily, roommates may move out, and you may be asked at least once if you will accept a partial rent payment but the BIG question is should you accept a partial rent payment?
Get Everything in Writing
As with any business arrangement when it comes to a partial rent payment you should get everything in writing including the amount of the first partial rent payment and when you expect the remaining balance to be due.
Your written agreement with your tenant should also include late fees that they are expected to pay as well just so they will understand that they are expected to have their rent caught up by a specified date instead of constantly rolling over the money that they are behind on their rent by each month.
If You Don’t Want To Accept Partial Rent Payments
If you’re not open to accepting a partial rent payment from your tenants you should make sure that your lease clearly states that partial rent payments are not accepted just so you can fall back on your lease and follow through with some of the typical penalties for tenants who are late paying their rent including late fees, daily late fees and eviction.
Partial rent payment situations hardly ever work out in the favor of the owner because once the tenant and the owner agree to a partial rent payment arrangement, the tenant may expect the ability to make partial rent payments in the future.
Worse yet, if the property owner or landlord chooses to evict the tenant they may be required by the courts to wait until the same time in the following month after the partial rent payment was collected because some courts will not start the eviction process in the same month that the partial rent payment was collected.
Get Property Management for Your Houston Rental Property
For effective property management at your Houston Rental Property contact Vestpro Residential Services today by calling us at (831) 971-1841 or click here to connect with us through our website.