What’s your best practices for lowering delinquency?

What’s your best practices for lowering delinquency? We’re nowhere close to what we need to be and all of our residents have figured out that with thirty day notices, they can pay on the 29th and be fine. TIA!

Don’t accept payment on the 29th unless they have the following months rent. Per the lease contract you are not obligated to take payment from them once the account is delinquent. If they don’t have the followings months rent plus the delinquent amount I’d let the account go delinquent and file eviction. That’s what I used to do at my 30 day NTV property and it cleared up confusion quickly

Is it affecting the property’s ability to pay bills and payroll? If no, and residents are paying before sending to attorney then youre still ok even if owners want to see lower balances remind them kf revenue created by late fees.
If property can’t pay bills on time then start to non renew the habitual late payors. Let them know habitual late payments will be affect their renewal and explain the property needs the income to pay the massive amounts of expenses and you just cant operate with residents not paying on time.
Burn up the phones and emails weekly. Be squeaky wheel.
Increase late fee. Research if your state would allow a second late fee if still late by X date.

We give a 10 day notice on the 4th, late fees on the 6th, evictions filed on the 16th. If a pay agreement is done-allowed once every 12 months-they have to pay by the 25th with late fees. If they don't think they can pay by then, pay agreement can be made for the 10th of the next month. By the 10th of the next month, they must include next month's rent and late fee as well. If they fail the pay agreement, either one, they are put up for eviction.

1. Tighten Rental Criteria
2. No Personal Checks
3. Educate payment policy at time of tour and Move In.
4. Partner with Flex. They allow residents to split thier rent into two payments and pays Landlord on the 1st.

Promise to Pays where they pay 1/2 now and PTP rest before AME

Lock outs

Let your residents know (invert number here) late payments in a 12m period will result in a non-renewal. But….you have to mean it and be consistent.

As long as you allow this behavior they will continue it. Give them a letter stating that paying late will no longer be acceptable (some courts require this because you’ve set a standard by allowing this behavior) then enforce your lease/policies. Ask for help from your regional and don’t be afraid of the potential extra vacant units.

A ton of answers on delinquency here, as well:  www.multifamilyinsiders.com/.../24786-assistant ...