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Tenant's Rent Overdue? How I handle late rent payments
We love giving back!
Summary:
Timestamps:
About Garret Wong
Connect with Garret:Facebook
LinkedIn
Instagram
Get Involved:
Contact:
Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!
Podcast Episode Title:"Tenant's Rent Overdue? How I handle late rent payments"
Summary:
Late rent payments can be more than just a hassle—they can jeopardize your rental income and peace of mind. Today we discuss strategies for landlords to handle late payments effectively, from recognizing warning signs to enforcing firm yet fair policies. Tune in to learn about setting up preventative measures, communicating effectively with tenants, and keeping your rental business on track.
Timestamps:
[00:00:00] Introduction: The impact of late rent payments on landlords’ cash flow and operations.
[00:03:00] Recognizing Red Flags: Stories and warning signs of unreliable tenants, including late security deposits and chronic excuses.
[00:15:30] Setting Expectations: Importance of lease agreements with clear policies on late payments, including rules and penalties.
[00:25:45] Effective Communication: Discussing the "firm but fair" approach—why empathy with boundaries is key in property management.
[00:45:00] Key Takeaways: Summary of preventative measures, including payment options, addressing repeat offenders, and the moral duty to manage rent arrears early.
About Garret Wong
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
My First Keys
Personal Website
Wong Capital
Get Involved:
Subscribe to My First Keys and follow us on social media for the latest updates.
Contact:
For feedback or questions, reach us at https://garretwong.com/contact/
View all episodes
By Garret WongWe love giving back!
Summary:
Timestamps:
About Garret Wong
Connect with Garret:Facebook
LinkedIn
Instagram
Get Involved:
Contact:
Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!
Podcast Episode Title:"Tenant's Rent Overdue? How I handle late rent payments"
Summary:
Late rent payments can be more than just a hassle—they can jeopardize your rental income and peace of mind. Today we discuss strategies for landlords to handle late payments effectively, from recognizing warning signs to enforcing firm yet fair policies. Tune in to learn about setting up preventative measures, communicating effectively with tenants, and keeping your rental business on track.
Timestamps:
[00:00:00] Introduction: The impact of late rent payments on landlords’ cash flow and operations.
[00:03:00] Recognizing Red Flags: Stories and warning signs of unreliable tenants, including late security deposits and chronic excuses.
[00:15:30] Setting Expectations: Importance of lease agreements with clear policies on late payments, including rules and penalties.
[00:25:45] Effective Communication: Discussing the "firm but fair" approach—why empathy with boundaries is key in property management.
[00:45:00] Key Takeaways: Summary of preventative measures, including payment options, addressing repeat offenders, and the moral duty to manage rent arrears early.
About Garret Wong
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
My First Keys
Personal Website
Wong Capital
Get Involved:
Subscribe to My First Keys and follow us on social media for the latest updates.
Contact:
For feedback or questions, reach us at https://garretwong.com/contact/