Accepting partial payments might sound simple, a step towards the end goal of getting the full payment. The truth is that once landlords and/or property managers start accepting partial payments, if things aren’t clearly spelled out it’s not just a small risk being taken on, it’s a lot of risk.
Let’s use the following example. You’re in any type of process of evicting a tenant for nonpayment, and choose to accept a partial payment. You can be setting yourself back to square one of starting an eviction process here in El Paso County. You might not be able to start the process at all again until the next month comes around and no payment is made depending on your situation and what your lease stipulates.
If there are late fees involved, are they in effect if a partial payment is made instead of the full payment? You might be surprised how a courtroom situation goes if you think it’s a clear and straight forward answer.
When we are managing a property, we only accept payments for rent online through the tenant portal. By doing this, a tenant cannot make a partial payment, only full payments. The prevents the situation occurring where are a partial payment has been made/accepted. Our lease states payments can only be made online, so trying to drop a small check off at our office is a breach of lease. Payments through portals can be made from any computer, and any mobile device… it’s incredibly convenient to make payments.
Please contact us with any questions you have regarding property management. We love what we do and appreciate the opportunity to help others.