Fix The Problem
When you contact the property manager, have a plan worked out for the missed payment beforehand. Figure out how much you owe, what you can afford, and what day you will be completely caught up. Be sure to include the late payment fee and any other fees you owe for the late payment. Failing to come up with a reasonable solution could likely get you evicted. Also, be sure that when you make these deadlines, you keep them.
Be Upfront And Honest
When the tenant renting a condo doesn't tell the truth or talk to the property manager about being late on a rent payment it causes the situation to deteriorate. If it is a week before the payment is due and you know you won't be able to come up with the full amount, contact the person in charge of collecting the money. When you talk to him or her, don't lie. Instead, tell the truth about why you are late. If you lost your job, for example, chances are the landlord will find out. This shows that you are honest and willing to deal with the problem.
When There Isn't Enough Money
In some situations, such as a job loss, it might take longer than a month to bring in the income you need to keep renting a condo. Talk to the property manager to see if there is something you can do to make up some of the money. Look for odd jobs or pick up a part-time job until you are able to make full payments on a regular basis and be sure to keep in touch with the landlord.
Once you start making payments, be sure they are in full, on time, and consistent. If late payments happen too often, it is likely the landlord will ask you to leave. Sometimes there is no other solution but to pay the money owed and move to a less expensive place. The building's owner will be much happier and may even give you a good reference if you are upfront and admit you can no longer afford the unit. Sometimes, real estate professionals have properties at different price points and may be willing to let you rent one of their lower priced homes.
The property manager doesn't want to hear the payment will be late, but he or she will be more than willing to work with you if you are open, honest, and have dealt with the problem. After all, if things go terribly wrong, the manager will likely lose money. These strategies will help you when renting a condo so you can deal with the debt as easily as possible and build a solid professional relationship with the landlord that will allow you to stay for years to come with no problems.
Christine O'Kelly is the expert author for Beal Properties, a leading property manager specializing in renting a condo in many historic neighborhoods in Chicago. Beal Property has operated in the city for more than 80 years.
