What happens if my tenant doesn’t pay the rent?
Although we screen carefully to be sure we’re only placing qualified renters in your property, there is always the possibility that a tenant may lose his/her job, or face unforeseen circumstances, and becomes unable to make the rent payment as promised. Truckee Meadows Property Management enforces a very strict rent collection policy to protect our owners’ interests. All rent payments are due on the first (1st) of every month, and late on the 2nd day. If unpaid after the 3rd day of the month, we make contact with the tenant, and a late charge is assessed. The late charge is cumulative; in other words, the longer the tenant goes without paying the rent, the higher the late charge is. If the rent remains unpaid by the 6th day of the month (or, next business day, if the 6th falls on a weekend or holiday), we may prepare and cause to be served an eviction notice for non-payment of rent. We do not charge you extra for this service, under our “Full Management” program; you pay only the costs of filing and serving the notice. Under Nevada law, the tenant then has 5 business days to pay the rent or vacate the property. In our experience, most tenants will pay before the expiration of the notice. If the tenant does not pay or vacate within the 5 days prescribed, the next step is a court order for lockout. This is a process we can handle for you (additional fees apply), or you can handle yourself. Again, it is extremely rare for a lockout to become necessary.
Over the last 3 years, we have not had a single eviction! That speaks to how well we screen our prospective tenants.