If you rent out commercial premises, you need people to pay on time. Aside from it being your source of income, you will have expenses that you must pay on time, such as the mortgage, bills, staff, repairs and upkeep. Business incomes can fluctuate from month to month, but tenants need to consider that before signing the lease.
Even if you have a line of others wanting to lease the space from you, you cannot just kick your tenant out. To get your money or get them out, you must follow the appropriate procedures.
First, consider the ideal outcome
Let’s say your property is an upmarket mall. You will probably take a different outlook if the Gucci store fails to pay rent than if it is Joe’s Discount Women’s Wear. One you likely want to keep for the prestige, the other you may be happy to get rid of as they lower the tone of the place.
You also need to consider their payment history and the chance they will be able to pay in the future. A blip in an otherwise reliable big name store is probably minor. For Joe, it may be a regular occurrence, and you might fear they will file for bankruptcy at any moment.
Send a notice of noncompliance
A friendly verbal reminder may do the trick, but often it is better to put it in writing. Florida law allows you to give non-paying commercial tenants three days to pay up or get out. Weekends and court-observed holidays do not count.
Sending the notice of noncompliance does not mean they will abide by it. They may plead for leniency or counter by accusing you of violating the agreement somehow. Getting help to understand and enforce your rights as a landlord without breaching your tenant’s rights is wise to resolve the situation without further ado.