At Walters and Company Property Management, we believe that transparency builds trust, especially when it comes to handling late rent payments. While individual landlords might improvise their approach to past-due tenants, at Walters and Company, we operate with precision, following our carefully designed systems that balance firmness with fairness.
Let us pull back the curtain on what happens behind the scenes when rent goes unpaid at a Walters and Company-managed property.
The Clock Starts Ticking: The First Days of the Month
At Walters and Company, rent is officially due on the 1st of each month. While many of our tenants understand this deadline, few realize how quickly our late rent process begins to move.
Day 1 (1st of the month): This is the actual rent due date. At this point, our team is simply collecting and processing payments as they arrive. Tenant outreach also begins when we have not received rent by the 1st.
Day 2: Though many leases include grace periods, in the Walters and Company system, a tenant's account is now technically considered delinquent. However, no legal action is taken yet as payments are still being processed and posted.
The System Activates: Mid-First Week
By the 5th of the month, the well-oiled machine of Walters and Company's late payment processing begins to move:
Day 5: This is when our serious work begins:
Our finance guru pulls our comprehensive past-due reports
Our property managers begin preparing late notices that comply precisely with Colorado state landlord-tenant laws
Day 6: The first visible consequences appear:
Access to online tenant portals are disabled for past-due accounts
The first round of formal late notices are physically hand delivered
Payment options narrow to certified funds or money orders only (unless our property manager authorizes portal payments based on individual circumstances)
What our tenants and owners don't see is the extensive documentation happening behind the scenes. Every conversation, text message, and payment promise is meticulously logged in our systems.
Escalation: Late First Week
Day 7: For accounts still unpaid:
A second round of notices is posted by our team
Multiple communication channels are now in use—phone calls, emails, and text messages
Property owners are kept updated about their property's payment status
Our property managers begin educating both tenants and owners about what comes next if payment isn't received, with special attention to new owners who may be unfamiliar with legal processes
Days 8-9: Final notifications and consequences:
Our team continues completing tasks and follow-up communication
On day 9, substantial late fees (5% of monthly rent) are automatically applied to past-due accounts.
The Decision Point: The Payment Window
Following formal notice delivery, tenants have a 10-day "cure period"—the final opportunity to bring accounts current before Walters and Company begins legal proceedings. During this window:
Only certified payment methods are accepted
Every interaction is continuously documented in our system
Our property managers evaluate whether circumstances warrant flexibility in collaboration with our owners
Legal preparations begin for accounts unlikely to resolve
Why Our Process Matters
At Walters and Company, this systematic approach to late payments isn't about being punitive—it's about:
Legal protection: Following precise timelines and documentation requirements protects both our property owners and our company
Fairness: All Walters and Company tenants are subject to the same policies and procedures
Communication clarity: When everyone understands the consequences and timelines, misunderstandings are minimized
Efficiency: Our standardized processes reduce the administrative burden of managing delinquencies
The Walters and Company Perspective
From our viewpoint, late rent isn't just about missing money—it represents:
Potential cash flow interruptions for our valued property owners
Increased legal exposure if procedures aren't followed exactly
The Bottom Line
At Walters and Company Property Management, we don't have the luxury of handling late payments casually. Our systematic approach ensures legal compliance, owner satisfaction, and ultimately, property profitability.
For our tenants, understanding this process helps demystify what can seem like an impersonal approach to a very personal problem—paying rent. For our property owners, it provides reassurance that their investment is being protected through consistent, transparent procedures.
For more information about our policies or if you have questions about your account, please contact your Walters and Company directly.
Call us: (720) 357-6655
Email us: rent@rentgowalters.com
Visit us: www.rentgowalters.com
