It’s been a common issue
among the landlords is how to collect the rent from the tenants? It’s
not a sensible option to evict them without collecting the rent. As
tenants too have their own rights, landlords have to be prepared with
possible and prescribed law to protect their investment and to be out
of any issues. Below mentioned are some points that will help you to
collect rent at a healthy level:
- Multiple checks:
Never collect multiple
checks from individuals for a single unit. If the rent is collected
separately then there is a possibility of that all the roommates
doesn’t pay on prompt. Hence, tell them to present a single check
and figure out who owes whom.
- Reminders:
You can either give an
option of invoices, rent payment coupon book or reminders to tenants
so that they the rent flow remains on track. And for the slow payers,
call them 5 days before to remind them about the due date.
- No partial payments:
Most states would void any
prior legal notices if the tenant has partially paid the rent. If it
is a request by a tenant then it is better to have an agreement or
legal notice to pay the rest within the specified date.
- Rewards:
It would be difficult to
provide a reward a tenant in running down economy but it would be
perfect for one who pays on time. A gesture for good behavior, a
movie ticket or a pizza would encourage them to pay on prompt.
- No cash discounts:
Some landlords opt to
charge higher rather than a late fee and entice tenants that they
could get a discount on the rent if they pay on time. Court frowns
upon this tactic used by the landlord hence it is better to prescreen
tenant to get a tenant who pays on time.
- No bounce please:
If the check given by the
tenant gets bounced then it is better to replace it or acquire a
cashier’s check or money order. Still they swear that the check
won’t get bounce next time then it is better to cash it or have
them certify that there won’t be any problem while depositing.
- No discrimination on late fees:
Favoring a tenant will
result in accusation of discrimination from other tenants. Hence it
is better not to bend the rules and protect yourself from the
lawsuits.
- Property managers:
If you are not able to
follow the above tips then it is better to look for someone at
rentalchoice.com
who can handle your responsibilities.
- Records:
Maintain records of all
transaction taking place between landlord and tenants.
Thus the above tips will
help you to gain rent on time.
