A landlord needs to have a strong framework in place so that his tenants always pay the rent on time. You can have multiple options for rent payment but always ensure that there is a strict system for late rent. You need to be completely proactive if you want the tenants to be on time for their rental payments every month.
The first important step is to decide the correct rental price for your unit keeping in mind factors such as amenities provided, utilities, value of your property, location of the property as well as the rental season. Research comparable units in your neighborhood and consult your real estate agent to arrive at a good rental price.
When it comes to rent collection, there are certain methods that can be employed and you need to discover which one works best for you and your tenants. Below is a landlord’s guide for collecting rent:
- Avoid Collecting Cash In-Person: Collecting rent in-person is not only time-consuming but also diminishes your authoritative position. It is best not to chase the tenants every month and instead allow them to deposit the rent on their own. The only upside of collecting the rent on your own is that you can check up on the property to see if it is being well maintained.
- Don’t Allow Tenants To Come At Your Place: Do not give your address to the tenants or tell them to drop-off at your place for paying the rent. Deal with rental payments and tenant issues professionally during specific office hours. Call the tenants in your office or have a conversation on the phone for rent collection. This will ensure reduced stress levels and enhanced safety for your family.
- Getting Rent By Mail: One of the easiest ways to collect rent is by asking your tenants to mail the check to your PO Box and not home address. Ask your tenants to mail the check in advance so that you receive it on time. Keep a late fee for mail that is posted on a later date and gets delayed while reaching you. Also, it is good to specify that your tenants should not mail you the rent in cash.
- Always Provide Rent Receipts: It is imperative to provide a receipt for the rental payment you receive. Some states have specific laws in place that require you to give a rent receipt to the tenant. If your tenant pays rent online, the receipt can be automatically emailed to him thereby saving your time. The receipt should include: tenant’s name, address of the rental unit, amount received, date on which the amount is received and name of the person receiving the receipt.
We, at Hunter Rentals & Property Management provide thorough assistance in rent collection and property management. To know more, call at (254) 634 – 3311 or visit 1503 W Stan Schlueter Lp, Killeen, TX 76549.