As the owner of a rental home, your top priority is making money. You can achieve this if your rent collected is more than monthly mortgage and other expenses. The following are some concrete steps to charge rent:
* Few days before rent due date (4 – 5 days), call tenants and tell them how much it is payable in a very friendly tone. The biggest mistake that an owner / property manager can make is to give tenants extra time after the due date to pay the rent.
* Set the policy to accept a check per Unit. If more than (1) live in a unit, accepting multiple checks from co-tenants will harm your eviction efforts if eviction becomes necessary.
* With renters who have paid late, you can offer a $ 10- $ 20 discount if they pay within the first (5) days of the months.
* If the rent is due on the 1st and the criminal on the fifth, call tenants on the 1st and follow up with daily phone calls. As soon as the rent is delayed, write on the tenant’s door “Notice to pay rent or quit”.
* Immediately file lawsuits against small claims litigation.
* Look for an eviction lawyer with reasonable fees.
* Do not accept partial rent payments once a lawsuit has started.
* The landlord must perform all repairs so that the tenant cannot claim deductions from rent payments.
* If a tenant pays too late and the landlord does not charge a late fee, the landlord loses its leverage as stipulated in the lease.
* Resident Manager should place self-addressed envelopes under each tenant’s door on the 25th of the month as a reminder to pay rent on time.
* Do not accept rental part payments.