Every time we sign a lease we let the tenants know all the different ways that they can pay rent. We have a slick online rental payment system through Propertyware that we utilize to make paying rent as easy as possible for our tenants. They can even log in to there portal and review the rent balance. Some tenants may not be completely comfortable with paying online so we let them know they are free to come into the office M-F 10am – 5pm or simply mail us a check.
We have a strict late payment policy. If it is not paid by the 5th of the month there is a $50 late fee (paid to the owners of the house). If rent isn’t paid on the 1st then tenants get an automatic email letting them know that they need to pay. The email even includes a link to make an online payment.
If the rent isn’t paid by the 5th not only is there a late fee but we send a letter and we make a phone call to the tenant to find out what is going on. At this time our team will let you (the investor / owner of the home) know what is going on. If rent still hasn’t been paid by the 10th of the month we will personally knock on the door and see what we can find out (hopefully collecting rent). In the rare event that the tenants have not paid rent and are non-responsive it is up to you as the property owner to determine if an eviction is necessary.
Because we screen our tenants so thoroughly we have very little trouble collecting rent payments. However it’s still important to have a clear system of collecting rent and stick to fair but strict late payment penalties.
