How to Collect Rent from Tenants
Landlords who fail to enforce regulations regarding timely payment of rent are asking for trouble. Most tenants pay their rent on time with no problem, but there are always a few who either can't or won't keep up with the rent, and they constitute a large percentage of the headaches associated with renting out property. Landlords who develop a dependable method of rent collection will make their professional lives much easier.
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Instructions
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Make the terms of rent payment clear on your rental agreement, and have tenants sign the agreement to prove that they read it. This gives you legal recourse if a tenant falls behind in rent payments.
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Collect the rent on the first day of every month. This is an easy day to remember for landlords and tenants. You can physically go to the property, have the tenant bring a check to you, allow them to pay online through a digital payment service or set up a direct withdrawal from the tenant's bank account.
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Pass all the hassles of rent collection over to a property management company. In exchange for a monthly fee, a property manager will collect rents, deal with tenant issues and oversee the building, leaving the landlord with slightly less profit but a lot less hassle.
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Use your judgment when dealing with delinquent rents. A tenant who always paid on time but is experiencing some temporary difficulties should have more leeway than someone who is constantly failing to pay.
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References
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