Tips and Strategies That Will Save You Tons of Time Collecting RentPosted by Joyner Hamilton on May 20th, 2021 Collect Rent using a One of the things we recommend as far as collecting rent is that you simply have a very P.O. Box. Most P.O. Boxes at your local mailbox or FedEx store don't cost quite definitely. I get a P.O. Box inside my local mailbox and it is below 0 each year. It's like every half a year. That way it is sometimes difficult or even a pain going to your postal service frequently, but keep in mind that, you don't wish rent going to your personal residence. I guarantee that. I would highly, highly recommend spending some amount of money, finding a P.O. Box, and be sure that rent goes to that P.O. Box. The other reason perform that or recommend it can be possibly that you will move over recent years. You may only move a few miles, but that way you don't have to notify everybody on the globe and your tenants where to send rent in case you move each time. Now it doesn't matter should you move, because they don't even know and also the rent still visits the P.O. Box. Collect Rent Electronically We also advice that you develop a system set up to recover rent electronically. that site are really creating a big push like that. We are approximately 40 to 45% right this moment that we collect electronically. If you've got a software package you can do that, or you can utilize a site called . They allow for individuals to cover through their checking accounts. You can use as a prospective way to collect it. Do Not Accept Cash One of the things we do not do is accept cash. We do not grab cash. That is one of these brilliant rules. Please, please, please not violate you can try these out . We do not just go pick up rent, period. Don't start it. Don't think, "Well, they're paying late this month. If I go figure it out I'll solve this problem." Tenants are strange animals. I guarantee you that in case you get the rent once, the next month and the next month and also the next month they'll expect you to grab the rent again. Not only that, but they normally use it justification. What will happen is they'll say, "Fine, I'll hold off until the landlord comes and picks it down." The third with the month comes, the sixth of the month comes, the ninth with the month comes, and also you haven't gotten your rent. You get in touch with and they also say, "Oh, I thought you had been going to come get it. It's here. It's waiting for you." You're like, "Well, why didn't you mail it?" "Well, you picked it up recently!" Well, this is their explanation apparently treat it as being it's your condition, not theirs. "Oh, the rent's here, you only haven't come picked it down." So they've kind of attemptedto push the challenge onto you. So then you say, "All right, fine, I'll be there Saturday morning, 10:00." Tenant says, "Fine." Resources arrive Saturday at 10:00 and nobody's home. You go back home, you call them up. They don't answer the device until Sunday night, "Oh, yeah, yeah. I got called to operate. I'm sorry. I got called to work. I got this or I got that." Now it's Monday and they've got to function. It's Monday evening so you've got to operate on the bottom again after work. So what happens is basically that you start commencing this vicious circle. Don't do it. Simply avoid them. Don't start it and you'll never get caught. What I really suggest is that you make sure you train your tenants to pay for electronically or to send it inside the mail. That way there is certainly precise and concise instructions on just how to pay their rent, because in the event you give them some confusion, they'll take that as an benefit from failing to pay. We certainly accept checks, but if the tenant pays a couple of times a negative check, stop that when this occurs. Make it a policy in your lease to never accept any checks as soon as the first or second bad check.Like it? Share it! More by this author |