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#381301 - 06/29/11 12:51 PM Collecting the Rent
SD Prop. Mgmt. Offline
Member

Registered: 05/05/11
Posts: 48
Loc: San Diego, CA
With all the work that goes into unit readiness, marketing and property maintenance of an apartment complex, the day the rent comes in each month is a glorious one indeed. It represents the fruits of one’s labor and enables the owner to pay the bills. Of all events that occur over the course of a month, it ought to be handled with precision and efficiency. This is yet another reason to hire a qualified property management company in Chula Vista like The Property Management Boutique.

Let the tenant know what is expected from the beginning and facilitate his or her paying the rent as much as possible. Have a slotted and locked mail box available where the tenant can place the envelope. Some managers provide marked or preprinted envelopes for the duration of the tenant’s lease.
If a check bounces, have a procedure and follow it. Charge the tenant a penalty within the limits of what’s allowed by law. If it happens a second time, charge the penalty again and this time charge a late fee.

There is something about establishing policies and procedures that help people set priorities. It’s like conditioning.

If you run a tight and effective ship, your “crew” will get on board!

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#396316 - 12/06/11 06:10 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
quorum Offline
Junior Member

Registered: 12/06/11
Posts: 2
Loc: BC
For rent collection, I've been experimenting with online payment taking either through email money transfer or PayPal invoicing. There are extra costs involved in this but if I can figure out a way to automate this it will save loads of time. Let me know if anyone else is doing this.

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#396353 - 12/07/11 07:35 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Newton Offline
Member

Registered: 04/04/07
Posts: 458
Loc: Ohio, USA
I offer all my tenants an incentive of $25-50 discount if they pay 5 days before the due date. I have to have payment in hand. Amazing how many of them take advantage of it.

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#396966 - 12/15/11 06:45 PM Re: Collecting the Rent [Re: quorum]
Dave23 Offline
Member

Registered: 02/19/10
Posts: 164
Loc: New York
Originally Posted By: quorum
For rent collection, I've been experimenting with online payment taking either through email money transfer or PayPal invoicing. There are extra costs involved in this but if I can figure out a way to automate this it will save loads of time. Let me know if anyone else is doing this.


I know paypal has subscriptions which would automatically take care of this each month if they signed up for it. You create the subscription on your end with how much and when its due.
_________________________
WNY Real Estate Investors Facebook Group

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#399219 - 01/19/12 09:02 AM Re: Collecting the Rent [Re: quorum]
Ryan Offline
Veteran Member

Registered: 09/21/07
Posts: 727
Loc: NY
I use buildium for property management and rent collection. It's an online system and the cost depends upon the number of units you rent/manage. Tenants can pay via ACH (cost is 50 cents per transaction, 3-4 business days to clear).

The automatic payment system is just one of many benefits of using the software. The monthly cost is EASILY recouped in time savings and on-time payments.

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#399927 - 01/29/12 11:52 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
It is certainly important for a landlord to be able to easily and efficiently collect rent from a tenant.

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#400750 - 02/08/12 06:01 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
GreenvilleLiving Offline
Member

Registered: 12/01/11
Posts: 13
Loc: SC
I totally agree with using an automated system! It helps minimize trouble and time. Paypal really isn't that expensive.

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#401741 - 02/21/12 01:30 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Iftikhar Offline
Member

Registered: 01/24/12
Posts: 40
Loc: Pakistan
Nice post and really interesting replies. Mostly people prefer to save their time but it also depends how far we have to go to collect it. An automated way will surely be good if we have to go a long distance which is time consuming.

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#404852 - 04/11/12 03:56 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
lbburn Offline
Junior Member

Registered: 04/11/12
Posts: 1
Loc: NC, USA
In our office, we use RealPage's [url=http://www.realpage.com]property management software[/url] to collect payments from residents and it has made things so much easier for us and for our tenants to pay online at their convenience. I would recommend looking into it.


Edited by lbburn (04/11/12 05:26 PM)

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#406189 - 05/04/12 02:33 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Rents2Riches-Pat Offline
Member

Registered: 05/04/12
Posts: 62
Loc: Oregon, USA
Using a property management software system with ACH is the only way to go. We did the quickbooks thing for a while and tried collecting rent manually and it is a pain. Sometimes unavoidable, but a huge time save if you can automate.
_________________________
Patrick Rogers owns and operates Asurent Property Management located in Medford Oregon and is also a nationwide Property Management Marketing Business Coach through Rents2Riches.

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#422506 - 04/10/13 07:33 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
eLoanRates Offline
Member

Registered: 03/26/13
Posts: 34
Loc: California
We simply have our tenants send us a check. Old-fashioned these days but it works.

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#422973 - 04/23/13 11:16 AM Re: Collecting the Rent [Re: eLoanRates]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Originally Posted By: eLoanRates
We simply have our tenants send us a check. Old-fashioned these days but it works.


Same here - I agree. smile

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#424736 - 06/06/13 03:47 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Aalisa Ray Offline
Junior Member

Registered: 06/05/13
Posts: 9
Loc: India
Yes I am agree with you on the point of late fee and penalty with that kind of rules you can easily manage any kind of renting property, don't need to give any flexibility, with strictness you won't have any issue of late payment.

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#448199 - 10/12/15 04:09 AM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Ro J Offline
Junior Member

Registered: 10/12/15
Posts: 1
Loc: New York
Too much hassle for me, collecting rent and chasing after my tenants.

I use Rentigo.com to collect the rent online.
Their system sends automated reminders to the tenants so I see a lot less late rents and if they pay after time late fee is added automatically to the bill. Best thing is - It's almost for free! (including their fine property management portal)

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#448319 - 10/18/15 08:18 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
Flynlow Offline
Member

Registered: 10/14/15
Posts: 38
Loc: Wa
I have 19 rentals that I own, I have been building my "collection" for 6 years. I have never had a single late payment. I do all the screening for tenants and hire out the maintenance if and when it needs it. I know all of the tenants by name, and have met with all of them when they signed the lease. Yes, this absolutely takes time out of my day, but, I get to pick what tenant I like.
I have always accepted check or cash. That's it. Nothing automated, nothing over the top. Just "mail me a check" or deposit cash into my account.
Sometimes, you've gotta KISS... Keep it simple...
_________________________
Are you in need of a Broker Makeover?

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#448618 - 11/02/15 02:16 PM Re: Collecting the Rent [Re: SD Prop. Mgmt.]
jimmyk Offline
Junior Member

Registered: 11/01/15
Posts: 4
Loc: indiana
The number one lesson I have learned from owning rentals is, as the OP says, conditioning the tenant. I give a three-day grace period because I know a lot of people get paid or receive government assistance on the first of the month. But if they don't have it in by that third day I have my attorney send them a 7-day notice automatically. Once they realize you take payment seriously, they will take you seriously. Now, if tenants have a problem like they lost their job or are in the hospital or whatever, they call me ahead of time to explain why they might be late instead of me trying to track them down. It alleviates a lot of stress from wondering if you are going to get paid or not.

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