Rent Collection – Part I

If, you are new to the rental business, then the following methods of monthly rental collections from tenants will assist in helping a rooky landlord to figure out the best way for a successful business. Not only will you be able to weigh the pros and cons of each technique, you can opt for the one that works best for you. Here goes:

Personal Collections
Either, an appointment can be scheduled with tenants for dropping by to pick up the month’s rental cheque, or else they can be informed that it is their responsibility to drop it off. This way, you will know right away, who’s paid up and who hasn’t, however, you are still not sure, whether the cheque will clear or bounce, in the event the rent was not paid in cash or certified funds.

Nevertheless, the best method is to designate a place for the tenants to drop off their rental payments e.g. a drop box. As for chronic late payers, you can stress they no longer have the privilege to pay any other way, except by certified funds. And, if they consistently pay on time for 6-months, tell them you will consider reverting back to the standard pay system after careful deliberation.

If, you prefer your tenants to drop in with their rental payments, make sure it is not at your personal residence; as well it is recommended you arrange for an unlisted residential telephone number, while removing all personal information from Internet sites.

Whilst, you may go for this method, a seasoned landlord will not recommend it, since it requires too much effort on one’s part.

However, landlords on their part, should make themselves cognisant with all rules and regulations before drafting a lease, and must take all necessary precautions, such as, screening tenants and conducting background checks on prospective tenants, including ensuring all promises in the rental lease are adhered to, as their insurance for a litigation free landlord / tenant relationship. A simple click of the mouse and any landlord or property manager can visit www.e-renter.com for tenant screening and background check services. www.e-renter.com, the best tenant screening agency in America!