Collection Tips for LandlordsMarch 29, 2012 — 941 views
Being a landlord can be a tough job. You are the one the tenants turn to when the dishwater suddenly stops working or a window gets broken. It is your responsibility to always be available for any needs the residents may have.
However, the most difficult task you have to face may be collecting rent each month. The more tenants and rental properties you have, the more challenging this becomes. It is important for you to be up-front with the payment terms in the lease when talking to new tenants.
If you set a precedent right from the beginning, there should be no excuses when people begin paying rent late. As soon as you start letting late payments slide here and there, the more likely you will deal with these issues continuously.
Staying organized is another essential aspect of collection. If you do not have a reliable system of keeping track of all tenant payments, you will likely let a few people slide between the cracks and end up short at the end of the year. If you are having a hard time getting one tenant to pay, don't be afraid to enlist the services of a collection agency. Consider using one that is local and specializes in rental debt.