Every successful landlord or property management company has a firm and consistent rent collection policy to ensure prompt rent payment collection. Any policy formulation must be simple, easily understood and uniformly enforced. In fact, the training process starts when you are talking to the prospective tenant, explain your no-nonsense rent policy: “Rents are due on the first and late if received after that date,” or “Rents are due on the first and are subject to a hefty late charge if received after the 3rd of the month.” You need to let the new tenant know that “rent comes first and before any other bills” the tenant may have, because you too have the mortgage and other expenses to pay timely yourself. Downloadable immediately. Copyright 2004. Price: Access by Gold Members Only |