Collect Rent having a
One of the things we recommend as much as collecting rent is basically that you use a P.O. Box. Most P.O. Boxes at your local mailbox or FedEx store don't cost greatly. I get a P.O. property manager richmond inside my local tn post office and it's really under $100 per year. It's like $45 every 6 months.
That way frequently it's difficult or perhaps a pain going your mailbox frequently, but trust me, you do not want rent coming to your individual residence. I guarantee that. I would highly, strongly suggest spending some amount of money, finding a P.O. Box, and ensure that rent visits that P.O. Box.
The other reason we all do that or recommend it can be possibly that you're going to move over recent years. You may only move a couple miles, but doing this you don't have to notify everybody in the world and your tenants where to send rent in case you move every time. Now it doesn't matter if you move, as they do not have any idea along with the rent still goes to the P.O. Box.
Collect Rent Electronically
We also advice that you develop a system set up to get rent electronically. We are really building a big push doing this. We are approximately 40 to 45% right this moment that people collect electronically. If you've got a software package you can do that, or you can make use of a site called . They allow for folks to pay for through their checking accounts. You can use as any way to gather it.
Do Not Accept Cash
One of what we all do not do is accept cash. We do not pick-up cash. That is one of them rules. Please, please, please do not violate this. We do not get out there and pick up rent, period. Don't start it. Don't think, "Well, they're paying late this month. If I go understand it I'll solve that problem."
Tenants are strange animals. I guarantee you that should you grab the rent once, the following month as well as the next month as well as the next month they're going to expect you to pick up the rent again. Not only that, but they normally use it as a reason. What will happen is they'll say, "Fine, I'll delay until the landlord comes and picks it."
The third in the month comes, the sixth from the month comes, the ninth from the month comes, so you haven't gotten your rent. You get in touch with and they also say, "Oh, I thought you had been going to come pick it up. It's here. It's awaiting you."
You're like, "Well, why didn't you mail it?"
"Well, you picked it up a few weeks ago!"
Well, now they appear to treat it as it's your trouble, not theirs. "Oh, the rent's here, you only haven't come picked up." So they've form of attempted to push the challenge onto you.
So you then say, "All right, fine, I'll be there Saturday morning, 10:00." Tenant says, "Fine." You arrive Saturday at 10:00 and nobody's home.
You return home, you contact them up. They don't answer the device until Sunday night, "Oh, yeah, yeah. I got called to work. I'm sorry. I got called to function. I got this or I got that." Now it's Monday and they also've got to function. It's Monday evening so you've got to perform on the bottom again after work. So what happens is that you start starting this vicious circle. Don't do it. Simply avoid them. Don't start it and you also'll never get caught.
What I really suggest is that you simply be sure to train your tenants to spend electronically or send it inside the mail. That way there is clear and concise instructions on exactly how to cover their rent, because in the event you give them some confusion, they are going to take that as an good thing about failing.
We certainly accept checks, but if the tenant pays once or twice a negative check, stop that at that point. Make it a policy as part of your lease not to accept any checks after the first or second bad check.