09-28-2005, 06:22 AM
| | Landlord Tip of the Week
Part 3 of Collecting Rents on Time:
1. Make the rent due on payday. They have a much better chance of
paying the rent if their rent is due the day they get paid. Many
people are paid on the 15th and the 30th of the month. It's no
problem to schedule their rent payment for one of those days.
Likewise if they get paid the 5th and the 20th. The shorter the time
between their payday and the rent-due day, the better chance you have
of getting the rent on time.
2. Call their job immediately when they are late with the rent, to
make sure they still work there. If they no longer work at their old
job, you might take an entirely different approach toward collecting
the past-due rent.
3. Every time the tenant is late, call and confirm job information.
You always want to know where the tenant is getting the money to pay
the rent and as much information as you can about them. It could be a
big help in the event they move out owing you money.
In my leases, the rent is due on the first, late by the 5th and there
is a clause to the effect that demand may be made at any time after
the first if rent is not paid on time. I serve notices to Pay or Quit
on the day after the late fee date.
Once the rent is paid, I notify the tenant that if I have to serve
Pay or Quit notices 3 times during any 12 month period, that it is
our policy not to renew leases. This makes them realize that their
tenancy will not be continued and the prospect of having to move
causes them to move their rent payments ahead of their car,
utilities, doctors payments, etc.
When I serve notices to Pay or Quit, I mail a copy regular mail and
post a duplicate copy on the front door of their residence with the
blue masking tape used by painters - not a thumb tack or scotch tape.
The blue tape gets their (and their neighbors) attention and does nor
mar the finish/paint of the unit door.
This may seem drastic, but I rarely have to do it twice to the same
by Cain Publishing