Notes

Tips and Strategies That Will Save You Tons of Time Collecting Rent
Collect Rent which has a
One of the items we recommend as much as collecting rent is basically that you use a P.O. Box. Most P.O. Boxes at the local post office or FedEx store don't cost greatly. I get a P.O. Box inside my local mailbox and below $100 a year. It's like $45 every few months.
That way it is sometimes difficult or a pain going to your post office frequently, but believe me, you don't want rent coming to your individual residence. I guarantee that. I would highly, highly recommend spending some amount of money, obtaining a P.O. Box, and make sure that rent goes to that P.O. Box.
The other reason we do that or recommend it really is it is possible that you're going to move over the years. You may only move a couple miles, but this way you don't have to notify everybody in the world along with your tenants where to send rent should you move each and every time. Now it doesn't matter should you move, as they do not know and also the rent still visits the P.O. Box.
Collect Rent Electronically
We also advise that you build a system in position to recover rent electronically. We are really creating a big push that way. We are approximately 40 to 45% right this moment that we collect electronically. If you've got a software package you can do that, or you can use a site called . They allow for people to pay through their checking accounts. You can use as a potential way to recover it.
Do Not Accept Cash
One of the things that we do not do is accept cash. We do not pick up cash. That is one of these brilliant rules. Please, please, remember to not violate this. property management balwyn 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 pick it up I'll solve that problem."
Tenants are strange animals. I guarantee you that if you get the rent once, the following month along with the next month as well as the next month they'll expect you to pick-up the rent again. Not only that, but they'll use it as being an excuse. What will happen is they'll say, "Fine, I'll delay until the landlord comes and picks up."
The third in the month comes, the sixth with the month comes, the ninth in the month comes, and you also haven't gotten your rent. You call up and so they say, "Oh, I thought you were going to come pick it up. It's here. It's expecting you."
You're like, "Well, why didn't you mail it?"
"Well, you picked it down recently!"
Well, this is appear to treat it as it's your complaint, not theirs. "Oh, the rent's here, you simply haven't come picked it up." So they've form of experimented with push the issue onto you.
So then you say, "All right, fine, I'll be there Saturday morning, 10:00." Tenant says, "Fine." You make an appearance Saturday at 10:00 and nobody's home.
You go back home, you give them a call up. They don't answer the telephone until Sunday night, "Oh, yeah, yeah. I got called to operate. I'm sorry. I got called to operate. I got this or I got that." Now it's Monday and they also've got to be effective. It's Monday evening and you've got to operate in that area again after work. So what happens is you start entering this vicious circle. Don't do it. Simply avoid them. Don't start it and also you'll never get caught.
What I really suggest is you be sure you train your tenants to cover electronically or send it in the mail. That way there exists specific and concise instructions on exactly how to pay for their rent, because if you give them some confusion, they are going to take that as an good thing about failing.
We certainly accept checks, if the tenant pays once or twice a negative check, stop that at that point. Make it a policy as part of your lease never to accept any checks as soon as the first or second bad check.
Here's my website: http://www.masonre.com.au/