Notes

Tips and Strategies That Will Save You Tons of Time Collecting Rent
Collect Rent using a
One of the items we recommend as much as collecting rent is that you simply have a very P.O. Box. Most P.O. Boxes for your local post office or FedEx store don't cost very much. I get a P.O. Box at my local postal service and it's really less than $100 annually. It's like $45 every 6 months.
That way it is usually difficult or a pain going to your post office frequently, but trust me, you do not need rent coming to your own personal residence. I guarantee that. I would highly, suggest spending a few dollars, finding a P.O. Box, and make certain that rent travels to that P.O. Box.
The other reason we do that or recommend it can be possibly that you'll move over many years. You may only move one or two miles, but that way you won't need to notify everybody on the planet and your tenants best places to send rent if you move each and every time. Now it doesn't matter in the event you move, as they do not know and the rent still travels to the P.O. Box.
Collect Rent Electronically
We also advice that you develop a system available to gather rent electronically. We are really setting up a big push that way. We are approximately 40 to 45% right now that individuals collect electronically. If you've got a software package you can do that, or you can utilize a site called . They allow for folks to cover through their checking accounts. You can use as a potential way to get it.
Do Not Accept Cash
One of the items perform not do is accept cash. We do not get cash. That is one of these rules. Please, please, remember to not violate this. We do not just go 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 this difficulty."
Tenants are strange animals. I guarantee you that in the event you grab the rent once, the following month and also the next month and also the next month they're going to expect you to pick-up the rent again. Not only that, but they'll use becoming a justification. What will happen is they'll say, "Fine, I'll wait until the landlord comes and picks up."
The third of the month comes, the sixth in the month comes, the ninth of the month comes, and also you haven't gotten your rent. You contact and they also say, "Oh, I thought you had been gonna 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, description of how the manage to treat it as it's your complaint, not theirs. "Oh, the rent's here, you just haven't come picked it down." So they've kind of attempted to push the problem onto you.
So then you definitely say, "All right, fine, I'll be there Saturday morning, 10:00." Tenant says, "Fine." You show up Saturday at 10:00 and nobody's home.
You go home, you contact them up. They don't answer the phone 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 be effective. It's Monday evening and you've got to run on the bottom again after work. So what happens is that you start going into this vicious circle. Don't do it. Simply avoid them. Don't start it so you'll never get caught.
What property management Richmond suggest is you make sure you train your tenants to pay for electronically or to send it in the mail. That way there is certainly very clear and concise instructions on the best way to cover their rent, because in the event you give them some confusion, they'll take that being an advantage of not paying.
We certainly accept checks, however, if the tenant pays maybe once or twice an undesirable check, stop that when this occurs. Make it a policy in your lease never to accept any checks following your first or second bad check.
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