Notes

Tips and Strategies That Will Save You Tons of Time Collecting Rent
Collect Rent using a
One of the things that we recommend as far as collecting rent is you have a P.O. Box. Most P.O. Boxes at your local post office or FedEx store don't cost quite definitely. I get a P.O. Box within my local mailbox and below $100 each year. It's like $45 every six months.
That way frequently it's difficult or possibly a pain having to go to your mailbox frequently, but remember that, you don't wish rent visiting your personal residence. I guarantee that. I would highly, recommend spending a few dollars, obtaining a P.O. Box, and make certain that rent travels to that P.O. Box.
The other reason perform that or recommend it can be it will be possible that you're going to move over recent years. You may only move a couple of miles, but doing this it's not necessary to notify everybody on the globe along with your tenants best places to send rent in the event you move whenever. Now it doesn't matter should you move, because they do not have any idea and the rent still goes to the P.O. Box.
Collect Rent Electronically
We also advise that you develop a system in position to gather rent electronically. We are really making 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 work with a site called . They allow for folks to pay through their checking accounts. You can use as a prospective way to collect it.
Do Not Accept Cash
One of the items perform not do is accept cash. We do not pick-up cash. That is one of these simple rules. Please, please, please not violate this. We do not just go grab 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 in case you pick up the rent once, the next month and also the next month and the next month they are going to expect you to get the rent again. Not only that, but they prefer it an excuse. What will happen is they'll say, "Fine, I'll hold off until the landlord comes and picks up."
The third from the month comes, the sixth with the month comes, the ninth with the month comes, and also you haven't gotten your rent. You call up and they also say, "Oh, I thought you had been planning to come figure it out. It's here. It's expecting you."
You're like, "Well, why didn't you mail it?"
"Well, you picked it up a few weeks ago!"
Well, this is their explanation manage to treat becoming it's your complaint, not theirs. "Oh, the rent's here, you merely haven't come picked it." So they've type of tried to push the challenge 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 back home, you give them a call up. They don't answer the phone until Sunday night, "Oh, yeah, yeah. I got called to be effective. I'm sorry. I got called to function. I got this or I got that." Now property management Moonee Ponds and so they've got to be effective. It's Monday evening and you also've got to own down there again after work. So what happens is 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 I really suggest is you make sure you train your tenants to spend electronically or to send it inside mail. That way there is certainly very clear and concise instructions on exactly how to spend their rent, because if you give them some confusion, they're going to take that just as one benefit of not paying.
We certainly accept checks, if the tenant pays a couple of times a poor check, stop that at this point. Make it a policy inside your lease not to accept any checks after the first or second bad check.
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