Rent remains the most important part of residential property management. Without rent, you just have expensive house guests living on your property. Rent can also cause the most problems for an owner especially if your tenants aren’t paying on time or in full. However, there are some policies you can setup to help deal with these problems.
First, be sure to set a due date either at the first of the month or even before. A firm due date will help your tenants budget for rent and build a familiar routine. It helps you identify those who have difficulties paying on time. You may consider a partial late fee with a smaller additional fee each day to insure prompt payment. One also might want to consider a three or five day grace period to grant tenants a bit of leeway.
One also should decide where and how the tenants will pay the rent. One can have the tenant mail the rent to your home or post office box. This makes it easier for tenant because they can send it at their leisure. One can have them deliver the money directly to your house, but that can compromise your safety especially if you later have issues with the tenant. Check or electronic payment remain the most secure but can sometimes become a hassle with either setting up an electronic account or dealing with bounced checks. Cash remains the easiest initial form of payment. However, it also can make you a target for robbery and you need to document it carefully to keep your accounts straight.
If this seems difficult, one might consider hiring a residential property management company. They have their own established procedures and policies for rent collection. They can handle your difficulties so you can relax and simply collect your rent.
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naku problema talaga yan, pag hindi marunong magbayad ang nagrerent sa bahay