Rent Collection
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Payment Methods
Most property management firms limit the forms of payment they will accept from tenants. We have a different approach. We want happy tenants and happy property owners. We accept almost any form of payment from tenants in a timely manner. Our preferred methods are personal check, money order or certified check and in special situations cash. However, some tenants require alternate forms of payment that better suit them. For these cases we have established a commercial account with PayPal. This allows us to accept almost every form of credit card and bank draft payment for an additional charge paid by the tenant. We can also accept online payments for tenants who may be out of town for extended periods of time. As the property owner you are probably not concerned with the details of how we collect rent. However, experience has shown that if you want a long term good tenant relationship it is better to provide the flexible payment options. The bottom line is when a tenant has their money to pay rent we want to be able to collect the money in whatever form it is presented.
Delinquent Rent Policy
All of our tenant leases clearly state that rent is due on time without demand. If rent is not paid on time and without demand we simply follow the legal processes local law dictates. We rarely have an issue with tenants that we have pre-screened and placed but if problems arise we are very knowledgeable in the legal processes. Our focus in these situations is to ensure an income property is earning income for the owner. If a tenant is unable to pay rent we will try other methods to legally secure the property as soon as possible bypassing a lengthy legal process. One method we use is keys for cash exchange which allows us to immediately take possession of the home and re-rent it.
Debit Collection
We are not in the debt collection business and neither should you be. Many of our clients initially came to
us to ‘clean up’ a property from delinquent tenants and we specialize in this
aspect of property management. If you are
in this situation realize it will take about two or three months before things
begin turning around. Our primary focus
will be securing possession of the rental units. At that point we can begin the process of re-renting the rentals to
qualified tenants. If you choose to
pursue debt collection we will help facilitate that process for you but our
focus will always be to ensure a positive cash flow with the existing rental
units.
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