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Collecting Rent

Posted by admin on May 30, 2018
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For the properties we manage, we send tenant invoices every month detailing the amount owed including base rent, common area maintenance (CAM), insurance, and taxes. It’s not required as stated in the lease but we have found it’s one more way of staying connected with the tenant. Around the 25th of the month we start reviewing an excel spreadsheet that includes all invoice details. We check to see if any tenant’s rent is scheduled to increase, review any open balances, and check rent commencement start dates and abatement for new tenants. We then upload the excel file to our online payment portal and the invoices are sent to each tenant via email. The tenants have several payment options which helps expedite the receipt of rent. Tenants can send a check to a P.O. Box that is managed by our bank or pay online at no additional charge if done by ACH. Tenants can pay by credit card but incur a 2.5% credit card fee. By giving tenant several different payment options and sending invoices we quickly are alerted to tenants who fall behind and can address issues faster.  Unlike wine, bad news does not get better with time. Stay alert and focused on tenants who fall behind on rent. Being available and being in touch helps increase tenant satisfaction and keeps bad debt low which in turn makes owners happy.

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