Posted by Kurtis on September 29, 2003 at 06:36:47:
Might help a little, but is doubtful to deal with you issue. More common variation on your idea I use with all my rentals, except my high end stuff. Ad $50 to their rent(lease now says 550 you increase to 600) then if they pay by the 1st they get a $50 discount each month. If they don’t then you get something extra for your time. This seems to work pretty well, because the benefit is immediate as opposed to a year out. Plus if they miss one month they still have a chance next month. Check you state laws a few states have laws regarding rent discounts. PS I also don’t put this in writing, and I explain that if I have trouble with them the rent discount goes away. Also advertise the rent w/discount. IE 550 not 600
Posted by Marty (MO) on September 28, 2003 at 18:07:25:
OK… we have a couple of chronic late payors (does anyone else? ha-ha!) and we’re trying to help reduce future late payors. We’re thinking about dividing one month’s payment by 12 and adding this to their monthly payment. If they pay on time throughout the year, they get to skip the 12th payment as a reward. If they’re late, they just pay every month and we keep the additional money.
Any thoughts?
Re: is this a bad thing? - Posted by Tennessee Bob
Posted by Tennessee Bob on September 29, 2003 at 11:18:34:
Marty,
I don’t normally do “Lonnie Deals” But the one I just finished was setup on 24 payments per year. I simply split the normal monthly payment in half and made it payable on the 1st and 15th of each month. This will help people who have a hard time controling their finances. $200 twice a month is easier for some people to come up with then $400 once a month. It also helps them remember to pay because it is brought to their attantion twice as often. Another benifit is when they default, you will have a fifteen day jump on eviction procedings.
Hope this helps.