Re: “Rent Collection” my 2 cents - Posted by johnman
Posted by johnman on December 29, 1998 at 15:50:49:
When I got my first rental I was extremely nervous. I had no idea what I just got myself into. I immediately bought a book about landlording, asked a realtor, who owned rentals, for a copy of the lease she used and I read the rental agreements I signed in the past. I formulated my own lease form and had my attorney review it.
I didn’t have a problem collecting rent during my first year (there will be one who will test you). I didn’t because I presented myself as a professional and stressed that payment of rent is their NUMBER ONE PRIORITY!!! I tell them I’m not in the business of loaning money and I do have a responsiblity to uphold so it is important that the rent is paid on time. I try to establish the LANDLORD/TENANT relationship starting from the signing of the lease. I do tell them that I am 50% nice guy 50% butthead. I become the butthead when any provisions of the lease is broken. I am the nice guy when they keep up their end. I do take good care of my tenants because I believe they are the blood of my business. A happy tenant will NOT give you problems.
I have read the responses to you question and I love the methods. Each method is used depending on the situation and the personality of the landlord. Make copies of all that has been posted, review them and see what works for your situation and personality.
My lease states that “rent sent through the mail must be postmarked before the date rent is due. If the envelope is postmarked on the first of the month the rent is due, rent sent is considered late” Then I add late charges. This method works for me. I do STRESS this point to the new tenant. I also call my tenants if the rent doesn’t arrive by the 3rd. I react quickly. Like I said I try to establish who is in control from the beginning and that is ME. By the way I’m just 5’6 and I say what I mean. Straight to the point!
Sorry that is is a bit long. You will do fine. Just find what works for you. By the way, you will find out that everytime you rent out your unit(s) you will probably be adding new provisions to your lease as situations arise. That’s a long issue.
Bye and good luck,
P.S. this also works for me , I tell the prospect tenant “I expect the property to be returned to me in the same condition as you see it now. The last tenant did (even though that’s not true). If you think this is a problem then I don’t see how we could have a good landlord/tenant relationship.”