A Melbourne property manager deals with collecting rent from tenants every day. Today, we’re discussing what to do when a tenant is late paying rent, and how to make sure you get that money coming in on time.
Rent Collection Process
At RE/MAX ELITE, we have a low percentage of delinquent rents due to the process we have in place. On Friday, we get our delinquent report and if a tenant is on there, we give them a call and send out their tenant statement by email and by regular mail. Tenants should know when rent is due and they should know when they haven’t paid it, but with this process, the tenant cannot say that they never got any communication from us that they owed rent. They know when it is due and they know they haven’t paid it, but sometimes they look for an excuse. Our willingness to communicate keeps our delinquency percentage low.
Three Day Notice
If we don’t hear anything from the tenants after this attempt to contact them, we place a 12-hour notice for an Entry Inspection on their front door, as well as a Three-Day Notice of Eviction. This usually gets their attention, and usually we hear from them right away. If we don’t hear from them, we have two phone numbers for references and an emergency number we can use to try to contact them. We also have the phone number for their employer. We call those numbers to get in touch with them. Most tenants do not like people calling their emergency numbers and their references because they don’t want people knowing they are behind on rent. But, our objective for our owners is to get that rent collected as quickly as possible so we can deposit that money into the owner’s account.
Following a specific and consistent process will help you be successful in collecting rent on time and avoiding delinquencies. If you have any questions about rent collection or anything involving Melbourne property management, please contact your friends over at RE/MAX ELITE today.