Property Management Blog

Collecting rent is one of the key aspects of managing your real estate investment, as Williamsburg property management experts will tell you. Here are some ways to implement simple yet effective methods that can contribute to efficient rent collection. Be sure to clearly detail rent collection policies in the lease agreement. The policy can include how, where, and when the rent should be paid and what amount. How overdue rent Ã?? and non-payment are dealt with must be explained in the policy. Include grace periods and late fee charges. Each state will have varying laws regarding late fees; however, it is always safer to include this in the lease. Most rental agreements state that the rent is to be paid on the first of the month, but this does not mean that you and your tenant cannot agree on another date. If you decide to do this, it must be included in writing to safeguard yourself. Providing the tenant with a number of ways to pay the rent makes it easier for both of you. One of the better methods is providing online rental payments. You can also include options like pay-by-mail, in-person payment, and direct bank deposits. Managing the rent collection is one of the most important aspects of property management, so if you have problems with this aspect, you should contact Williamsburg property management to take care of it for you.