Today is the first of the month and rent is due TODAY!!!! Make collecting your rent a priority.
When I say “Go collect your rent.” I don’t mean physically go and knock on your tenant’s doors demanding that they pay. But, do your tenants understand that you expect them to pay on the 1st day of the month?
Are your tenants going to be knocking down your door to pay the rent? Click To Tweet
- Are your tenants going to be knocking down your door to pay the rent?
- Can you expect your tenants to be lined out the door waiting to pay?
- Is your mailbox going to be over flowing with rental payments?
- Do you have tenants calling to make sure you are in the office?
If you can’t expect any or all of these things to happen, why the heck not?
Doesn’t your lease say: “Rent is due on the first day of the month . . . “
Hopefully your lease doesn’t say:
- “Pay your rent on any day you feel like paying”
- “There are no penalties if you pay rent late”
- “Management doesn’t care what date you pay as long as you pay”
Doesn’t your lease say: “Rent is due on the first day of the month . . . “ Click To Tweet
Are you a wealthy landlord who doesn’t need your rent money on time, each and every month? Must be nice if you are!
Most landlords that I know are in the business to make money and rent is due on the first of the month. Your tenant paying rent, on the first, is your revenue. Every single landlord that is a successful landlord keeps their tenants in line and paying on time.
Landlords that have trouble collecting rent on time often have created this problem by not holding their tenants accountable.
I am amazed every day by the number of landlords who do not aggressively pursue their rent and corresponding late fees. If they have systems at all, they don’t follow them to collect rent.
Work With Your Tenant But Follow Your Process
You can work with a tenant to help him out but that doesn’t mean you follow your eviction procedures. Send out the 7 day letter as soon as you can. Guess what? You can send that out on the second of the month!
You don’t have to call in for a court date right away but the 7 day letter starts the clock. Then, when the tenant doesn’t pay as promised, you just call and get a court date.
Why would a tenant be in a hurry to pay rent if he knows you won’t do anything?
Be A Successful Landlord
Landlords, it’s the first of the month! Take charge of your income! Collect your rent in a timely manner. Do not let the tenant dictate when he will pay you.
Go get your rent!