| Author | Message | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 507 Registered: 8-2002 |
Nick, I don't know enough about the rental market where you are to comment on who/how to manage the properties you own there. However, I can tell you from my experience as a landlord here in Florida. From my experience, the handywork that you mentioned you do is the most difficult part. Collecting the rent shouldn't be unless you have the wrong tenants. Remember to tell the tenants the rule of renting from you...."if you pay, you stay. If you don't you go away". I usually collect in person since waiting for checks isn't my stong point. If you collect it in person, you can designate a hidden spot in the house that you can go to if they're not home. That can help eliminate multiple trips. If they mail it to you, give them pre-addressed envelopes that they just put the moneyorder or check into, stamp and mail. Always charge late fees if rent isn't paid within 3-5 days of the due date. Always serve 3-day notices and don't be afraid to follow through with an eviction. If all fails, get new tenants. In my opinion, paying someone a portion of your profits to only send a few letters and call is wasted money. If the tenant is going to pay, they will do so no matter who is calling. | ||
| DL (Darth550)
Member Username: Darth550 Post Number: 437 Registered: 7-2003 |
Nick, I was suggesting that as merely a way to shock the tenent a little and start a dialogue with him and voice your discomfort. It may work without you actually having to assess the fee. It sounds like you just want him to pay on time without a confrontation or any outside influence. If you changed his due date, do you think he will just pay 10 days after that? If so, he needs a little shock because he would be taking advantage of you. Again, just my .02. DL | ||
| Nick (True)
Junior Member Username: True Post Number: 57 Registered: 6-2002 |
Thanks for the replies. I agree a week late isn't that bad Ernesto, but the problem is I feel that this tenant will not pay untill I make that call. I haven't waited longer then a week to call them on it. I don't want to be the one who has to hear an excuse every month, and basically beg the person to pay on time. Darth, there is a late fee, but really, it's not very much and I would be much happier collecting rent on time then getting an additional late fee. My point is that I don't want to do the threatening as you suggest! To me, the stress of lack of payment on time outweighs the late fee amount. Here is something I found from landlordassociation.com: http://www.nail-usa.com/rent_monitoring.htm They will monitor tenants with calling and reporting for only $5.95 a month. The reason I'm not jumping on it is because I truly believe in the saying 'you get what you pay for'. (from their site): Rent Monitoring Induces Timely Rent Payments For $5.95 a month we will monitor rent payments and report credit monthly. Both you and the tenant will receive monthly calls to verify timely rent payments. If the rent is paid on time the tenant receives a positive credit rating for the month. If the landlord informs the association that the rent was not paid on time, the tenant receives a call from the association informing them that they owe late fees and the rent is overdue. The tenant will be informed that the rent payment and late fees will be reported as delinquent to the credit bureaus if not paid on time. The mere fact that the tenant receives a call from the Association makes them stay on their toes. They know they are being monitored by a large organization. This keeps the pressure off of the landlord for a minimal cost monthly. Hmmm, sounds too good to be true.  I was hoping someone would refer a company that has a proven track record and for around $20-30 a month will do the bugging/threatening/monitoring of payments for me. Thanks again for the advice so far. | ||
| Ernesto (T88power)
Intermediate Member Username: T88power Post Number: 1778 Registered: 2-2001 |
A week late every month is not that bad. I have tenants right now that are months in arrears. I wish all my tenants paid their rents only one week late - I would sleep a lot better at night. Hiring a property management company for just one rental is probably not the way to go. If you dont want to deal with it, you should just hire a person to handle it for you (if all you need is rent collection). Ernesto | ||
| DL (Darth550)
Member Username: Darth550 Post Number: 435 Registered: 7-2003 |
Seeing as how you are in CHI-cago, it should not be too hard to get someone to go out and pay this guy a "Visit!" Seriously, Is he paying late for the same reason every month or is he just a late payer? Is there a provision in the lease for a (%) penalty for late payment? Threaten him, nicely at first, to serve him with a notice and assess the fee if he does not pay timely. If he has a collection issue of his own and you feel it is legit, then change his due date to th middle of the month and maybe you wont have to feel uncomfortable calling him anymore. Otherwise you will be paying a percentage to the management fee you might be able to avoid. MY .02 DL | ||
| Nick (True)
Junior Member Username: True Post Number: 56 Registered: 6-2002 |
I�m looking for recommendations on using a property management company. I�ve heard through the grapevine that it�s difficult to find an effective company in this field. I am primarily concerned with rent monitoring/collection as I do all the handy work. I have a tenant that is generally a week+ late on payment every month, and it takes a call from me to get the person to pay. I�m not going to be calling this person every month to bug them for their rent payment. I would rather pay a company to do it � bustin� chops is just not my style! I believe the tenant is a good character, and I don�t want them to feel branded as a trouble tenant by hiring a collection type agency to pester them into paying. The type of service I am looking for is one who is going to call my tenants, tell them about their company, what they do, and how they will be working for me. They do the rent monitoring and call on late payments etc. Please recommend companies that are effective in this area. Not sure if there are good national companies, but if it matters, I�m in the Midwest (Chicago) area. Thanks, any tips/recommendations are GREATLY appreciated!! Nick [email protected] |