How To Make Sure Tenants Pay Rent On Time - Faranesh Real Estate and Property Management

How To Make Sure Tenants Pay Rent On Time

Wasim Faranesh Image
Wasim Faranesh

Owner of Faranesh Real Estate and Property Management

Pay Rent - Get Paid

There’s nothing better than checking your bank account and seeing a significant deposit hit without doing anything except owning real estate. So, as a landlord, when can you expect your rent payment from your property manager?

So how does a property manager collect rent? A good property manager who’s up-to-date with today’s technology and software should be collecting rent electronically. Of course, tenants can come up to our office and pay rent in-house, bring their rent to us, or drop it off in dropbox or even by mail.

If you’re using a property manager that still doesn’t accept electronic payments or has other forms of method besides a tenant driving and dropping off a check or mailing a check. You might want to think about switching management companies.

So what are grace periods for rents? Typically, a grace period is going to be between the 1st and 5th of each month. We give Our tenants over here until the third day of each month. Now, this is up to the landlord’s discretion.

So a three-day grace period is at the minimum as what I recommend to my owners. So, what happens if a tenant can’t or won’t pay rent. The first thing I suggest is to communicate with the tenant and find out why the And hasn’t been paid. Sometimes. I find that if I reach out to attend and say, hey, I haven’t received your rent. They might not even know that we haven’t received it. Maybe it was set on automatic payment that got stopped, and they don’t know, maybe they mailed it out, and we haven’t received it. So check with the tenant communicate with them before taking any action or legal notices, if they don’t pay the rent and they’re not responding. It might be time to consult an attorney that specializes in notices, specifically, pay or quit notices.

When an owner should receive their rent? Generally, I recommend that within two to three days after collections, a property manager should direct deposit the rent to you, unless you specifically, ask them to mail you a check. This gives enough time for funds to hit the property manager’s account and clear the account so that they can direct deposit to you the net proceeds they recede receive.

There might also be what we do with our owners in our company as we have a fixed time frame, so I always let owners know at Faranesh Real Estate you can expect your payment on the seventh day of each month.

Who pays for repairs at rental properties? What is the responsibility of the renter when it comes to repairs?

Depending on the contract and unless it was negligence from the property manager, typically, the owner is responsible for the cost of repairs. So, here are some steps, I take on handling repairs for properties that I manage. Communicate with the tenant and try troubleshooting. Troubleshooting can save time and money and keep both parties satisfied.

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