late rent: Do Not Listen To Tenants That Have Not Paid Their Rent - 11/23/10 04:05 AM
Our property management agreement with the owner precludes us from being the nice guy.
Stories do not count for much unless accompanied by cash or check.
This is a lesson that sets HomePointe Property Management apart from other property managers. The longer some are in the business the nicer they get. They get soft. Just the opposite should be happening. Owners hire HomePointe to enforce the rental agreement.
If we drift away from that job we become just like them, weak managers. Do not ever forget that. Next to picking good tenants, it may be the most important thing we do.
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late rent: If Your Tenant Cannot Pay The Rent, Evict Them - 05/06/10 06:35 PM
If you manage your own rentals or someone manages them for you, you should be proactive when the rent does not show up.
Being in control when possible is a good rule to follow.  If the rent does not show up, call and find out why.  If the tenant has a really good story, you might want to wait a few days for payment.  But, stay in control and tell the tenant that you are going to serve a 3 Day Notice to Pay Rent or Quit in case the rent does not come in.  The tenant may not like this. 
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late rent: What Do You Do If The Rent Is Not Paid? - 11/18/09 02:53 AM
One of the many nightmares in a property manager's day (yes nightmares are possible during the day of a property manager or property owner) is when the rent does not show up.  It might even happen when a manager has auto draft from their bank since funds have to be in the bank to collect.
When this happens we suggest the following steps:
1.  Call the tenant on the next business day after the rent becomes late.  Note:  The tenant gets the next business day to pay if the due date falls on a weekend or holiday.  Tell the tenant that … (4 comments)

late rent: How Much Should The Late Fee Be on Your Rental Agreement? - 05/21/08 05:56 PM

What is a proper and legal amount to charge a tenant when the rent is not paid as agreed?
Many landlords and property managers employ late fees to penalize their tenant for the added risk of a late payment.  Some charge a flat fee and some a percentage of the rent rate or a percentage of the late amount.  Some even charge a daily penalty. 
I am not an attorney but I do know that the late fee should compensate the landlord for the damage incurred by the late payment. 
One way to figure this "damage" is to mirror the … (18 comments)

late rent: When is the Rent Due and When is the Rent Late? - 05/20/08 06:04 PM

When starting a tenancy a landlord has to figure out when rent is due and when it is late.  It makes sense to have all rents due on the first of each month no matter what day the tenant took possession and no matter when the lease ends.  This is industry standard.
So, the rent is then late on the second.  But most landlords employ a grace period before a late fee is charged to the tenant's account.  Many landlords allow a five day grace period.  The problem with this is that weekends and holidays cannot be counted as the last … (2 comments)