Collecting rent is easy if you have the perfect tenant who pays on time – and with our comprehensive tenant screening process, the odds of this are high! Furthermore we provide our tenants a convenient tenant portal that makes rent payment easier than ever with multiple online payment options available, among the traditional payment options to accommodate all preferences. This equates to a lower likelihood of nonpayment.
Once collected and accounted for properly, your funds are sent electronically to your bank account via ACH. Doing so will reduce the chances of lost or delayed checks.
But what happens when the tenant doesn’t pay? Having someone in your corner who knows landlord-tenant laws and the proper notices to send is critical!
We set the rent due date on the first of the month and have a five-day grace period. If the payment isn’t received by then, a late fee is applied. The process that follows if rent is not received in a timely manner includes a series of emails, calls, and mail correspondence. Often times, late rent is a simple matter of forgetfulness, or a minor circumstance that is quickly remedied.
In the rare occurrence that we are still unable to collect rent from the tenant by mid-month, we present the option to file for summary ejectment (eviction), and may start the eviction proceedings five business days later if the rent due remains unpaid. All legal matters are handled through a professional attorney, with us at Brick & Mortar Properties acting as your liaison to ultimately coordinate an ideal resolution between all parties as quickly as possible.
HOW WE COLLECT FROM PAST TENANTS
We actively pursue collection of all balances due from past tenants for 30 days in-house. After one month, we send all the details and documents to a professional collection agency. They place the collection with all 3 credit bureaus and continually attempt to make the collection in accordance with applicable federal law. They report to us each month on the status of the collection. You will receive payment in the month following collection of the debt regardless of if you are still a client of Brick & Mortar Properties or still own the property. Don’t worry, we handle clearing the debt from collections.