A vital part of being a landlord is rent collection. Rent collection is more than just telling your tenants how much is due and when it is due. It is important that you have a good rent collection method in place for you and your tenants if you want to get paid on time.  An ideal rent collection method is one that is convenient for you and the tenants. You want to make it easy for your tenants to pay rent each month so that they don’t have excuses for not paying their rent. It is also important to have a good rent collection method to keep track of which tenants are current with their rent and which ones are behind on their rent.

 

It is crucial that you first find quality tenants. They will not only take good care of your property but they will also pay their rent on time. You can have a great rent collection method in place but if you get a bad tenant your method will be worthless. A successful rent collection starts with a thorough tenant screening process. We cannot stress enough on the importance of tenant screening. Take your time because a rigorous tenant screening will help you ensure you have high-quality tenants who in the long run will save you a lot of money. The best type of problem is one that never occurs.

 

Clear communication

Communication is a very important aspect of creating a good relationship with your tenant. Make sure you are entirely clear about when the rent is due. Inform your tenants about the consequences of not paying rent on time. This is not to intimidate them but to be honest with them.

  • Charge a late fee
  • Report the status of rent payments to a credit check bureau
  • Terminate the lease

 

Rock-solid lease

Your lease should include

  • Rent amount
  • Deposit amount
  • What day rent is due
  • What day rent is considered late
  • Is there a Grace Period? (Don’t offer a grace period unless you are required to by law)
  • What late fees will be issued if the full rent amount isn’t received
  • Acceptable forms of payment
  • How rent will be delivered or collected
  • Consequences for not paying rent on time and in full

 

Rent is typically paid to the landlord by check, cash, credit/debit cards, and thorough certified funds. Paying rent by check is one of the most common ways that tenants pay rent. It is pretty easy, the renter just writes a check and sends it in the mail. The good things of checks are that they are widely accepted, there is a paper trail, you can deposit with mobile apps and there are federal laws protect against fraud. The inconvenience is that if they send it by mail you have to rely on the mail to deliver it. The mail might get lost, and you have to physically go to the bank to deposit the checks. Another inconvenience is that you have to spend a lot of time doing manual entry into your accounting software. You also have to deal with insufficient funds. We wouldn’t advise getting paid by cash. You don’t want to walk around with large sums of cash and risk getting robbed. Cash is difficult to track and nearly impossible to prove in court. Paying rent online is a safe way to get paid, especially through rental management software. They can also pay online with a credit or debit card.

 

You can choose to not have any of the rent collection problems by hiring a property management company. At CRM Properties not only do we collect rent payments for you, but we also deal with all the tenant’s complaints, handle maintenance issues and fill vacancies.

 

Bethan Johnson

Turn Coordinator

Bethan is a Property Manager Assistant. She performs all property inspection and evaluations, creates tenant invoices and oversees disposition of security deposits.

Why choose CRM Properties?

We have the best selection of homes in the Kokomo area. Our staff’s dedication to customer service leads to a swift response to maintenance and tenant questions.

 

What is your screening process?

We verify income with copies of pay stubs and verification from your employer. We check court records for any judgments and criminal activity. We also contact your previous landlords directly for a referral. We will verify that the person we call is actually your landlord.

 

Are pets allowed?

Most homes allow pets. We do have breed and size restrictions. We limit the number of allowed pets and you must provide proof of vaccinations on all pets. We charge an additional $25 per month and $150 additional deposit.

 

How much is the damage deposit?

The damage deposit is equal to one month’s rent. An additional $150 is required for all pets.

 

How long of a lease must I sign?

Our leases are typically one year. During winter months we structure our leases to expire during the spring.

 

How do I pay my rent?

You can pay rent in person with a personal check, cashier’s check or money order. You may set up an e-payment or direct deposit. You may also mail your rent or use our dropbox.

 

What happens if I can’t pay my rent on time?

We do not make arrangements on rent. Rent is due on the 1st of each month. Late fees start on the 5th. If we do not receive rent by the 15th we file an eviction. You may stop the eviction if you pay rent in full prior to the eviction date.

 

How are utilities handled?

Utilities are typically the tenant’s responsibility. Utilities must be transferred into the tenants name prior to signing the lease. If the tenant is responsible for the sanitation bill and fails to pay it, we reserve the right to increase the monthly rent and include sanitation in the rent.

 

What do I do if I have a maintenance request?

Why choose CRM Properties?

 

What do you charge?

 

When do I get paid?

 

How much is the damage deposit?

 

How long will it take to get my property rented?

 

How do you market my property?

 

What is your approval process for tenants?

 

What is the tenant deposit and length of lease?

 

Do you accept pets?

 

What is the eviction process?

Amanda Mendenhall

Leasing Agent

Amanda is our Leasing Agent. She oversees property showings and screens applicants.

Bethany Shoffner

Portfolio Manager

Bethany is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience.

Hannah Dobbins

Resident Service Coordinator

Julie Mullinax

Operations Manager

Julie is our Operations Manager. She oversees the staff and the day to day operations of our company.

Heather Johnson

Property Manager

Heather is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience

Jennifer Koenig

Resident Services Coordinator

Jennifer is our Office Assistant. She assists the Property Managers with all property and social media marketing.

Amanda Marshall

Maintenance Coordinator

Theresa Cain-Rush

Property Management Assistant

Darin Olson

Maintenance Manager

Darin is our Maintenance Manager. He investigates maintenance issues and offers suggestions and estimates for repairs.

Lynda Simpson

Bookkeeper

Lynda is our Bookkeeper. She handles all accounts payable and receivables. She also coordinates all owner and tenant billing.

Chris Mullinax

Broker Owner & New Business Development

As President and Owner of CRM Properties Chris helps generate new business and works on making sure the business is compliant with all local, state and national laws and ordinances.

Call us at (765) 459-8034 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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