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Property Management – Woodland Hills – Rent Collection

Rent Collection in Real Estate Property Management

Collecting rents as a real estate property manager doesn’t begin on the date they are due. The process begins when the tenant fills out their rental application. Getting past rental references, performing credit checks, and interviewing the potential tenant, are the first steps in the process of timely collection of rents. If all of this goes well, the lease agreement becomes the next step in rent collection. The rental or lease agreement should be very clear to set forth:

on what date and time rents are due,
where rent is to be paid, and
what happens if rent is not paid as required

Sometimes good tenants fall on bad times. The property management company should have a clear understanding with the owner as to how much latitude they can give to a good long term tenant. Beyond that, it’s property management’s duty to collect rents as stated in the lease agreement. Taking legal action, and even eviction, could be the end result.

By James Kimmons