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Collection of rents is arguably the most important issue related to real estate investment and property management. It's usually difficult to make mortgage payments, pay the property taxes and insurance premiums, and cover all the other expenses of income property ownership when tenants fail to pay rent. It is possible to improve chances of rent collection in a number of ways. The secret is to (1) adequately screen applicants and select qualified tenants according to good legal criteria, (2) utilize a good lease agreement, (3) have good policies and procedures in place, and (4) enforce the policies according to the law and the lease agreement.

Screening & Selection

Having "good" tenants means (1) both selecting good ones in the first place and (2) retaining good ones for as long as possible. Successful landlords know the value of taking the time to adequately screen and properly select applicants even if doing so results in a longer vacancy period.

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Good Lease Agreement

State laws govern many rent issues and the laws vary significantly among the states. These laws will apply unless the landlord's lease agreement stipulates different conditions that are not in conflict with the laws. The lease should clearly define all issues related to rent in order to avoid misunderstandings and disputes with the tenant at a later date, perhaps when the payment of rent has already become an issue. This includes rent amount, when due, where payable, form of payment funds, and penalties for being late or paying with bad checks.

Policies & Procedures

Landlords should have defined policies and procedures regarding late rents. To avoid claims of discrimination, these policies and procedures must be equally applied to all tenants. By discussing rent payment obligations with tenants at lease signing, via a move-in letter, and in any newsletters, the landlord can reinforce the policies specified in the lease agreement.

Enforce the Rules

A good lease agreement and policies and procedures by themselves are not enough. A landlord must thoroughly understand his lease agreement and apply the lease terms uniformly and firmly to all tenants who have signed that lease agreement. By enforcing the rules, the landlord can reinforce the consequences of the tenant failing to meet his obligations.

Some landlords pay very little attention as to when the rent is paid as long as it is paid within a week or two of when due. Lackadaisical behaviors by landlords contribute to unwanted tenant behaviors. Unless and until the landlord takes control of his business and conveys the importance of his policies and enforces the rules by applying consequences to undesired behaviors, the tenant will remain convinced that if he ignores the landlord's requests, the landlord will go away and perhaps even forget about it. Furthermore, after word gets around that the landlord is an easy touch, other tenants may pay late.

Payment of rent, late charges, and legal costs can be accepted at any time, even after obtaining a judgment. From the tenant point of view those costs are much less than the costs of moving and a judgment will affect his future housing choices. Even if the matter proceeds to obtaining a judgment, a paid judgment on the tenant's credit report is better than an unpaid judgment. From the landlord point of view, it is usually advantageous to keep the tenants rather than have a vacancy unless it is desired to get rid of those particular tenants.

Additional discussions regarding the issues discussed in this article are found in our eCourses and/or our Mini Training Guides, in particular our "9 Tips For Better Rent Collection" Mini Training Guide.

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