Tip of the Month - August, 2018


Source: Property Management-6th Edition
             Robert C. Kyle

The system for rent collection should be inflexible.  If the rent is not paid within the specified period, appropriate legal action should be taken.  This may sound harsh, but there are compelling reasons for management to insist on prompt rental payments. 

If rent delinquencies are tolerated, payments on the mortgage and
other expenses for the property will be delayed and late penalties incurred. (now called added rent)  Lax collection procedures are actually a disservice to delinquent tenants, because those tenants are thus allowed to build up a larger debt than they can afford to repay.  The manager also is being unfair to residents who pay their rent promptly, for rental rates will eventually have to be raised to
cover the delinquencies.

Tenants should educated about management procedures and
policies and about their own responsibility in maintenance of the building (and property).  Many will need to be shown how to care for the equipment in their apartments and how to report maintenance problems.  Tenants should be encouraged to take pride in their homes and to report disruptive or destructive behavior.  As tenants become more responsible, they (and the
property) will become less prone to vandalism.

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This web page was updated on 07/29/2018.