Rent collection is the cornerstone of property management and affects all other administrative functions; to ensure that rents are collected efficiently and effectively, standard operation procedures should be followed. A sound rent collection policy should include the following information: 

When rent is due.

Whether a grace period will be granted.

When rent is considered delinquent.

Whether late penalties and other charges will be assessed.

Where rent should be paid.

Forms of payment.

To whom checks and money orders should be made payable.

Procedure for dealing with delinquencies.

Procedure for evictions. 

These policies should be clearly communicated to tenants to reduce conflicts, errors and misunderstandings. In many cases, the lease itself, or a management policy will provide this information.