How To Get Tenants To Pay On Time Every Month
When you're in the business of buying houses to sell to tenant buyers
, you have to have a fool-proof system set up. You need to keep accurate records to ensure that the process runs smoothly. You will also need to carefully screen potential tenant buyers to make sure that they meet your criteria.When the tenant first signs a contract, all of the paperwork should be entered into a computer program such as QuickBooks. It's a simple, relatively stress-free way to keep your books. In this particular case, on the 20th of the month QuickBooks will prepare an invoice with the tenant's rent and trash fee (if applicable.)
The company then prints out all the invoices and looks them over to ensure accuracy. If the invoices check out, a company staff member puts them in envelopes, along with self-addressed return envelopes. Unfortunately, it's not a good idea to put stamps on the return envelopes. Many renters simply refuse to use them, preferring instead to drop the rent payments off in person. Ideally, however, the renter simply needs to place a check in the return envelope, put a stamp on it, and drop it in the mailbox.
Of course, you might be wondering whether invoices are really necessary. After all, the tenant should realize that the rent is due the first of the month, and should plan accordingly. However, from a record-keeping standpoint, it's best to send invoices out. That way, you ensure that the tenant receives a bill that he or she must respond to.
When the rent comes in, you can simply mark it off in your records. That way, you keep an accurate account of the rent you collect. This is especially important in the case of tenant buyers, since you'll want a precise record of all the rent they have paid.
QuickBooks is a marvelous way to keep tabs on your tenants. You simply input the information, and the computer program does the rest of the work for you. It certainly lives up to its name, since it is indeed a quick way to keep track of financial information. And it is simple for a staffer to use, whether he or she has extensive computer experience or not. You'll find that, in the long run, the better your company records are kept, the more successful your company will be. QuickBooks could in fact be a quick way to improve your profit margin.
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