Workflow Templates: Rent Collection Checklist

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Rent Collection Checklist

Rent Collection Policies

Review and understand the terms outlined in the lease agreements

Ensure rent collection policies comply with local and state laws

Define grace periods, late fees, and consequences of non-payment

Payment Processing

Confirm the preferred methods of payment (e.g., check, online portal, direct deposit)

Check for the receipt of rent payments on the due date

Record and deposit payments promptly to maintain cash flow

Communication and Reminders

Send out payment reminders a week before the due date

Notify tenants immediately of any issues with their payment

Maintain open lines of communication for tenants to discuss potential payment issues

Late Payment Handling

Enforce late fee policies after the grace period ends

Document all communication regarding late payments

Consider payment plans for tenants with genuine financial hardships

Record Keeping

Maintain accurate and up-to-date records of all rent transactions

Store records securely and ensure they are easily accessible for future reference

Regularly review accounts receivable to identify any outstanding payments

Legal and Eviction Procedures

Follow the prescribed legal process for any necessary evictions

Keep all eviction notices and communication documented

Stay informed about changes in tenancy laws that affect eviction proceedings

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