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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
