Start using this Workflow
Rent Collection Process Checklist
Preparation for Rent Collection
Ensure rental agreements are up-to-date and clearly state payment terms.
Set up and maintain a tenant contact information database.
Configure and test online payment systems and backup payment methods.
Rent Collection Procedures
Send out rent due reminders a week before the due date.
Collect rent payments through the chosen methods on the due date.
Provide receipts and document the transactions in the property management system.
Post-Rent Collection
Reconcile payments received with tenant ledgers.
Follow up on late payments with notices and potential late fees.
Report monthly collection status to property owners and stakeholders.
Delinquency Management
Review delinquency reports to identify overdue accounts.
Initiate communication with delinquent tenants to arrange payment plans.
Proceed with eviction process if necessary, according to local laws and regulations.
Record Keeping and Reporting
Update financial records with all collected rents and associated fees.
Prepare and review monthly financial reports for accuracy.
Archive all payment confirmations, notices, and tenant communications as per company policy.
