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Tips for rent collection

Tips for rent collection

Tips for rent collection

A property owner’s task does not end at giving out your property on rent and having a tenant move in; timely rent collection is a part of letting out the property. The tenants to whom you have given out the property might be decent people; however, that does not rule out the possibility of having issues in timely payment as the same is impacted due to various factors. Problems raised during rent collection are considered to be the root cause of bitterness between a landlord and tenant. This article is a must read for all the landlords as it might help them to have a smooth rent collection process.

The landlords should maintain a professional relationship with the tenants from the very beginning. Prior to finalizing on a tenant, you can check their credit history or bank account statement, if possible; this will ensure whether a person is able to pay monthly rents or his/her income is inconsistent. The credit history can be checked through CIBIL if tenants provide their PAN card number. This solves a lot of problems that might be waiting for the landlords in the future.

The rent agreement is of utmost importance and all changes/increases in monthly rental or any other societal maintenance charges should be communicated in writing or by and e-mail to avoid any confusions. Make sure to incorporate the clause of penalty or fine that is to be paid by the tenant in case the rent payment is not made within the stipulated time; this helps in having a scheduled payment and also creates a financial-loss fear in the mind of the tenant. It is always advisable to collect the rent in a mode of payment that is documented i.e. through a bank transfer or through a cheque. At times, the tenants say that they have made the payment in cash and there is no way to challenge that later.

The landlords should never hesitate in making his/her demands clear in front of the tenants. A transparent and consistent relationship is the key to have a beneficial association between the landlords and the tenants. Often tenants come up with excuses to delay or avoid the rent payment. The tips here are sure to help the landlords in securing their monthly income. For similar useful tips and articles, please visit www.makaan.com .

Last Updated: Tue Apr 09 2013

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