Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
Good morning Fellow Landlords,
It's the last Friday of the month so I (or my property managers) will be placing Self Addressed Stamped Envelopes under the doors of our rental units.
You've got to take into consideration that sometimes our Busy Tenants may forget the day of the month, our addresses or stamps.
I'll do anything I can, do to help them!
Even a reminder call on the First of the month, when rent is due. (mainly because it again reminds them and I may receive it on the fifth when it is technically late in Massachusetts).
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
13y
Originally posted by Suzie B.:
Most of ours mail their rent checks. A couple of them know where we live and let us know when they will drop their checks by.
...
I don't like the idea of them dropping their payment off at our bank. I don't want them to have our account information ...
@Suzie B. - that info is already available to them on the endorsement you did on the reverse side of their cancelled check.
None of my utility companies, phone carriers, etc. remind me.
The bill they send would be the reminder.
The only reminder I send is mailed on the 2nd day of the month reminding them to add $50 to their mailed, dropped off or picked up rent.
That's my reminder, too... late fee ;)
Ah, the phone bill. Well, I don't get those either... turned off paper statements and have set payments on everything now. If I did get them, I don't consider a monthly bill that comes at the start of the month "babysitting" me rental reminders like Mike said. A phone bill could change in price, rent doesn't. If you don't pay the phone bill by the end of the month, the phone company doesn't call you... they just turn off your service. I know someone who accidentally let their water be shut off-- they didn't pay the bill on time. The water company didn't "babysit" them and warn them it was about to be shutoff.
For bills and utilities, I consider those very different than rent. With rent, the lease is the reminder of rent being due. That, and late notices and evictions. The rent price is fixed, same date every month, and a large expense. Other bills, like phone or utilities, the amount varies each month for some people so the bills change. Those other bills are "optional" and don't jeopardize the roof over your head. Rent is a tenant's largest expense and the amount and payment date stays the same month after month. It's their very shelter. It's hard to forget something the same amount, same date, and their very shelter. Their very home is on the line if the forget. It's not the norm around here for landlords to remind their tenants. None have reminded me.
I could see a tenant forgetting once in a blue moon and calling to remind them if it's a day late. I expect tenants to set up their own reminders-- have their phone alert them, use a reminder service, auto-pay, etc. That's what I do. That's what my mortgage company does. For something as important as the very roof over their head and their largest expense, I can't imagine them not making it a priority.
It's much less risky to forget to pay a phone bill than to forget to pay for your very shelter. That, and the fixed amount/date every month with it being their largest expense, is why I expect them to remember on their own.
Now, if we're talking slums with irresponsible tenants, I could see "reminding" them to pay while they have any money left That "reminder" would be more like "enforcing." I'm sure there are people out there who just stop paying altogether, rent or not, and wait to be evicted. Bizarre.
Investor · Paradise Valley, AZ · Member since 2012 · 361 posts · 214 votes
13y
I must be really old fashioned but my tenants just send me a check. Don't think they would want the hassle of going to the bank every month and depositing money in my account. Don't remind them to pay rent either.
Real Estate Investor · Snohomish, WA · Member since 2012 · 15 posts · 5 votes
13y
I refuse to accept mailed checks. Last February I had a tenant claim they had mailed a check and I never got it. Eventually they wrote me a new check. Last week the letter showed up in my mailbox with a Feb. 1 post mark on it. Completely undamaged and no explanation. My tenants now use Chase bank direct deposit to pay their rent online. All they have is my email address and the money is put directly into my account from their account at no charge.
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
13y
In my rentals in PA they deposit directly to an account.
We use PNC and we can get as many sub accounts to our main account as we want for no fee. So no access or news to give out our account number. Since each each tenant has their own account I don't have to worry about them having the same rent either.
I know lots of banks won't do the free accounts, but if you find one it works well.