Timely Rent Collection

Over the years, we have come to learn that a fair but strict rental payment policy is a key to success. Making exceptions for late payments sets the wrong tone for the landlord-tenant relationship. At Waterfield, our management system sends tenants an email that rent is due 10 days in advance of the month, and another on the 1st of the month as a reminder. If not paid by the 3rd, a $50 late fee is automatically applied. If not paid by the 4th, we almost always proceed to the next step of posting a Rent Demand/Eviction Notice on the Tenant's door to initiate the eviction process. 90% of the time, rent is paid shortly thereafter and the eviction process never proceeds. However, taking this step early 1) protects you from additional downtime in the off-chance it does proceed to an eviction and 2) sends a clear message to the Tenant that it is expected that rent is paid on time. With that said, this abidance by the rules of the lease is a two-way street and is only fair if the landlord/property manager displays an equal commitment to respond to maintenance requests and other communication as fast as possible. Again, our use of a property management software to receive, categorize, and delegate maintenance requests is the key to handling tasks in a timely manner. When you do so, the tenant has more respect for you as the landlord/manager, and in our opinion is more likely to return that respect by paying the rent on time. Employing a 3rd party property manager like WPM is a great way to relieve yourself of these two administrative burdens while also protecting your financial interests.