Speaker 1:
Hi everyone. I hope you're having a wonderful holiday. I am back for Talk About It Thursdays, continuing my series on what we do here at Merchant Property Management. So for the last few weeks, I talked about rental analysis, property marketing, tenant screening, leases and move in, so today I'm going to be going over rental collection.
Speaker 1:
So a lot of owners, it's hard for them to chase down the tenant and receive their rent money that they are owed. Collecting rent from tenants onsite at the home can be time-consuming and also very dangerous. We try to make sure that you always get paid and that you always get paid on time every time. We make it easy for tenants to pay their rent online and in a timely manner. With accepting online rental payments, it's super convenient for the tenant to go online and pay and they don't have to worry about stopping by the office or mailing in any checks or money orders. If they do prefer to pay with check or money order, we accept that as well. They can come during office hours, but we also have a drop box that they can drop off their payment in, too.
Speaker 1:
We also enforce a strict deadline on when rent is due. So rent is always due on the first of each month. We have a grace period until the fifth, and then the morning of the sixth, a late fee is added to their rent, and it's 10% of the rental amount. After that, we file evictions on the 11th if rent is unpaid, and these rules are for everyone across the board with any unpaid rent. So that is what we do at Merchant to enforce getting the rent on time and to the owner so they can be paid every month. I'll see everyone next week for Talk About It Thursdays. Have a great day. Bye.
