As a landlord, one of your biggest concerns comes around collecting rent. This is another example where a professional property management company can be invaluable.
When you are responsible for rent collection, it can be tempting to allow some of your residents to bend the rules a bit. Especially when you are the owner and interacting directly with the residents. In the case of property management, however, it must be run strictly as a business and rules must be followed. We have very strict guidelines for when rent is due, when the late rent is applied, and then when eviction processes begin.
At Cincinnati Real Estate Group Property Management, our rent is due on the 1st of the month, late on the 5th, and eviction filing begins on the 10th if we still have not received the rent.
We utilize Buildium as our online platform for our residents to pay rent. The rent can be paid through a direct deposit that can be setup as recurring payments or paid by a credit card. We encourage all of our residents to set up their payments so it is pulled directly from their bank account, deposited directly into our brokerages trust