One of the best ways I personally have found to get rents on time is to offer a Christmas incentive. I offer the tenants 1/2 off Decembers rent if all Rents are postmarked by the 1st of each month. You can increase the rent by $25 or $50 or whatever amount is relative to you rents to help offset this hit. I have found this to be a huge incentive for my tenants. it works about 80% of the time.
I offer this incentive as long as there is at least 8 months till Xmas. So for example If I sign a lease in March I still will give them the 1/2 off – BUT I write a clause into there contract that “it is a 12 month discount” and if they are late in any of the subsequent months leading up to a year the discount has to be paid back in the following 2 months in 2 equal payments.
Maybe that will help you.
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