Whether you mail your tenant a monthly statement the same way your bank mails you your credit card statement, or supply your tenants with a Payment Book with pre-printed payments slips, the results are the same. The tenants are reminded of what they owe, when it is due, and what the penalties are for not paying on time.
Rent is Paid More Timely When the Tenant Receives a Monthly Rent Statement
Most landlords have positive results and more timely payments when using a Rent Statement mailer. It helps tenants Want to pay their rent on time and preserve their credit record with their landlord.
The Rent Statement displays the key monetary terms agreed in their lease. That's important because the tenant is reminded of these key items every month when they fill in the amount of their payment before sending it.
Tenants find it a little intimidating and a little more official when their Social Security # is on a document. This part is optional and need only be included at your discretion.
On the top right below the rental address is a payment breakdown area which includes:
- the rent due date
- the rent amount
- the late date and late fee
- the daily late date and daily late fee
- early payment discount date and amount of early payment discount (optional)
- Added rent incurred (any current or past due charges in addition to the rent)
The top tear off slip also includes the landlord's mailing address and instructs the tenant to whom to make the rent payable. Since it is editable in MS Word, it is also easily fitted for window envelopes with the tenant's address showing through.
The bottom portion has a place to record paid amounts and a check # and can be kept for the tenant's records.
When sending the Rent Statement Mailer, it is a good idea to enclose a pre-self-addressed envelope for the tenant to simply drop the top portion of the statement in along with the rent payment. Some landlords even prefer to stamp the envelope in an effort to remove every possible obstacle in the way of getting the rent paid. Personally, I say let the tenants buy their own stamps. If they are that helpless, we shouldn't have them as tenants!
(Sorry to sound so hardend, but after dealing with thousands of tenants over the years, you get this way! ;) )