Are you getting they result you want? It is my belief in life that we really do “We teach people how to treat us”, and to add to Mike’s Post, we teach our residents how to pay their rent. At Urbane, Rent is due on the first and late on the second. We assess and enforce a $50 Late Fee on the second and a $100 late fee on the 5th. If rent is not paid by the Sixth, Seven Day Notices, including legal fees are prepared and processed. We work hard to have non paying residents evicted from the apartment within a fifty day window, pending how quickly our court cases come, which limits and deceases our exposure.
There are certainly exceptions, but not very many. Our lender doesn’t accept any exceptions regarding our mortgage payments. Some may think this is too harsh, but being a Start Up Company, approaching our five year anniversary, we simply did not, do not have the cash flow luxury of making loans to residents, because when they do not pay on time, that’s what happens, the management company has agreed, by default to loan them money.
I can tell you too, that we do not get any push back on this topic. It is made clear at the lease signing, and just isn’t a problem. But to have effective and prompt collections, one must also be on their game regarding Credit and Background Checks, and be disciplined enough, even in a high vacancy situation to turn away questionable credit history. There certainly are lots of schools of thought on who should be approved and who not, regarding credit and payment history, and we would love to hear your feedback and experience as to what works and what has not for your property.
Eric Brown
Eric’s background is rooted in the rental and real estate industries. He founded metro Detroit’s Urbane Apartments in 2003, after serving as senior vice president for a major Midwest apartment developer. He established a proven track record of effectively repositioning existing rental properties in a way that added value for investors while enhancing the resident experience. He also established Urbane Media, a social media marketing and PR laboratory, where innovative marketing ideas are tested. Eric has been featured in Entrepreneur Magazine and Business Week Magazine. You can connect with Urbane_Media on Twitter. Eric also writes regular articles for the following publications; Multi Housing News Social Media Examiner Search Engine Guide
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