Updated almost 20 years ago on . Most recent reply
Get Rent Paid On Time More Often
I just went and saw a brand new "guru" speak today. Her name is Missy McCall-Hammonds and she is a big landlord in Butler County, OH (Dayton, OH area). Her new course is getting launched at the Millionaire Makers Conference coming up in Louisville. She had some great points that I am going to talk about on my site over the next week or so, but here is one that can help everyone with tenants.
About 4 years ago Missy started to invoice her tenants. She figured that they were used to getting credit card statements and utility bills in the mail every month so why not the rent bill as well. Every month on the 23rd she mails out a statement with a return envelope and return label. She said that as soon as she started doing this, her rent collections went WAY up and the amount of running down rent checks went WAY down.
I have no personal experience with this yet, but I will be implementing this month.