Rental Agreement

[Hendrix P.]

I'm in the process of purchasing my first rent property (offer just accepted). There is already a prospective tenant and I want to create an lease that would make them pay on time. Has anyone created a lease that offers a discount for paying by the 1st? What would be reasonable discount amount?

[Gregory Rice]

Hi Hendrix,

My name is Gregory and I currently oversee the rental of over 250 units in New England. A rental agreement does not make a tenant pay. Successful management, however, does increase the chances of a tenant paying. You need to be very responsive to whatever need they may have (no matter how silly it may sound). As soon as a tenant feels slighted or neglected your money will disappear. Keep the lines of communication open with the tenant and treat them as you would any business client. I suggest not getting into their personal life to avoid sticky situations down the line. Keep things professional and efficient and I can promise you will have a positive experience.