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Thursday, August 10, 2017

Filling Vacancies and Collecting Rent on Time Each Month

As a commercial landlord, you have a reliable source of income at your disposal each month.  As long as you keep your vacancies full and your tenants pay their rent on time, you can enjoy having a steady stream of money coming in with which to pay your own bills.

However, timely rent collections can be difficult if you have to visit each of your properties on the first of each month.  You may be so busy that you cannot get to these locations to collect rent checks.
Rather than lose that income or risk having tenants pay late, you can have a manager on the property to act in your stead.  The supervisor or property management and realty services can also ensure that vacancies stay filled and that your tenants are more than qualified to meet the stipulations of their lease.

First of the Month Income Collection

You may be like most landlords and expect payment of rents on the first of each month.  You may even allow a bit of leeway and permit rent to be paid by the third or fifth of the month.  Regardless, you still expect the checks to start arriving in your office before the sixth.

The checks may come in late if you are not there to collect them in person.  In-person contact with your tenants can be vital when you want them to honor their leases with you.

When you are too busy to be there, however, you need to delegate your authority to someone who can be there to get the rent and have it deposited in the bank.  A professional property manager has the experience to collect the money and to remit payment to you immediately.

Filling Vacancies

Along with getting the rent collected, the manager can also advertise vacancies and vet potential tenants for them.  The vetting process may entail putting the person through a background check and also making sure that the applicants have enough money to pay the rent.  It ensures that you get high-quality tenants who will not be a legal or financial burden to you.

Your commercial real estate investments provide you with a solid and lucrative source of money each month.  You can safeguard that income source and keep vacancies filled with top quality tenants by hiring professional management services to represent you on your properties.

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