Home : 7 Ways to Get Tenants to Pay Their Rent Early

7 Ways to Get Tenants to Pay Their Rent Early

Posted by Tina Merritt on 12/7/2009 at 6:27 AM
Posted in Real Estate Investing

Offer a contest each month. For all tenants that pay their rent by the 28th of the month before rent is due, they are entered in a drawing for a $50 gift certificate to a restaurant, an itunes gift card or the like....Be sure to announce the winner to everyone who got their rent in early!
Send a hand written thank you note when they get their rent in early.
Offer a discount (say $25) for tenants that pay early.
Report the payment histories of your tenants to the credit bureaus.
Send them a bill for rent. Seriously - mortgage companies, credit card companies, the electric company all do this...why don't landlords?
Set up a holiday account. If the tenant pays their rent early, you set aside an amount and do the same with subsequent payments that arrive early. Then, in December, send them a check for that amount and maybe toss in a little bonus as well.
Give them something for the kids when they pay early. For example, a gift certificate to Chuck E Cheese or Game Stop. The kids will then be sure to nag their parents to get that rent in early!

Tina Merritt is an 11 year veteran Real Estate Agent and Trainer based out of Virginia Beach, Virginia. She holds a degree in economics from Virginia Tech and post-baccalaureate from Virginia Commonwealth in real estate and land development. As an avid social networker and internet marketer, Tina helps real estate agents, loan officers and affiliated industries embrace technology. As a real estate agent, Tina primarily deals with marketing and selling properties deemed "hard to sell" and also works with real estate investors helping them build and/or liquidate their portfolios for maximum profit.

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3 Comments

Posted by member11044742 on 12/07/2009 4:31 PM

Wow....That is a great idea !!! I know as for myself now I have lived in canada for the past 20-yrs after my divorce and not only did I always pay my rent on time I also gave post-dated cheques for 12-months .There should now be an award for any rental person to be responsible because no matter where we live the roof over our head should always be payed first. As we know lots of people party first and pay their bills later.Isn't is commonsense with a family and small children partying should come late if possible.Thank you for your brilliant ideas and that is something that landlords should know.In fact maybe even than the building will always be nice and clean.If landlords have no respect for their tanents how in the world can his or her tenant respect the landlord...right?

Posted by Dick Rosen on 12/08/2009 4:54 PM

I'm going to try #1 for awhile... and I'm really interested in #4! How do I get set up to report tenant payments to the credit bureaus? Thanks, Dick
www.rosenprop.com

Posted by member11000083 on 02/24/2010 9:22 PM

I would be interested in any tested results for the methods you've offered. They certainly sound compelling, but the real test is how they perform in real life.

Blake Ratcliff
www.irreia.org

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