One of the thorns in any property manager’s side is the issue of collecting rent from tenants who are behind on payments. While some of the regulations can be challenging to read, it is imperative the you know the state and federal laws that cover this issue. PropertyManager.com has posted a good article on this topic that includes links to detailed information sources.
One simple step that the article suggests is giving all new tenants a one-page “collections agreement” that clearly spells out what will happen if the resident is late on paying rent. Tenants are asked to review and sign the document, which is kept in their files.