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How to Handle Late Rent

Jeremy Gunn - Wednesday, October 28, 2015

How to Handle Late Rent 

Collecting rent is one of many aspects of managing rental property it can be a simple process or a nightmare. As always properly screening and selecting qualified tenants is an important first step. Listed below are few of the techniques we use to limit late payments and ensure payments are made on time month after month.

Explain the process up front let the tenant know what you expect from them as far as rent. When it is due, What the grace period is if any, how much the late fee is and when the 3-day notice will be served. Once these issues have been addressed stick to them. Do not give additional grace periods beyond what you have already established or waive any late fees.

Late fees. Make the late fees small enough that you will not feel bad about charging them and something the tenant can live with but enough to encourage on-time payments. A $50.00 late fee will not discourage a tenant from paying late if they know they can complain about it and you will waive the fee.

Be understanding but firm. If a tenant is having a hard time paying rent listen to them and let them know you understand, but the rent must be paid. Explain to them your process again and why the rent must be paid. Encourage them to lean on family, friends or local charities to help them during this time.

Serve the 3-day notice. The 3-day notice is a legal form that is the first step in the eviction process. There is an exact process to completing a 3-day notice and can be tricky if you have never done this before. If you need help executing this please give us a call and we can point you in the right direction. The 3-day notice will give the tenant 3 days, not including the day it was served weekends or holidays to pay the rent or move out. The majority of the time the tenant will pay by the end of the 3-day notice. If the tenant does not pay the rent in full by the end of the 3-day notice you can now file for eviction. If the tenant typically pays you rent by mail you might be required to serve a different type of notice.

I hope you find this post useful and informative for more information on property management check out our website and my blog at GunnPropertyServices.com

Please keep in mind we are not lawyers and this is not legal advice.

How To Properly Maintain My Leesburg Rental Property?

Jeremy Gunn - Friday, July 17, 2015

How To Properly Maintain My Leesburg Rental Property?



Over the years we have seen many nice properties degrade from the simple lack of routine preventative maintenance. Routine maintenance items are usually inexpensive easy fixes if caught and repaired in a timely manner.  Over time even the smallest issues left unchecked can cause a chain reaction of damages to your property and end up causing you much more in the long run.

Most commonly we see this happen in 3 ways.
1.Tenants do not report maintenance issues. 
2. Tenants report maintenance issues and the property manager or landlord ignores them.
3. The property manager or landlord does not inspect the property or if they inspect they are not properly trained on what to look for. 
 Maintaining a property is a time consuming task for anyone and unfortunately one that some property managers and landlords choose to ignore. Maintenance issues will not go away and in most causes will just get worse.
 A property owner should expect to pay 10% of the rent collected each year towards maintenance and replacement of components. This depends on the age of the property and its components but is a good rule of thumb to go by. 

The first step to properly addressing maintenance issues is to inspect the property. 
The property should be inspected on a annual basis, both the interior and exterior. 
Make sure the person inspecting the property knows what to look for. 
Once the inspection has been completed each issue should be addressed properly in a timely manner.  

 Maintenance plays a  major role in the success of your investment. Properly maintained property’s will rent faster at market rent, retain tenants for longer and will bring top dollar if you ever decide to sell.  Next time you hire a property manager make sure they understand the importance of routine property maintenance and how it affects your bottom line.



What will my home rent for?

Jeremy Gunn - Thursday, June 11, 2015

As a property manager we get asked this question on a regular basis.  Coming up with the correct asking price is not always easy and there are many things to consider when determining the rent for a property. You will need to consider what comparable properties are renting for and what is different about those properties compared to yours. Looking at comparable properties in the area that are similar in type, size, location, similar condition and find out what they are renting for. This isn’t always as easy as it sounds because rental rates can vary widely depending on type of property and area. If a property is currently on the market you will want to find out how long its been on the market.  Not all upgrades to a property will demand a higher rent but might set your property out from the rest by making it rent faster to better qualified tenants. 

Setting rent to high or to low is a common mistake and can be detrimental to the success of your rental. 

The thing to keep in mind is well qualified tenants will not pay over market rent for properties, they don't have to.  Unqualified tenants will always be willing to pay over market rent and a lot of them have cash up front to move in right away. This is a mistake that happens all the time to un seasoned/careless property managers or the new property investor. When a property has been on the market for several months any tenant with money sounds great, until they stop paying and refuse to leave. 

Settling for unqualified tenants only because they are willing to pay the higher rent will result in high turn over rates, evictions and extensive property damage.

 A seasoned property manager will understand all of these attributes, their values and be able to come up with a good rental range you could expect to receive from any given property. The key to long term success with any rental property is setting rents at or slightly below market rental rates while providing well maintained properties, addressing tenant concerns and maintenance issues in a timely manner. This will insure happy tenants that pay on time, take care of your property and stay year after year.  

Gunn Property Services has a new website

Jeremy Gunn - Wednesday, April 08, 2015

Check out our new website at gunnpropertyservices.com 

Our new website is fully responsive and uses the latest technology, allowing you to have a better browsing experience on any device no matter if it is a desktop, tablet or cellphone!

Why is this a big deal? Well, it allows you to have access to our site anywhere, at any time. Tenants - you will be able to easily find and apply for your next rental home, as well as submit maintenance requests online! For our owners, you will have access to your statements 24/7.

We hope you find the site useful and easy to use!

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2204 Citrus Blvd Suite 9
Leesburg, FL 34748

Phone: 352.314.2668

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