We welcome you as a new Specialized Property Management resident. Our goal is to make your rental experience easier and more enjoyable, so we’re talking to you today about how to pay rent, and what we expect from our tenants when it comes to following the obligations of the lease agreement. We get a lot of questions about rental payments, and we want to answer some of those questions today.
When is Rent Due?
Unless it’s otherwise stated in your lease, rent is due on the first of the month. We expect this payment to be made on or before the first of every month. This due date does not change if the first of the month happens to be on a weekend or holiday. Mark your calendars, make a note, set a timer on your phone, or sign up online for automatic rental payments so you don’t have to think about it. Whatever system works for you, make sure you use it. Rent is due on the first. Always.
As a tenant, you need to know that rent is considered late if it’s received after midnight on the second of the month. Again, it doesn’t matter which day of the month the second falls on. It doesn’t matter if it’s a holiday or in the middle of a long holiday weekend. Late fees will begin to accrue on the third.
Please ensure your rent is paid on time each month. It’s an important part of being a good tenant, and it will help you have a more positive rental experience. Those late fees add up, and if you get into the habit of paying rent late, you’ll lose money month after month. We’re sure you have better things to spend that money on.
There are several things you can do to ensure your rent is paid on time.
- Set a reminder in your phone calendar or in your planner that reminds you three to five days prior to the first of the month that the rental due date is approaching.
- Set up an automatic transfer so you don’t have to think about it. Or, automatically transfer money from your savings account to your checking account so you know the money is there on the day you need to pay rent.
- Make plans for your late fees. If you have paid late fees a few months in a row, put that money aside the following month, when you pay rent on time. Use it for something fun, and you’ll see what you don’t want to sacrifice by paying rent late.
How to Pay Your Rent to Specialized Property Management
Your lease should indicate exactly how you should pay your rent to your property management company. Check there for instructions and answers.
Most of our leases are designed with several options. For your convenience, rent can be paid any of the following ways:
- Through any 7-11 Store
- By mail
- In person
Paying rent online
You can use your online tenant portal to pay rent online through our website. We have invested heavily in special technology that’s safe, secure, and convenient. Online security is a major concern of ours, and we’ll make sure your information is protected. You can set up your rental payment so that an electronic draft is debited from your bank account. You can choose any checking account and specify that account in your portal. The system will remember your account, so you don’t have to worry about typing in account and routing numbers every month.
With online payments, you’ll pay a small administrative fee of $2.00 per month. You can pay this way one time or every month. If it’s easier for you, set up recurring payments so rent is taken out of your account on the same date every month. This cuts down on late payments and ensures you have a documented paper trail that shows you pay rent on time every month.
If you’ve been struggling to pay rent on time, setting up a reoccurring payment will help you improve your rental payment history. You can pay online by using a bank account or even a credit card. If you use your credit card, you’ll need to pay an additional processing fee, so be prepared.
Paying rent at 7-11 stores
Tenants can also pay rent at their local 7-11. Go into any store, and you’ll receive instructions on how to make your payment and receive a receipt for that payment. You can do this every month or just try it out one month when you happen to be in the 7-11 buying food or supplies. Tenants who want to pay in cash prefer this method of rental payments.
Paying rent by mail
You can mail your monthly rent payment to the address found on your lease agreement. While mailing the rental payment is often the best option for people who like to use a check, you need to remember that it takes some time for mail to reach us. Please allow enough time for the rent check to reach our office. Payment will post to your account on the day we receive it, not the day reflected on the postmark of your envelope.
It’s important to remember that the rent will be considered late if it’s received in the mail after the second of the month. So, when you choose to pay your rent by mail, it’s a good idea to send the check at least five to seven days before the first of the month. Make sure you always have plenty of envelopes and stamps as well.
Paying rent in person
You may pay rent in our office during our normal business hours. Come on in with a check or a money order, and let our office staff know that you’re prepared to pay rent. You can ask for a receipt, and rent will be reflected as paid in your account. Some of our office locations have an after-hours drop box located on the exterior of the building.
Always Pay Rent in Full
When you’re paying rent, make sure you pay it in full. Partial payments will not be accepted, and your account will be delinquent until the full amount is paid, including any late fees. Don’t try to pay half of the rent that’s owed with the hopes that you can catch up with the rest later in the month. We need the full monthly rent to be paid on the first in order to keep your account current and in good standing.
Tenants also need to remember that a full month’s rent is always due at time of move-in, no matter what day your move-in is scheduled. If applicable, your pro-rated monthly rent will apply to the second month of your lease. So, if you move in on the 10th of the month, you’ll still have to pay a full month’s rent before you get the keys and move into your property. On the following month, you won’t owe a full month’s rent. You’ll owe an amount that’s calculated based on the shorter first month of your move-in date. If you have any questions about this, our property managers can help you walk through it.
Rent also needs to be paid consistently throughout your lease, even your last month. Sometimes, tenants expect that they’ll be able to use their security deposit as the last month’s rent. This is strictly prohibited for a number of reasons. Your security deposit is used to pay for any damages you leave behind in the property, or to cover unpaid balances that are due. It is not every meant to be a rental payment. You’ll need to pay the last month’s rent in full just like you pay every other month.
There are a number of benefits to you as a tenant for paying your rent on time.
- First, it establishes a positive payment history. Years down the road, when future landlords or property managers call us for a rental reference, we’ll be able to say that you paid rent on time. It contributes to your reputation as a good tenant.
- Second, it saves you money. You’re basically paying higher rent when you need to budget for late fees every month. Avoid those late fees and get your rent paid in plenty of time.
- Third, it contributes to a more positive relationship with your property management company. We appreciate not having to chase you down for late rent every month.
- Finally, paying your rent on time avoids costly legal procedures. If we have to start the eviction process or take you to court, you’ll be liable for even more additional expenses.
We hope you found this helpful and easy to understand. If you’re a tenant with any additional questions about paying rent or the requirements of your lease agreement, contact our accounting department. We thank you for your efforts to pay rent on time, and we look forward to serving you. Please contact us at Specialized Property Management in Dallas if you have any questions.