At Specialized Property Management, we are happy to welcome you to your new home. We want you to enjoy leasing your property from us, and we are here to answer any questions and provide any support that will make your rental experience better. Feel free to reach out to us at any time with any concerns you may have.
Today, we’re addressing a question we get frequently from our new tenants, which is: How do I pay rent? You want to maintain a good record of on-time rent payments, so we’re eager to share the following information with you. We have done everything we can to make lease payments easy and convenient for our residents.
Rent Payment Due Dates
Unless it is otherwise stated in your lease agreement, your rent is always due on the first day of every month. This is true regardless of the day of the week that the first happens to be. You need to pay on the first even if it falls on a holiday or over a weekend. Sometimes, tenants will assume that if the first is on a Saturday or a Sunday, it’s acceptable to pay on the Monday or the next business day. However, this is not true. If the first of the month happens to be on a Sunday or on a holiday, you’re still responsible for getting the rental payment into our office on that day.
We consider rent to be late after midnight on the second day of every month. This means that if you miss your payment on the first of the month, you still have one day to catch up and avoid any penalties or late fees. Then, late fees will begin to accrue on the third of the month. You’ll want to avoid those late fees, so do whatever you can to ensure your rent arrives in our office on the first or second day of the month.
Many of our tenants find success paying rent on time by setting reminders for themselves. Use a calendar, or even the tools available in our online tenant portal to ensure you remember to get your rent paid on the first or second of every month. This is an important part of being a responsible and accountable tenant.
Acceptable Methods of Rental Payments
The list of ways you might want to pay rent is available in your lease agreement. For your convenience, we provide you with several different ways to pay rent. We know that everybody manages their money differently, so giving you options is the best way to help you get your rent paid on time. You can pay one of these ways every time, or pay a different way every month. As long as your payment is made, we are satisfied accepting it through the mail, online, at a 7-11, or in our office.
Here are some detailed instructions so you know exactly what you need to do when the first of the month approaches:
- Pay Your Rent Online. Tenants have the option of paying rent online, and this is the most popular option because it’s convenient and secure. When you meet with your leasing agent and pay your security deposit and sign your lease, you’ll receive instructions on how to set up an account on your tenant portal. Through this portal, you can do a number of things like request repairs and communicate with our property management staff. You can also pay rent. Simply go onto our website and log into your tenant portal. An electronic draft will be made from the checking account you specify in your tenant portal.
On your portal, you can schedule your one-time payment of the current month’s rent. Many of our tenants choose to set up recurring payments. This helps them to avoid any potential late fees or late rental payments because the payment is automatically made on the first of the month.
With the online payment option, there is a small fee of $2.00 per month. This is extremely reasonable, considering the peace of mind you get when you know your rent is being paid with the press of a few buttons. When you pay online, you can pay early in the morning or late at night – from any place that you have an internet connection. Online payments are brilliant because they help you improve your payment rental history with easy on-time payments. Simply provide your bank checking account. There’s also an option to pay by credit card. You’ll need to pay an additional processing fee for credit card payments.
- Pay Your Rent at the 7-11. If you frequently stop into your local 7-11 convenience store for drinks, snacks, or gas, there’s good news. You can also pay your rent at 7-11. We have a program in place that allows you to pay your rent while you’re in the store. This enables tenants to pay in cash, which is impossible to do if you’re paying rent online or through the mail. Make sure you pay the full amount that’s due, and get a receipt from the 7-11 store. The payment will be recorded in our office, and you will be all set for the month.
- Pay your Rent by Mail. Some tenants still like to pay with paper checks or money orders, and if that sounds like you, it’s easy to send your monthly rental payment to our office through the postal service. Check your lease agreement, where you’ll find the correct address for mailed rental payments. Remember to sign the check, and make it out for the full amount that’s due.
It’s important that you mail your rental payment far enough in advance that we’ll receive it in our office by the first of the month. Mail can be slow, and you don’t want to be stuck with a late fee because it didn’t arrive in our office until the third or fourth of the month. Remember, it’s considered late if it’s received after the second. And, the payment is posted on the day we receive it in our office, not on the date that’s postmarked on your envelope. If it’s already the first of the month, we don’t recommend that you mail in your rent. When mail is your preferred way to pay rent, make sure you’re stocked up on supplies such as envelopes and stamps. Have a plan in place for dropping that payment into the mail at least five days before the first of the month. If you realize you don’t have enough time to mail it to our office before late fees will accrue, consider trying another payment method.
- Paying Rent in Person. We always love to see and chat with our tenants, so feel free to come to our office to pay your rent on the first or second of the month. As your lease agreement states, you have the option to pay your rent in our office during normal business hours. If our building has a drop box located on the exterior of our office, you can also use that box to leave your rent. We’ll collect it the next morning when we come into the office. If you’re not sure where our office is located, check your lease or give us a call. We can tell you where to find us and how to pay in-person. Remember, rent is still due on the first of the month, and it’s late after the second of the month. So, if the first falls on a Saturday and you cannot get to our office until Monday, you might want to choose a different method of payment to ensure your rent posts before late fees are charged.
Paying Rent in Full
Sometimes, tenants want to make a partial rental payment. However, we do not allow this, and your lease will support this rule. A full month’s rental payment is always due. We cannot accept partial payments, even if you promise to pay the full amount a few days or a few weeks later. Rent has not been paid until it’s been paid in full.
This also applies to the move-in. When you pay your first month’s rent with us, you’ll need to pay the amount that’s equivalent to a full month, even if you move in on the fifth or the 10th or the 15th. In those cases, you’ll pay for a full month for the first month, and then your second month’s rent will be pro-rated for that month. Your leasing agent will explain this to you when you’re signing your lease and paying your deposit, but it’s something important to remember.
We are glad to have you living in one of our properties, and we’re here to help you have the best possible rental experience. A good relationship between tenants and property managers starts with communication, clear expectations, and on-time rental payments. If you have any further questions concerning your lease payments, please contact us at Specialized Property Management in Orlando. Our accounting department can answer any rent questions you may have.