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Collecting Rent For Your Investment

At Income Realty Corp, we are fully aware that timely rent collection is the key to making your property profitable. As long as your property is under our care, you can rest assured that you get paid on time, every time.

Every first day of the month, rent becomes due. To ease the process of submitting rent, we have several payment options that tenants can choose from. Some of the options we have include online payment, direct mailing, or they can deliver the cheque to our office. During the signing of the lease agreement, we take the time to clearly explain each method to the new tenant. Tenants are also encouraged to visit our Miami office to learn more about which rent payment options are available.

Income Realty Corp enforces efficient record keeping to track all rental transactions for every property we manage. You can be assured we update and keep accurate transaction records for your property at any given time. Thanks to our stringent tenant screening processes, we manage to substantially reduce the risk of non-compliant tenants. In the event that we have such a case, we have strategies we use to handle the case depending on the provisions of the lease agreement.

What Approach Do We Use to Handle Late Rent Payments?

To begin with, we notify the tenant about their failure to pay rent on time. If this doesn’t succeed, we serve the tenant with a formal notice for non-payment depending on the number of days that have elapsed since the due date. We insist on adhering to due process as it enables us to be well prepared in the unlikely event that we need to file for an eviction.

If a tenant complies with the notice and pays the rent due, we don’t notify you. However, if the rental fee still remains unpaid, we will request for your consent to legally initiate the eviction to get the tenant out of your property.

In Florida, the law requires a tenant to be issued with a “3-Day Demand for Rent” notice. A tenant is given a choice to either pay the rent or vacate the rental house. From past cases, many tenants submit their rent within this time period to avoid eviction. However, when this fails, we are forced to begin a court process to force a tenant to vacate the unit.

In cases where a tenant owes less than $10,000, we file an eviction lawsuit known as Summary Ejectment with a small claims court. The court then issues “Summons” which contain the exact location, date and time of the court hearing.

In most cases, the hearing takes place two weeks after Summons have been given out. During the hearing, property owners are required to be present and if a ruling is made in favor of a property owner, a court awards a “Judgment for Possession.” This means that the tenant has to immediately move out of your rental property.

A property owner can also file for “Writ for Possession” which is a document that grants power to a county sheriff to forcefully evict a tenant. After the eviction has been completed, a locksmith is then called in to change the locks to prevent unauthorized access.

If you’re looking for a reputable Miami Property Management Company with the best rent collection services track record, give us a call today at (305) 251-5561. Income Realty Corporation has been in business for nearly 40 years and specializes in providing real estate services to the Miami market.

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