With Calvin College located here, your Grand Rapids property manager may have to deal with roommates when leasing your rental properties. This can be a tricky situation if it isn’t handled correctly because in a lot of cases, not all roommates pay their part of the rent on time. Therefore, make sure you and your Grand Rapids property manager are on the same page when it comes to handling these special situations. Below are a few tips to help.
1. Place One Roommate in Charge. Before you allow roommates to lease one of your rental properties, have a meeting with all of them and designate one of the roommates to be in charge of collecting rent from the others and turning the monies in to you on time. Make sure the “leader” is established in the lease before the roommates sign. Therefore, if one roommate isn’t paying his/her share of the rent, you know who to go to regarding the problem.
2. Call a Meeting with All Roommates. If one, or more, of the roommates isn’t paying their share of the rent on time, it may prove effective to have a meeting with all of the roommates. At this meeting point out the roommate(s) who is behind in their payment and then explain that the other roommates are just as responsible in seeing that the rent gets paid as the one not paying his/her share. Explain that somehow the rent needs to be paid, even if it means the other two have to cover the extra amount owed.
3. Send Out Statements. It may be that the tenants paying their rent on time are unaware that the other one is not. However, if you send out statements to each individual roommate showing the total rent monies collected, then the “good” tenants will know the other isn’t contributing and may take action to get the owed monies.
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Justin Bajema, CPM® is the Founder & President of Access Investment Group, LLC and Access Property Management Group, LLC. His love for everything Real Estate and business began with one book back sent to him while he was returning back from the war in Iraq in 2003, "Rich Dad Poor Dad" by Robert Kiyosaki. Justin is a proud U.S. Marine combat veteran who served 2 tours in Iraq as an infantryman. He received the Purple Heart from Commander in Chief President George Bush for his wounds received in action while serving with the 24th MEU in Iraq. Justin Bajema, | Founder & President
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