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How do you handle delinquent tenants?
Our standard lease contract for long-term rentals has several stipulations that we can enforce. That is, if needed in order to collect from delinquent tenants: First, there is the 3% per day penalty on the overdue amount that we can
What if the tenant is always late in paying his rent?
So far, our tenants seldom get late in paying their rents. This is mainly due to our pre-lease requirements, especially the post-dated checks. And in the rare occasions they do get late, they usually have a reasonable cause for the
What are your requirements from lessees?
The following are our standard requirements for long-term tenants: 1 month advance rent 2 months’ rent equivalent as security deposit The rest of the remaining months to be covered by Post-Dated Checks (PDC’s) Copies of at least 2 government-issued IDs
In the post-dated checks from tenants, who will be the payee?
It will be our company, PPE Inc. There are recurring bills and expenses that are charged to the owner’s account, and part of our services is getting these bills paid. It is from the rental payments that we take the
How do you handle the security deposits from tenants?
Unlike the usual practice in traditional and plain leasing services from other brokers and agents, we keep the security deposit from our tenants in a trust account we maintain. We don’t hand it over to the property owner. Our purpose
How do you handle the signing of lease contracts?
In our property management contract, the owner gives our company the authority to execute lease contracts with tenants, in his behalf. So, it will be the authorized officer of PPE Inc. who will sign the lease contracts with tenants. After
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