What is it? “Rent”?

Webster’s Dictionary defines “rent” As “a payment by a tenant, in regular intervals, for the right to occupy the property of another”. Rent is, in simple terms, the bond between the park owner and tenant. The park offers a service: a plot of land that has functioning utilities and is easily accessible by roads. Tenants pay money for this service. It is important to realize that rent is the core of the relationship between the park owner, tenant and their landlord. Rent is the only bond between the parties. The park owner cannot provide any service for rent alone. Some people confuse this issue and believe that the park owner is responsible. “owes it to them” They will give their lot, regardless of how much they pay. In fact, they believe that any landlord who tries to collect rent is a landlord who is trying to get it. “greedy” “heartless”. This is false. The landlord is not required to provide service without payment. This is the same as the obligation for a restaurant to serve food and the gas station to provide fuel.

Why is Rent so Important to Maintain a Property as a Good Place to Stay and to Pay Our Bills.

Rent is the only source for revenue that the mobile park has. The park cannot pay its bills without this revenue. Parks with low collections have a difficult problem: how can you maintain utilities and roads without money? The park owner must decide to let things slide. The utilities may be kept running, but roads start to deteriorate and the mowing becomes difficult. Anything that breaks or isn’t essential remains broken. The tenant should pay rent to ensure that their community is maintained in good condition. Rent is paid for the tenant’s own benefit. Rent would mean that the park would shut down and the tenant would have the difficult decision of moving out.

How is each month of rent calculated?

Rent is due monthly in equal amounts. It is not measured in days. Rent in October has 31 days and February has 28. It is important to keep in mind that 13 payments periods would be required each year if the rent were calculated every 4 weeks. Rent is due each month in equal amounts.

The rent amount is calculated based on the original lease charge, as well as any amendments or notices regarding rent escalations that have been made since the lease was signed.

What is Timely Rent Payment?

Rent is due by the 1st of each month. The majority of industry leases allow the rent to count on-time as long it is received by 5th of the month. The “The Period” is the period between the 1st day and the 5th. “grace period”. This “grace period” This has been in place for decades. It probably stems from the fact that most tenants are paid on the first of each month and require time to get their rent to the manager.

Any rent received after 5pm (or 6pm, for example), is considered late and subjected to a penalty fee as well as an official demand note for its non-payment.

Accepting Rent Payments on-Time: When a tenant approaches your door to pay rent, make sure you have your rent roll handy so that you can write the date, amount, check or money order numbers (no cash accept) and the check/money order number. The tenant must be present with you to ensure that the rent payment is accurate. This includes the tenant’s name, address, and lot number. Also, the payer must sign the payment.

You should keep a copy of the receipts in your rent roll. This will allow you to give the tenant a receipt. Every receipt should contain the amount paid, date, type and amount of payment, as well as the reference number of any money order or check and the balance due. The tenant may also use cancelled checks or money order receipts as proof of payment. If the tenant asks for one, a receipt will only be required.

What should I do with the rent the tenant gives me?

Register the rent roll payment.

For deposits, follow the instructions provided by the corporate office. Managers may prepare the deposit for you and then take it to your local bank. Others will mail checks to the corporate offices. Managers will receive a check scanner which electronically deposits money into the bank.

Mailing Checks to Corporate Office: In case your checks get lost, be sure to keep track of the check/money order number, the amount paid, the name on it, and the lot number. Always mail your payments by certified mail.

Check Scanner Instructions: Once you have received a scanner for your check, you will need to register online. The corporate office will provide instructions on how to set it up and use it.

How to complete a Bank Deposit Slip Instead of writing cursive, print and use blue or black ink. On the deposit slip, make sure that the account number and Company Name are correct.

On the deposit slip, write the date of the deposit.

On the deposit slip, list all checks separately; in the first column include the tenant’s name and lot numbers and in the next the amount of any check or money order.

Add the money order and check amounts to the deposit slip and place the sum in the appropriate section.

You will need to fill out a deposit form provided by the corporate offices. It should be faxed together with a copy bank deposit receipt once the deposit has been received at the bank.

How often should a deposit be made in the bank

You should deposit checks every day you receive payments if you have a scanner. You should bring the checks to the bank each day for the first week. For the rest of the month you should only go to the bank if you have at least $500 in payments. Mailing payments to the corporate office should be done every other day for the first week and once per week for the remainder of the month.

Rent a Roll

The corporate office compiles a rent roll at the beginning each month. It lists all tenants. The names of the tenants and the amounts due. The manager and corporate offices will keep the rent roll updated throughout the month. Late fees and move-ins and outs are added. This information is used by the Manager For record keeping, please contact the Corporate Office.

Rent rolls should include Lot number, First & Last Name of tenant and mailing address of tenant. It also includes the rent amount and other fees per months for the lot and/or house rental.