The below topics are discussed in much more depth
on our members' Collecting Rent page

Methods to assure prompt payment include:

• Good information on the rental application
• Strict qualification standards that are both legal and protect your interests
• Proper tenant screening
• Credit checks, reports and credit scoring
• Personal and several liability agreements
• Collect Rents Electronically

Delinquency policies should include the following:

• Rent due on the 1st day of the month.
• When 7 days past due, notice to pay rent or vacate.

Rent collection and procedures should include the following:

• Penalties for late payment
• Deposits and advance payments
• Copy all rent checks
• Automatic Rent Collection

Common collection failures include the following:

• Fear of vacancy.
• Failure to take threatened action.
• Inadequate information on a rental application

Always take any action that has been threatened, then ....

• Make a deal, perhaps even paying the tenant to move. 
• Forgiving debt as a strategy - IRS reporting (income to the tenant)
• When all else fails: EVICT.

Garnishment may be the only way to collect your money

• If you have a money judgment on a former tenant you can garnish wages, bank-accounts and more. There is a great deal of information on the subject throughout the RHOL site.

Put Rent Collection on Automatic with a service that automatically withdraws rent from tenant bank accounts and directly deposits it into your checking account.  Costs less than accepting credit cards.  Read all about it .

Collecting Judgments .
You win your case in court, and have your judgment, how do you get your money?  RHOL provides a comprehensive and detailed e-course on collecting judgments.

The above topics are discussed in much more depth
on our members' Collecting Rent page