Bi-Weekly Payment Arrangement
With some tenants, the traditional once-a-month rent payment schedule may not be the best option. For example, a twice-per-month payment system may be preferable for a tenant with irregular income or paycheck cycles. In other situations, you may request bi-weekly rent payments to protect your interests with a tenant who has had past problems with timely remittance. Use this simple form to establish the guidelines for a bi-weekly or semi-monthly rent payment arrangement, including payment amount, due dates, and late fees.
The Bi-Weekly Payment Arrangement form is a simple agreement that sets forth the terms of a bi-weekly or semi-monthly rent payment plan.
Your tenants can select bi-weekly or semi-monthly plans which allow them to choose specific dates or days of the week. For example, a tenant may choose to pay every other Friday or every 1st and 15th of each month. Your tenants will appreciate the convenience of being able to pay when they are paid or when it is otherwise advantageous.
Use our Bi-Weekly Payment Arrangement form at lease signing, or at any other juncture that a bi-weekly or semi-monthly payment plan needs to be initiated.
Not only is the Bi-Weekly Payment Arrangement form a great way to show tenants you are aware of and care about their needs and special circumstances, it also gives you an opportunity to make some additional cash on the back end by charging a convenience fee this special service.
The Bi-Weekly Payment Arrangement form can also serve as a reminder for new staff of a property management firm that tenant has special arrangements. Similarly, landlords will no longer have to rely on their memory to recall due dates for tenants. As with all documentation, a copy should be given to tenant for his/her records. Landlords and property managers are strongly encouraged to keep a copy in the tenant’s file for future reference.
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