NHE Inc | Property Management – Development – Service ...



Rent PolicyIt is the responsibility of the Property and Regional Mangers to perform and request their teams to perform in accordance with NHE procedures for collecting money.Posting RentEach business day, all payments received via check and/or money order must be posted into the property management system and deposited daily by 2pm by the designated property level team member. Rents and security deposits that you receive over the weekend must be posted the following business day. If you receive more checks after you have made a deposit, it is not necessary to post again that day. A money order or cashier’s check must be used for all security deposits. Only one rent check or debit/credit card will be accepted per apartment. No partial payments are to be accepted at any time. After a tenant has had 2 NSF payments that tenant can only pay with a money order or cashier’s check going forward. No exceptions. Once a tenant is late on their rent only a money order or cashier’s check can be accepted. The payment must include all fee’s and be paid in full.One payment is to be accepted per apartment if tenant is paying with a check. We will accept two or more money orders/cashier’s checks for payment on rent as long as it is paid at one time. No starter checks are to be acceptedBank DepositsNHE has established two bank accounts for each property. One account is to accommodate security and/or pet deposits and one account is to accommodate rent collections and miscellaneous income. Payments must be endorsed, processed and deposited according to the bank account the deposit will be made to. Each office must set up and maintain a collection envelope with dividers keeping payment types separated for processing ease (rent, application, security deposit, and misc.).This collection envelope with all payments must be secured in a fire safe lock box until the payments are posted and deposited. All checks and money orders payable to the property must be endorsed and placed in the collection envelope upon receipt. All checks and money orders must be entered into the property management system and deposited into the bank daily, as a priority. Team members that are authorized to post money will receive training on how to do so. Enter payments into the property management system in batches (i.e. security deposits, rent/miscellaneous income). NOTE: Security Deposits must be posted in separate batch rather than in the same batch as regular income.After entering one batch of payments, reconcile the batch by totaling the checks and running a tape total for visual reference. Total the checks twice to ensure pare the total of the checks on the calculator tape with the total in the system.If, in the event the totals do not match, identify the error by comparing the checks in hand with the entries made in the system. If technical assistance is needed, submit a technical support request.When the total of the calculator tape and the bank deposit preview match, post and print the deposit within the system and complete the bank deposit by using the bank scanner and/or make deposit at bank.Post the next batch, scan the deposit and/or make deposit at the bank.If a manual deposit is necessary, then you should make copies of all checks to keep on site.All checks are to be help on-site for three months before you shred the checks.Once you post your batch and scan the checks using the bank scanner you will need print the batch detail report and attach that to your checks. Acceptable Payment OptionsPersonal checks made payable directly to the property may be accepted unless the resident has reached/exceeded the number of NSF checks allowable for an account as illustrated on the lease agreement. Two party checks may not be accepted. Money orders and cashier’s checks made payable directly to the property may be accepted. Credit Card payments may be accepted on a one time or recurring basis. Charges may apply depending on amount and state your property resides at. This payment type will be set up through Rent Café. Cash is not an acceptable form of payment.Partial payments are not to be accepted! Apartment Lease Agreement, state and local laws do not allow legal proceedings for a partial balance. Returned ChecksNo more than two returned checks may be accepted from a resident. When the accounting department receives notice of a returned check, they will email you a copy of the check to the property. The team member working that day must immediately notify the resident in writing (and follow-up with a telephone call) to pay the rent plus late fee and NSF fee within 24 hours or legal action will be taken. The resident cannot write another check to cover the delinquent balance at this point-only money order, cashier’s check can be accepted. After two returned checks, future payments from that resident must be made in the form of a money order or cashier’s check. Property managers are responsible to ensure the filing of appropriate court papers are completed when NSF checks remain unpaid within 24 hours of giving notice to the resident. If the resident’s bank made an error, the resident must resubmit another check that includes the NSF fee and then have their bank reimburse them directly. Please have the resident obtain a letter from the bank noting the bank being at fault for the insufficient funds. Partial PaymentsResidents shall make all rental payments in full. Payment or receipt of a rental payment of less than the amount stated in the lease shall be deemed to be nothing more than a partial payment on that month’s account. Under no circumstances shall the acceptance of a partial payment by the office team constitute accord and satisfaction. Nor will the acceptance of a partial payment forfeit our right to collect the balance due on the account, despite any endorsement, stipulation, or other statement on any check. Credit Card TransactionsNHE will accept Visa / MasterCard / Discover / American Express credit cards and debit cards with the following guidelines:Rental payments, for both on-time rent and for late rent plus late fees.Administrative fees, application fees, pet fees.Damages to apartment or property during the term of lease, or damages found in apartment at time of move-out.Early move-out feesNon-Accepted Credit Card or Debit Card Uses:Security/Pet DepositsLate rent or NSF rentCollection Procedure While Client Occupies ApartmentThe Collection Procedures is a schedule that should be followed in the collection of monthly rents. Rent is due on the 1st of every month.Rent is late on the morning of 6thAll accounts that have not paid need to be assessed the late fees.Late Letters need to be delivered to the apartments that are delinquent on the 6th day. Yardi Late Letters and Collection Letters are to be used at all timesOn the 7th day make a personal visit, phone call, or email advising of court papers being filed on the 11th (Some states require different days)Keep making attempts to collect money prior to filing papers.Add court costs to resident’s ledger on the day eviction is filed with the courts (Some states require court costs cannot be charged until possession through the court is granted).Once the eviction process has started the tenant must be placed on eviction status in property software system. Take necessary paperwork with you to the local municipality.Notify resident after you have filed with papers on their door and a follow up phone call. Once court has given you a date you can then File Writ for Possession (some states require you to file the writ 10 days after possession is granted). Resident at this time must pay full amount including all late fees and court fees to stop the eviction process. Funds must be in the form of a money order or cashier’s check. Eviction procedures vary by geographic location. Failure to comply with the procedures could cause the case to be dismissed. Property level team members must know the eviction procedures for their area. To obtain or verify the proper eviction procedures, contact your Regional Manager and/or the local court within your district.Property Managers are asked to review the delinquency report at least twice per week. Any delinquent/prepaid amount is to be researched and cleared up immediately.NOTE: It is important that a copy is made of any notices that go out to residents regarding past due rent or other delinquent balances and kept in their file. In addition, any verbal correspondence should be noted on their Conversation Log in their file. Late NoticeThe Past Due Rent Form in Yardi is used to notify residents in writing that they are delinquent. It is to be delivered to clients on the 6th day of the month. Residents are required to now pay past due rent plus late fee in full. Late letters must state “This Notification is to collect a debt” in all NC letters.No partial payments are to be accepted for any reason without the written permission from the Regional Manager. Security deposit money cannot be applied toward rent owed. It can only be used against damages or charges after move-out. ................
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