Rent Schedule Template and Its Purposes
Landlord and tenants have the agreement signed in the rent contract. Tenants pay the rent regularly and the landlord has the right to collect the payment. If landlords have more than one tenant, the rent schedule template is necessary. It is useful to manage the payment period for each tenant. On the other side, the tenant can use the schedule to handle upcoming rent.
As you know, both can have a template separately. Landlords usually make a template based on previous experience. They will give tenants a relevant template for the reminder. If tenants do not have their schedules, the template will help as a reference for their template.
The Purposes of the Rent Schedule
Before exploring more about the rent schedule template, the first thing you must know is the purpose of the schedule. The below list gives common factors for why the schedule is necessary.
- Keep track of all payment from tenants
One purpose of this schedule is to keep track of all payments from tenants. Landlord manages to build with several occupants. Each has a different rent period, which takes effort to handle one by one. With a proper schedule, the landlord knows who a person must pay this week and who has a late fee.
- Reminder for upcoming payment
You use the schedule as a reminder for the upcoming tenant. This is a common purpose that tenants utilize when having a rent schedule. You can check when the next payment is due to time. After that, you allocate money and send it to the landlord immediately. The reminder is necessary for tenants who not much aware because of busywork.
- Solving the payment issue
The next purpose is to solving payment issues. Landlord expects tenants to fulfill their obligation regarding payment. Sometimes, there is an issue because the tenant cannot pay and the situation must be solved quickly. Another problem is when tenants already do payment but money is not recorded. The landlord thinks payment is late or no money at all. This is where the schedule becomes useful for settling the situation properly.
Things that Should Be in Rent Schedule
The next sections will explore some important things that should be in the rent schedule template. You already know the purposes and it is time for exploring a few important aspects.
- Name and address
The schedule has a name and address. Both are important information that the landlord must know from tenants. The first address is where the tenant lives today and the second one is for additional information.
- Due time and time frame
The next item on this schedule is due to time alongside the period. Landlord creates a timeline including a date in each period for due time. This is useful for the reminder.
- Amount of payment
Rent schedule is not just for a period of payment but also for the amount of money as payment. You know how much you must pay for this rent. This part is side by side with a date.
Balance is usefully when the tenant uses account for paying rent. The landlord takes money from balance and tenant sends again if balance is not enough.
To prepare the proper schedule, you can rely on a template. The file is available free without any charge just for the common use. Rent schedule template is compatible with any software when you must do the editing.