It is crucial for you to know when you have to pay rent while planning to rent an apartment or even a house. The same thing is necessary for a landlord to retain track of the number of people who are yet to pay rent. With the help of a rent payment tracker spreadsheet, you get to make things easier for you.
What is the Rent Payment Tracker Spreadsheet?
A rent payment tracker spreadsheet is a significant way of retaining a track of the amount of rent owed over the period of the rental. It is available in MS Word, MS Excel, PDF, Google Docs, and Google sheets in different formats. Especially, this spreadsheet helps the landlords to see their expected income, and plan and budget for any work. As well as landlords and letting agents, and tenants have also found this spreadsheet a useful tool. It enables them to keep a record of what they have paid. They can also keep knowledge of the cost over an entire rental term. You can also like the renovation budget template.
How to Draft a Rent Payment Tracker Spreadsheet?
Here are the 5 steps to draft a rent payment tracker spreadsheet;
Step#1: Before drafting any schedule, you have to provide the terms for the tenants. This involves either the owner and the tenant agree to the terms or not. These terms should be in simple language and your choice of words is accurate and factual.
Step#2: Now, you can directly begin with entering the amount of rent that tenant has to be paid. Then, insert a column. This column contains those payments that the tenant has to pay at the end of the month or the payment that is due.
Step#3: Next, you have to provide real rent because it is the most crucial part of a rent schedule.
Step#4: While renting a property, the number of deposits that the tenant has paid must be included in the schedule.
Step#5: In the end, including the dates and exact time that when the tenant has rented a property. Also, note the date and time until when the tenant is going to rent it. You should also check the payment agreement template.
Reasons to Set a Specific Date to Collect Rent:
There are 3 reasons why you have to set a specific date to collect rent;
- The first and foremost reason to set a specific date is to establish a routine. If there is a deadline, then tenants will learn to budget their money to pay the rent on time.
- Receiving rent on time will help the landlords to budget their own bill payments.
- And by setting a certain date for collecting rent, you can keep the record of late or non-payment. This will make it easier to file for evictions.
Hence we conclude that the rent payment tracker spreadsheet is crucial for both landlord and tenant. This is because it can keep a track of the number of people who are yet to pay rent. Moreover, by using this spreadsheet you can create effective budgeting.