One of the most tedious parts of being a landlord can be collecting rent. Even when you have great tenants who are able to pay rent, there can be small obstacles that stand between you getting paid on time and needing to chase down rent. How can you easily improve rent collection at your rental properties?
4 Ways to Improve Rent Collection
- Establish Clear Policies: Are you clear with your renters about what you are looking for? When is rent considered to be late? When are renters penalized for late rent? Is a postmarked check mailed before rent was due “on-time rent,” or do you want the cash in your hand on the first of the month? Make sure that your rent policies are clear and contained in the lease that every tenant signs. Before you can improve rent collection, you need to have a solid baseline.
- Be Flexible: Another great way to improve rent collection is being flexible with how tenants can pay. Accepting a broad range of payment options, including cash, checks, credit cards, PayPal or Venmo can make it easier to get payments on time. Working with a property management company can also give you access to other payment methods if they handle rent collection on your behalf. When you work with All County Denver South Property Management, you can improve rent collection without lifting a finger.
- Choose the Right Tenants: Unfortunately, even if you have exceptional rent collection systems in place, the wrong tenants might still be late paying or not pay at all. Tenant screening is critical to improve rent collection, tenant retention and property care.
- Offer Incentives: Another way to improve rent collection is offering a small incentive to entice tenants to pay on time, pay in advance or even pay for multiple months of rent at once. Offer a discount for paying before the due date or a credit that will roll over to the next month. Even a small discount can make a big difference in nudging tenants to pay.
All County Denver South Property Management Can Streamline Your Rent Collection
All County Denver South Property Management is here to help property owners get the best return on their investment through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, call us today at (720) 664-4550.