The rent collection process can be stressful, especially if some of your tenants are behind on their payments. Ultimately, making the process easier starts with your screening methods. Do you normally contact and verify a tenant’s references, as well as their employment and financial status?
Rent collection will always be a struggle if you don’t select responsible tenants with a history of paying on time. However, there are additional ways to streamline your approach once as you’ve got that covered. This article will show you how to minimize the number of missed or late payments and improve the overall efficiency of your rent collection process.
3 Tips for a Smooth Rent Collection Process
1. Send Tenants Reminders
We can all agree that life is busy. It’s easy to forget important deadlines when you have so many other things on your mind. A tenant that misses one rent payment isn’t necessarily irresponsible; more than likely, they simply forgot. Fortunately, landlords can easily prevent this from happening today. We suggest keeping tenants on track by sending regular reminders over text, e-mail or automatically using software. You can also choose to customize the timing of alerts. Some landlords might only send one reminder, but you can send more if you want to be extra cautious. This benefits responsible tenants and ensures those who are evading payments can’t use forgetfulness as an excuse.
2. Collect Rent with Help from a Property Management Company
You can streamline your rent collection process in a myriad of ways. Today, many tenants have the option to make payments instantly online or through an app. Property management companies, however, can make the process even simpler for landlords. Their rent collection service completely takes this off your plate and ensures you receive profits each month. Additionally, a respected company will assist with tenant placement, lease enforcement, and accounting. With their help, you can grow your business and stay busy with other projects at the same time.
3. Ensure Late Payments are Penalized
No landlord wants to harangue grown adults repeatedly and prompt them to pay on time. Unfortunately, situations like these can have an adverse effect on your business over time. The majority of tenants are diligent, but there are always some who make rent collection a headache. One surefire defense against a rocky rent collection process is late fees. It isn’t always pleasant to charge someone when they may not have enough for rent to begin with. However, in most cases late payments serve as a deterrent. Tenants who care about their finances and want to keep a roof over their heads will do everything they can to avoid extra fees. If someone is forced to pay the penalty once, they won’t want it to happen again.
Partner with All County Denver South for a Smooth Rent Collection Process Every Time
If you need a property management company in Denver, look no further! All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property 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, or to learn more about our rent collection process, call us at (720) 664-4550.