According to the Joint Center for Housing Studies, early rent collection was down significantly in 2020 in comparison to 2019. Landlords had to change their rent collection strategies, which proved difficult during such as trying time.
Now that we're out of the pandemic, landlords are still struggling to collect money from their tenants, which is unfortunate. It shouldn't be such a challenging task, yet it continues to persist throughout the years.
If you're having issues with rent collection, then it's time to lessen your stress. Here are some landlord rent strategies to streamline the process.
Use Online Payment Systems
It's 2024; who even uses checks nowadays? Plus, paying rent in cash can be cumbersome, and no one wants to walk around with such large sums.
If you use an online payment system, it's fast and convenient for everyone involved. This automated rent collection system can even send out reminders so you don't have to manually do that yourself.
Offer Multiple Payment Options
On that note, you should also have multiple payment options available.
This means you should retain traditional methods, including checks and money orders. Set up a drop box if you have tenants who prefer in-person payments but you can't be in the office all the time. By doing this, you can keep some great tenants in your property.
Have Clear Policies and Expectations
Unclear policies can leave the door open to various interpretations, whether intentional or not. You don't want your renters to find loopholes, so make your rental agreement airtight.
In the document, you should outline the:
- Due dates
- Late fees
- Accepted payment methods
Offer Incentives for On-Time Payments
Punishments don't work as well as rewards, but we're not asking you to get rid of late fees. In fact, we encourage you to enforce consequences for non-payment and even start legal proceedings to show tenants that you're serious.
However, on top of that, you should consider offering incentives for those who pay early or on time. Reward those who consistently pay with small discounts and gift cards. Perks like maintenance upgrades can be good too.
Partner With a Property Manager
It's not too difficult to implement the tenant management tips we've given you, but it does take some effort. If you'd like to be free of your anxiety, then turn to property management services.
These professionals will take over all aspects of rent collection so you won't have to sweat it. In addition, they have comprehensive services to make your life even easier, such as tenant screening, maintenance requests, and evictions.
Don't Worry About Rent Collection Ever Again
Rent collection can make you want to pull your hair out every month. But who says you have to keep enduring that?
With our tips, you'll be able to get your money in a timely fashion. And if you employ the services of a property manager, you won't even have to do it yourself.
Contact us today to see how beneficial property management services are. We at PMI Terminus back our services with 20 years of experience.
