Over 8 million Americans are not up-to-date on their rent payments.
Rent collection is one of the biggest challenges for landlords and property managers. Tenants are often late, sometimes by weeks or even months, and this can cause problems for both parties.
Fortunately, there are a few methods you can use to help you collect timely rent payments and avoid eviction. If you are looking for rent collection strategies, this short and simple guide is for you.
Rent Only to Great Tenants
The first step to collecting rent on time is to only rent to great tenants in Houston, TX. This means avoiding applicants with poor credit, a history of late payments, or evictions.
Use screening services that provide you with a deeper look into your applicant's financial and rental history. If you take the time to screen your applicants, it will save you a lot of headaches down the road.
Send Rent Reminders
The key to collecting rent on time is to send rent reminders. It doesn't matter what form your reminder takes, whether it's in text, email, or hard copy.
The point is to make sure that your tenant knows how much rent is due and when it's due. The more regular reminders you send, the more likely it is that you'll collect your rent on time.
Accept Online Payments
Online payments are popular among renters, so it's important to offer this convenient option. You can offer online payments through your website, or you can use services like PayPal or Stripe.
This will make it easier for tenants to pay rent without having to leave home or come into your office. If you decide to accept online payments, be sure that you have a secure site with an SSL certificate.
Create a Late Fee Policy
If you want to be sure that your tenants always pay on time, it's important to have a policy for late payments. You can charge a flat fee or a percentage of the rent due each month.
Be sure to state your policy clearly on your lease agreement so that tenants know what they're responsible for. This will help you avoid any misunderstandings and prevent late payments from happening.
Hire a Property Management Company
If you don't have the time or skills to manage your property, consider hiring a property management company. They offer a wide range of services that can help you handle tenant issues, collect rent, maintain your property, and more.
They'll also be able to find tenants for your property when it's time for you to fill vacancies. You'll pay a monthly fee for their services, but it's more than worth it.
Rent Collection: Ensure Timely Payments
Rent collection is one of the most important aspects of property management. If you don't collect rent on time, you won't be able to pay your mortgage and other bills. By implementing the strategies above, you'll be able to collect rent quickly and easily.
PMI Northwest Houston offers a variety of tools to help you collect rent on time. Contact us today to see how we can help!
