It takes a lot of effort to build a successful rental business. As a property manager, collecting on time rental payments consistently is a huge challenge in the business. It may seem intimidating at first, but overcoming this can be done in six easy steps.
SIX TIPS TO COLLECT RENT ON TIME
1. Choose your tenants wisely
Learning to select your tenants is a useful skill that can be honed in time. These tips from the Golden Advantage will help you ensure a steady and on time collection of rent, learn to seek the key factors of a good tenant. First, a stable job. This will ensure a steady flow of income. Second, a moderate to non-luxurious lifestyle. You can research a little through checking the tenant’s online profiles. Third, seek a tenant with good credit history. Overall, tenants with a steady income as well as good level of responsibility can increase your rental income.
2. Be tech-savvy
It’s a modern world and the world will benefit from a modernized rent collection system. Sometimes the tenants may forget to pay the rent, and other times you may forget to notify them ahead of time. Don’t worry — automate the notification process.
Golden Assets and Property Manegement LLC (GAPM) recommends Appfolio which is a helpful tool that automatically notifies the tenants about their rental bill. Its highly efficient and professional staff who are experts in property management will ensure that you get all that you need.
3. Go cash free
Maintain your rental income while making it easier and more convenient for both you and your tenant by adopting a cash free policy. This will prevent the usual problems encountered in using the traditional rent collection method such as losing the money, losing the proof of payment, and overall, the organizational mess of collecting and recording cash payments. With the Golden Advantage, you can choose from a variety of means such as checks, auto debit payments, and money orders.
4. Incentivise your tenants
Consider establishing a reward system for your tenants as a good investment. This will establish a rapport between you as the owner and the tenants. Giving incentives will also encourage tenants to always pay the rent on time. The efficient staff of Golden Assets and Property Management LLC – GAPM can smoothly implement the reward system of your choice. This way, you’ll never lose good renters.
5. Implement a firm collection strategy
Reward good behavior, but be firm when collecting your rent payment. Let your tenants know that as much as you give incentives for on-time payers, you also don’t take late, bounced, or default payments lightly. You can achieve this by creating and implementing a firm collection strategy that includes fines and, as a last resort, eviction. But with the Golden Advantage, you won’t have to worry about this at all.
6. Know what’s going on
Sometimes late, bounced, or default payments could be a tenant’s way of letting you know that something’s wrong — with the facilities or the management. It could also be that their salary arrives at a later date, and a lot of other possible reasons. It would be good to talk to your tenants about it. This will help you create balanced decisions and prevent you from losing good renters as well. Receive professional advice from Golden Assets and Property Management to help you make the best out of your investment more.
These tips will help you collect your rent on time and in this way, ensure that you maintain a steady rental income. The above tips will also aid you in your property management. If you want to put up a property for sale, looking to buy a property or venture into property management in Las Vegas, the GAPM team will ensure that your rental business will prove to be a good investment where you’ll surely get your money’s worth. https://lasvegaspropertymanager.com/about/