It's almost that time of the month when landlords begin to go property to property and collect rent. What worked back in the day might not be the best solution today when it comes to collecting rent paid by your tenants.
Whether you're a new property manager or a professional, we will share some better ways to collect rent that won't leave you confused about what money is coming from which tenant. Make rent collection easier by following our tips.
Use An Online Portal
If you genuinely want to make things easier for yourself, use an online payment portal that tenants can use to pay their rent. This makes it easier for you to keep documentation and a history of rent paid and when it was paid.
Another reason to use an online portal is that you won't have to check the mailbox in your office for tenant payments. As well as not having to go to the bank and process cash payments given to you by tenants.
Online portals allow tenants to make payments ahead of time and automatically show tenants an itemized invoice of what they're paying for. This, again, is great for documentation purposes to cover yourself and the tenant.
Offer Variety
Not everyone living in your building will want to pay rent online, and that could be because they are older or simply don't trust online portals. With that being said, another way to collect rent payments is to offer other ways of payment.
You can diversify how people pay by providing cash payments or using ACH withdrawals. By doing this, you show tenants you care about them and be considerate of their needs.
If you do happen to still allow tenants to bring their rent payments to the front office, you need to consider where they are being put. Sometimes, people will arrive with their payments later in the evening after you've left the office.
There should be a securely locked box where you can have tenants place their payments without worrying about them being stolen.
Send Reminders to Tenants
No landlord wants to deal with tenants making payments late. However, it happens, and there are ways that you can reduce the chances of this happening by sending tenants a reminder and placing some around your property.
This reminder can be provided via text and email to ensure you cover all your bases. It also helps to place reminders at the front of your property and the surrounding area where tenants drive when heading to their homes.
Tips for Collecting Rent
When it comes to collecting rent, we've offered a few tips and tricks you can use. Create various ways for tenants to pay their rent, and don't forget to send out a reminder to them before the rent is due.
This will help them and you in the long run. Contact Utah Property Solutions for more property management help today.
