COLLECTING RENT FROM TENANTS: TIPS FOR LANDLORDS

One big, essential piece of being a landlord is rent collection. But, how can you do it successfully and in a way that keeps tenants happy? Here are some tips for making landlord rent collection smooth and easy.

Rely on tenant screening up-front

Thorough tenant screening can help you spot unreliable tenants before they rent with you. Look at potential tenants’ credit scores, eviction reports, and more. And, once a tenant starts renting, monitor rent collection to keep an eye out for those who consistently pay late so you can manage that relationship appropriately.

Add a late fee

When you add a small late fee to your rental agreements, perhaps even as low as $25, it incentivizes on-time or even early payments. It also protects your cash flow and prevents inconveniences down the road.

Communicate clearly about payment methods

Choose one payment method that’s convenient for both tenant and landlord, and make sure to communicate it clearly before the tenant signs the lease. Convenient payment methods and effective communication leads to happier tenants who are more likely to stay with you long-term.

Work with a professional

Rent collection is just one part of being a landlord, and a professional team will have the experience and resources available to simplify rent collection to make your life easier. They will handle the collection for you and perform analyses to accurately forecast cash flow. They’ll enforce late fees and offer services like payment reminders and more.

Have more questions about rent collection? Get in touch with our team! We offer professional property management services including rent collection (with late fee and payment reminder communication!), tenant screening, move-in and move-out, eviction services, and more.