It's that time of the month again - your tenants haven't paid their rent. Collecting rent can be downright awkward, or even painful if your finances are hurting due to lack of funds.
Are you a landlord who is wondering how to make the rent collection process more streamlined? Here are some key tips to try so you never miss rental income.
Use a Tenant Portal
A tenant portal is a great solution if you want everything in one place. You can store documents, such as lease agreements, maintenance requests, and payment receipts.
In addition, a tenant portal offers a secure way for your tenants to make online payments. You won't have to worry about sketchy third-party services or apps that can take your money.
The tenant portal also allows both you and your tenant to see a history of their payments. They can use this info if they want to move into a new place or take out a loan, as a history of on-time payments.
Screen Tenants Beforehand
The best defense is a good offense, and that couldn't be more true for rent collection. You need to take action and weed out potential bad tenants before they can avoid paying rent.
Screen tenants when they apply and check things like credit history, criminal records, and eviction history. If someone has a red flag, take them out of the pool of applicants.
Accept Multiple Payment Methods
Although a streamlined payment method is ideal for collecting rent, sometimes it isn't possible. As a landlord, you should work with tenants if they need to use an alternative method to online payments.
For instance, you can collect checks, money orders, or use payment apps such as Venmo and Zelle. The downside to this, though, is that you need to have airtight rental property accounting to track the payments accurately.
Send Out Reminders
Sometimes people forget they have a bill due, and rent payments are no exception. Send out reminders through methods like text messages and email so your tenants know that rent is due.
Hire a Third-Party
If collecting rental income is becoming a hassle for you, then you may need to bring in a property management company. These professionals can work directly with your tenants and take care of your property management needs for a fee.
You will have more flexibility, and freedom to travel or invest in other properties. A property manager can take care of some of the responsibilities, or completely take over all aspects of your property, from maintenance to rent collection.
Rent Collection Made Easy
If you struggle with collecting rent, you shouldn't have to worry about whether the money comes in every month. With these rent collection tips, you're guaranteed to start collecting rent on time.
Are you a landlord in Huntsville, Alabama? Consider working with PMI North Alabama for all of your rent collection needs.
We've been serving the Huntsville area for over two decades. Contact us today to get started or coordinate a free consultation.
