Tips for Rent Collection Methods

Tips for Rent Collection Methods

When the COVID-19 pandemic hit, it started a chain reaction of struggles that almost no one could avoid. Even landlords were untouched, with many unable to collect rent during the eviction moratorium.

But even prior to the pandemic, there were already issues with tenants paying rent on time. And as a landlord, it can get awkward and even uncomfortable at times when you try to collect.

If you're having issues with rent collection, then keep reading. We'll give you some great methods of collecting that won't impose on your tenants.

Have a Drop-off Location

Having a drop-off location leaves the ball in your tenants' court, which will encourage them to pay their rent on time. 

You might think that going to their home or apartment is more effective, but this can definitely backfire. Not only will your tenants feel like you're intruding, but it'll also be very time-consuming for you.

Just make sure you don't choose your own personal residence as a drop-off point. This leaves you and your family vulnerable to some dangerous situations, 

Go Digital

As of February 2021, 85% of Americans own a smartphone. This means that not only have a lot of processes moved online, but they've also gone mobile. So if you don't have some sort of online rental payment method, you're behind on the times.

One of our best tips for collecting rent is to have some sort of digital system for your tenants to pay rent. This makes it much easier for your tenants, as all they'll have to do is unlock their phone, tap, and swipe to pay instantly.

It doesn't have to involve just online payments either. Some tenant portals enable people to pay with cash or check at participating retailers. As a result, it'll be much easier for your tenants to pay rent while running their errands.

Enlist the Help of a Property Management Company

If you find that you don't have the time nor the energy to be a stickler when it comes to collecting rent, consider enlisting the help of a property management company. You'll hand off this task to them and you'll see money roll into your account every month with no effort or stress.

What's even better is that by having a 3rd party collect rent, maintaining rapport with your tenants will be easier. You won't be seen as the big bad landlord.

Make Rent Collection Easy With Our Help

Previously, rent collection might've been difficult to do. But with our tips, you're on your way to a better time.

But for an even smoother process, consider using a property management company such as us. We'll take all the responsibility off of your shoulders so you won't have to worry about chasing up tenants for every month's rent.

Need more help with your property? Then get in touch with us today. One of our representatives will get back to you shortly to show you how we can give you personalized management services!

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