Were you aware that more than one-third of Americans are renters rather than homeowners?
With such a large portion of the population relying on rental properties for their housing needs, investing in this market could be the wisest thing you ever do. To maximize your income and keep your tenants happy, you'll need to figure out how to collect rent in the most convenient manner possible.
The good news is that you no longer have to knock on every tenant's door to get your money every month. Keep reading this article if you'd like to know our top three tips on rent collection.
1. Let Tenants Pay Rent Online
One of the most efficient ways to collect rent nowadays is by creating an online portal for your tenants. With a few clicks, your tenants can even set up automatic withdrawals, so they never have to worry about missing a payment due date. You'll need to spend some time setting up your website, but you'll end up saving tons of effort in the long run by letting technology do the work for you.
You should still include some old-fashioned methods in your rent collection process as well. Some people don't feel comfortable entering sensitive financial information online, so those tenants should be allowed to give you money in person or mail a check.
2. Stay in Touch With Your Tenants
Out of all of the rent collection tips out there, nothing is more important than communicating with your tenants on a regular basis. You always need to be clear and approachable at all times, so there are no misunderstandings.
The first step is to ensure that your lease covers all of the bases when it comes to how much rent costs, which payment methods you accept, how tenants can pay rent, and what consequences they can expect if they're late. Your tenants will appreciate it if you set up automated email reminders a few days before their rent is due.
3. Hire a Property Management Company
If collecting rent is always going to be a hassle for you, then you owe it to yourself to make your job easier by hiring some help. When you team up with a knowledgeable property management company, they can take care of everything on your behalf.
The best part is that they have the resources and experience to ensure that your tenants are as happy as possible. You'll be able to get your money while you focus on more fulfilling tasks.
Rent Collection Doesn't Have to Be a Battle Each Month
Rent collection is one of the most important aspects of your rental property business. Getting your process down pat will allow you to be successful for years to come.
Are you thinking about investing in Vancouver, WA, property management services? Contact us to learn how we can help your business thrive for many years to come.