Every landlord relies on regular rental income to take care of their own expenses, make repairs, invest in improvements and more. On-time rent collection is a critical piece of the puzzle, and working with a property management company like All County Denver Metro Property Management can help to ensure simple rent collection every month. How can you work to improve your rate of on-time rent collection?
4 Tips for On-Time Rent Collection
- Communicate: First, it’s important to set the expectation of on-time rent payment every time with your tenants. If they don’t realize you know they paid late without explanation, it will set the standard that late payment is acceptable. Whenever you receive a late payment, you should immediately contact the tenant to learn why the payment is late, when they will pay the next month, if there were any issues processing the payment that led to it being late (like a credit card payment portal that was down) and any other questions you have.
- Create Consequences: Another way to encourage on-time rent collection is having consequences for not paying on time. Make sure you familiarize yourself with any local laws that might dictate how much you can charge for things like late fees. When you have your late fee, you can always alter it depending on unique situations, like waiving it when a post-marked check was late in the mail or for a loyal tenant who has never had an issue before.
- Allow Versatile Payment Methods: Another way to ensure on-time payment is making it easy for tenants. Online rent payment has become the standard for many rental properties, so if you require a method like a money order or check, it might be more difficult for them to pay if they are planning to at the last minute.
- Send Reminders: Automated rent reminders are another wonderful way to ensure on-time rent collection. Whether you use emails, text messages or phone calls to remind your tenants that rent is due, it’s a good way to remind them a few days beforehand, the day before and the day of. Features like this are often available through online rent collection platforms to make it easy.
Make On-Time Rent Collection Easier in Denver with All County Denver Metro Property Management
All County Denver Metro Property Management offers all property owners in Golden, Arvada, Wheat Ridge, Commerce City, Thornton, Westminster, North Denver and Brighton competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Call us at (720) 575-6100 for a free quote.