Everyone likes to get paid! After all, it’s why you’re in the property management business in the first place. So, why do so many landlords dread rent week?
If you collect rent once a month, you already know the answer to that question—collecting rent is easier said than done. Not to mention, dealing with all those payments can leave you scrambling to get things done at the end of the month so you can deal with the rental fiasco that’s about to take place.
Collecting rent will always be a challenge, but you can make rent week go more smoothly with these 3 tips.
- Friendly reminders
You certainly don’t forget about rent week, but it’s normal for your tenants to forget. In a perfect world, they would write their own reminder on their calendar, but this isn’t a perfect world. That’s why you should consider providing them with a friendly monthly reminder instead.
We’ve talked about starting a tenant newsletter, but it’s also a great way to remind tenants when rent is due. Send out the monthly newsletter at the end of each month and just seeing it might be enough to remind tenants to get out their checkbook.
If you’re looking for a quicker, simpler solution, consider sending out an email blast. Social media is also an option. You can set up updates and reminders that are easily seen every time your tenants log into their account.
- Provide plenty of payment options
It’s true that accepting multiple payment methods may create a bit more work for you, but it truly is the best way to ensure your tenants pay you, and it can increase the chances of them paying you on time.
The traditional way to accept rent is by check, but make sure it’s easier for your tenants by allowing them to send the check in the mail or drop it off at your location. Offering to pick up the check may be a solution for especially troublesome tenants.
Accept debit card and credit card payments, especially if they can be processed online. It’s even better if you can encourage your tenants to sign up for automatic monthly withdrawals. That way they can never forget to pay rent again!
- Utilize an online management system
At first glance, keeping records the old-fashioned way seems simpler. After all, picking up a pen and a piece of paper takes a lot less time than learning an electronic management system. You may save time upfront, but you’ll end up spending more time collecting, keeping, and tracking down records in the long run.
By taking the time to learn a management system, you’ll be able to make rent week go more smoothly, but it can help other aspects of your business as well. The right program can integrate your disbursements, online contributions, and vendor payments, in addition to notifying you when tenants make a rental payment. You can consolidate receipts and important paperwork. You can even receive notifications when a tenant gives notice to move out!
It’s true that these 3 tips can make dealing with rent week less irritating, but there is one more solution that can eliminate the problem altogether—hiring a property management company! Give Mountain View Property Management a call and we can take care of your rental payments so you don’t have to!