When you own rental property, it all comes down to rent. You need it paid, and you need it paid on time. This is easy, right? You get the check on the first of the month, deposit it, and – voila. It doesn’t take most landlords long to realize it’s not this simple. Even well screened tenants can hit a difficult patch, and one day you find yourself in the collections business or facing an eviction. Take it from the property management leader: there’s a better way. Today, we’re sharing the 7 steps that Real Property Management takes to keep that rent coming in.
The process starts back at the beginning, with rigorous tenant screening and qualification. Do a credit check, background check, rental verification, and income verification.
Set expectations with tenants early. Communicate firm but fair rent collection policies up front and let them know what the consequences will be for a late rent payment.
We offer tenants incentives for paying rent on time through the Real Property Management Resident Club. Tenants can save hundreds of dollars a month on things they buy every day.
By providing an easy electronic platform, tenants can pay online. Funds are then electronically deposited into the owner’s account via ACH.
If a tenant doesn’t pay rent on time, it triggers an automated collection process. Not a moment is wasted. Our tough but respectful team enforces the lease and avoids delays. We can take care of the late rent notice and everything that comes after it.
We stay up to date on the current laws and regulations so we can act as quickly as the law allows. This will minimize rent free days if a notice of eviction becomes necessary.
Finally, we keep the process professional, not personal.
When you set expectations early, clearly, and respectfully, the outcome is in the tenant’s hands. Real Property Management can help you ensure rent comes in on time. If you have any questions about how to collect rent, please contact us at Real Property Management Gold.