5 Ways Landlords Can Collect Rent On Time

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5 Ways Landlords Can Collect Rent on Time

5 Ways Landlords Can Collect Rent on Time

Accounting is tricky enough as it is. Throw late payments into the mix and accounting can become really challenging for property managers, landlords and other property associated people. If payments don’t come in on time, it makes harder to pay your vendors. You might need to put off repairs. You might inadvertently overdraft your bank account. Late payments can create a vicious cycle.

New Year is coming, make it a priority to start collecting payments on time. Depending on your role in the real estate industry, that might be collecting rent payments from residents or it might be collecting HOA dues.

1. Change the payment due date

If you rely on certain payments to pay your own expenses- for instance, to pay the mortgage on your rental home-adjust the payment due date to at least a week before they’re due. This gives you more wiggle room in case payment comes a day late. Of course, always give plenty of notice to residents before you implement this policy so that they have time to adjust accordingly. If not able to notify, hire a Pasco Property Management company.

2. Create a property reminder system

Implement a payment reminder system to ensure residents before the rental date. The Best Property Manager in Wesley Chapel reminds people 3 days prior to the due date and one reminder then a day after the payment is due telling them that their payment is now late. You can use online email marketing tools to do this in an easy way.

3. Increase communication with late payers

If you have a resident who is routinely late in submitting rent payment, reach out to that person directly. Try to figure out their circumstances that prevent that person from paying on time. For that, you may propose an agreement where that resident pays you on a slightly different timeline than others.

4. Enable electronic payments

This is the best way to collect rent. A leading property management company Wesley Chapel allows residents to make payments online. As in this digital age, people certainly prefer to make payments through electronic payment options.

5. Hire a property manager

If you’re struggling or having a headache to collect rent payments and dues, or you simply don’t have the time to track down late payments, consider hiring a New Port Richey Property Management company.

Hiring an experienced one can help you to implement a stronger rental payment system to ensure consistent cash flow moving forward and can provide valuable expertise on these kinds of situations in the future.

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