Collecting rent from tenants in a timely manner is essential, but there are several ways to do it right. According to some recent statistics, approximately 44 million American households are renters.
If you want to improve the process of rent collection in Denton TX, we have some helpful insights.
Read on for a list of three key tips to make life easier for you and your tenant when collecting rent each month.
1. Use an Online Portal
Offering tenants access to an online payment portal as part of your Denton TX property management strategy is crucial. This makes it easier for tenants to pay their rent from anywhere, and at any time.
An online portal can also be connected to your accounting software. This helps you track on-time and late payments, revenue, and much more.
Giving tenants an easier way to pay their rent will make rent collection easier for you, too. If possible, offer a smartphone app that features the same portal. This way, tenants may also pay their rent from their smartphones if they're traveling or away from home.
2. Be Flexible with Rent Collection Methods
When we tell property managers to "be flexible" with rent collection, we're referring to the payment methods you'll accept. Instead of paper checks or bank transfers, it's good to be open to other options as well.
Today's younger tenants are more apt to use new payment technology options like PayPal or Venmo. If you're open to the idea, it will help to make the rent collection process easier for everyone.
As long as you're able to tie these payment methods to your accounting system, it can't hurt to make them an option. The more options tenants have to pay, the more likely you will be able to collect the rent on time, every time.
3. Stay Open and Transparent
Most landlords and property management companies charge a late fee if someone is late on the rent. Make sure these fees are obvious, clear, and easy to understand.
Of course, late fee language should always be included in the lease as well. When you add the late fee language somewhere that's easy to find, tenants are usually more encouraged to remember to pay on time.
It also can't hurt to send specific tenants an occasional reminder that rent is due. In some cases, people might simply completely forget that they need to pay it by the first of the month. Being open, honest, and transparent about every aspect of the rent collection process is the best way to make sure you're getting paid on time.
Make Property Management Easy
Keep these simple tips in mind for your rent collection in Denton, TX. With the right technology and some simple procedures in place, you should see a decrease in late rent payments.
With 20 years of experience in the property management industry, PMI United can help you with your property management needs. Be sure to schedule a free, no-obligation rental analysis and learn more about how we can help you today.