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Making Renters Pay the Rent on Time

Tags: rent

Collect Rent on Time 
Collect Rent on Time

Being a property manager it is your duty to ensure that properties are generating revenue stream which by its own nature in continuous. But, when it comes to Rent collection things aren’t as simple as they sound and in case you are also having some troubles in collecting the rent on time then below are some exclusive tips for managers which will help them in collecting the rent on time.

Clarity matters
Be clear about the rules which surrounds the matter of rent and you can do this by engaging them in discussion where you explain them the monthly rental fee and any penalty which follows if there is a delay in receiving rent. By making you point simple and clear you will remove any confusion from the tenant’s mind.

Prefer those who pay
It is not wise to rent the property to the first visitor no matter how much motivated you are as a manager. Renting property without initiating proper reference and credit check can invite some serious troubles. Make sure that you chose people who have history paying their dues on or before time.

Simple is the best
Do you still wait for the mail to deliver your rental cheque on time? This is the era where one can easily remove the woes of manual delivery system. Introduce online payment system so that tenants can pay online directly without having to write any paper cheques. Online transfer is fast and direct.

You probably already have a program in place for those who are late in paying their rental but do you have similar reward program for those who pay on or before time? If not, then consider offering incentives to those who are consistent in paying the rent on or before time. Incentives can be if form of gift cards, gift baskets etc. and will help tenants feel that their honesty is being noticed and rewarded.

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This post first appeared on Property Management Made Easy, please read the originial post: here

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Making Renters Pay the Rent on Time


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