Almost 50% of renters in the United States are 29 years or younger. This means that many landlords rent to a younger audience, who are more likely to be comfortable using technology.
Rent collection is often the bane of any landlord's existence. However, this is only when the rent payments are late or unpaid.
Thankfully, technology is one thing that can help investment property owners make their landlord duties much more straightforward. Furthermore, some strategies are quick and easy to implement.
If you're interested in improving your rent collection system, keep reading. Here are some ways you can ensure your tenants pay timeously.
Send Out Reminders
Sending out reminders is a great way to ensure a tenant's rent payment is made on time. Life happens; sometimes, people lose track of the days and forget that rent is due.
Sending out reminders a couple of weeks before it's due can go a long way to helping your tenants stay on top of their rent payments. If you want to go further, you can send a reminder a few days before rent is due if your tenant needs to improve at paying on time.
Offer Multiple Payment Methods
Making things convenient for tenants will leave fewer excuses for late rent payments. To combat this, if you offer several ways for them to pay their rent, they're more likely to follow through. Some payment methods can include:
- Online payments through your website or a third-party payment processor
- Automatic payments through a bank account or credit card
- In-person payments at your office or a drop-box
- Mobile payments through a smartphone app
Hire a Property Manager
Hiring a property management company in San Antonio, Texas, can significantly alleviate the stress of being a landlord. Property managers will take over several landlord duties, including rent collection.
A good property manager will send reminders, issue late payment fees, and chase up late payments. They will also screen tenants, collect deposits, and handle maintenance and repairs. This can free up your time so you can focus on other things.
However, choosing a reputable company with experience in and understanding your needs is essential. You should be prepared to pay a fee for their services.
Automate Rent Collection
The tenant can automate their rent payments if they are comfortable doing so. This means their bank will deduct the rental amount from the tenant's account. This deduction is scheduled on a designated day of the month and can be an excellent way for forgetful tenants to stop making late rent payments.
Make Your Landlord Duties a Breeze
There are several ways landlords can improve their rent collection system and ensure their tenants pay on time. These include implementing an auto-pay system, hiring a property manager, offering multiple payment methods, and sending reminders. With all these options, your tenants will have no excuses.
If rent collection has been a thorn in your side, contact us today. At PMI First SA Properties, we have experienced property managers who can help you manage your San Antonio, Texas, investment properties.
