Rent collection is the nuts and bolts of every rental property business because if your tenants don’t pay their rents on time, you won’t have the income that you need to cover your mortgage payment and other expenses.
Thankfully, even though you may have had a problem with rent collection in the past, you can get back on track with your tenants by following these tips.
Tip #1 – Create A Rent Collection Policy
One of the most important things to do when renting property to tenants is to have a rent collection policy. This means that you must state in writing how, when, and where you expect to be paid rent.
Breaking it down, your rent collection policy must include the following:
- When rent is due
- How much must be paid
- Grace periods
- Late fees
- How tenants can pay
Creating a ‘rock solid’ rent collection policy will eliminate any guesswork about Oregon rent collection and ensure that your tenants are on the same page as you regarding their responsibilities.
Tip #2 – Don’t Ignore Tenants Who Pay Late
Once you encounter a tenant who pays late, don’t ignore their late payment.
Dealing with tenants who pay late is a vital part of owning rental properties because, once you ignore those tenants who pay late, there’s a strong possibility that they will pay late again in the future. After all, you let their last late payment slide.
Tip #3 – Offer Multiple Ways For Tenants To Pay Their Rent
Since we live in the internet age, it’s more important than ever before for landlords to offer their tenants more than one way to pay their rent.
This means that you should allow payment by debit, credit, ACH, check, etc. because, it’s an effective way to eliminate the age-old excuse from tenants that ‘the check is in the mail’.
Tip #4 – Hire A Property Manager
Last of all, but most important, hiring a property manager is the best way to ensure that rent is paid on time each month because a property management company will ensure that rent is paid on time each month and you won’t have to do any work yourself.
Contact Rent Portland Homes – Professionals
At Rent Portland Homes – Professionals, we save tired owners the time, money, and hassle of managing rental properties themselves.
Besides rent collection, our team also specializes in accounting, maintenance, collections, property marketing, and more.
For a property management quote, contact us today by clicking here or calling (503) 447-7735 or click here.