With renters' rights at the forefront of the real estate industry, now is the time to ensure your rent collection is better than ever. It's a crucial matter for the livelihood of landlord and tenant alike. By making certain that you're offering an efficient and simple collection process, you'll improve the lives of everyone involved.
If you're wondering how to do that, you've come to the right place.
Listed below are the top essential qualities you should implement into your rent collection process right away. Read on to start bettering your rental system right away!
Offer Multiple Options
Nothing offers a sense of ease as much as being able to choose the most convenient option. This is why the key to a successful rent collection process is to offer as many payment options as possible. These options can include:
- Payment through an online tenant portal
- Face-to-face delivery
- Cash
- Check
- Drop-off box
- Payment through mail
- Automatic deposit
- Third-party services
One tenant might feel more comfortable with one option, while another finds it necessary to do it another way. Although you may not be able to offer all options, try to have a variety. Giving tenants more options will result in happier tenants and faster payments.
Clear Rental Fees
Do your tenants know what happens if they miss a rent payment? This kind of information needs to be listed plainly on any rent agreement.
This takes out any of the guesswork for your tenant and gives you clear-cut guidelines to follow when enforcing your rent policy.
Not having these fees listed for everyone to reference can cause a lot of problems for your business. For instance, if you charge a different fee for the same issue, you'll break the trust between tenant and landlord.
It can also make your income unreliable if you don't uphold strict policies.
Encourage Communication
Landlord-tenant communication is an ever-evolving entity. It takes a lot of work to show yourself as an approachable person who wants more than to just take your tenant's money.
Encourage tenants to approach you when times are difficult. A small extension can make a world of difference for that family, and it can strengthen your working relationship. Tenants will be more likely to renew a lease when they feel like they matter to their landlord.
The important part is making sure to remember the business side of your working relationship. For example, communicate to your tenants that the extension is a one-time thing and you cannot give another.
It's all about finding the balance between personable friendliness and responsible landlord.
Rent Collection Made Easy
Implementing these qualities into your rent collection will make the entire experience better for everyone. However, sometimes the best thing to do is to look for outside help. This will lower your workload, minimize stress, and ensure rent efficiency!
Choosing Arizona Living Rentals & Property Management means you're choosing to focus on quality. We aim to bring satisfaction to both you and your tenants, and we use years of experience to do it. Contact us today and we'll work with you to improve your property business!
