Rent Collection Tips – How To Avoid Missed Payments And Get Better ROI From Your Rental

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There’s nothing worse than missed rent payments (or no payments) when you own a rental property.

Every landlord has problems with rent collection, especially when they are starting.

Thankfully, rent collection problems can be avoided, especially when you follow these tips.

Tip #1 – Set Up A Rent Collection Policy

The first key to success in avoiding problems in your rental business is establishing a rent collection policy.

Having a rent collection policy will eliminate any problems with late payments because tenants will know how, where, and when to pay the rent but most important of all, they will know to expect a rent payment when they pay rent late.

Tip #2 – Enforce Late Fees

Having a stated policy for late fees is important but what’s equally important is enforcing the late fees as well because those fees are meaningless if your tenant knows that they can pay late and you’re not going to access a late fee to their account.

Tip #3 – Offer Multiple Ways For Your Tenants To Pay

Last of all, but most important, another effective way to eliminate the hassle of collecting rent is by offering your tenants multiple ways to pay.

Besides checks, you should be offering your tenants the ability to pay rent via credit/debit card, ACH, and cash app as well.

Contact RPM Central Valley

At RPM Central Valley, we specialize in property management for single-family and multifamily properties in the Central Valley area.

To learn more about the property management services we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.