In the fall of 2022, 15% of American households were behind on rent. While this was due to a number of factors, the reality is that even in the most normal of times, tenants aren't always great at paying their bills.
As a landlord, this can be annoying and stressful. No one likes to continuously chase up renters, as it can cause conflicts. Plus, there's no guarantee you'll get your money either.
Looking for ways to make rent collection easier at your Portland rental properties? Then keep reading. Below are a few excellent suggestions.
Provide Clear Instructions
If you aren't clear on rent collection policies, then there's too much wiggle room for your tenants. If you provide clear instructions, then there won't be any ifs, ands, or buts about things.
Outline where and how to pay, as well as any associated fees and preferred payment options. These instructions can be emailed out, and you can also have a written notice or a printed guide.
Enable Online Payment Options
Long gone are the days when people pay rent by checks. Most (if not all) renters prefer to make online payments, as they can send money with a few taps on the phone or clicks on the computer.
Not only should you accept online payments, but you should have various options available too. Good ones to consider include:
- Credit/debit cards
- ACH transfers
- Mobile payment apps
The more flexible you are with payment options, the more likely you'll receive timely payments.
Some tenants are genuinely not very organized and/or forgetful. They mean to pay rent on time, but their lives just get in the way.
For everyone's benefit, you should send reminders. Automated texts or emails that go out a few days before the due date can help your renters remember to send money on time. Not only will you have a more steady stream of income, but your residents will avoid late fees too.
Set Up Auto-Pay
People can forget to pay their rent, even with reminders. To further help your renters pay on time, enable auto-pay and encourage them to set their accounts for this.
It shouldn't be a difficult or time-consuming process to do. And when the time comes, the system will automatically deduct the correct rent amount from their bank account on the specified date.
Provide Online Portals
An online tenant portal allows you and your residents to enjoy all of the above benefits. This is available through a property management company.
Even better is, if you can enjoy other services that'll make being a landlord easier. In addition to rent collection services, they'll also take care of rental property marketing, tenant screening, property maintenance, accounting and reporting, and renter evictions.
Don't Struggle With Rent Collection
Depending on the residents you have, rent collection can either be extremely easy or challenging. Of course, excellent tenant screening can tip the scales in your favor, but there are other steps you can take too.
By following the advice here, you won't have to dread collecting rent anymore. This is especially true if you get an outstanding rental management company to work with.
Get in touch with us now if you want the assistance of property managers in Portland.