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Rent pricing has risen for the past few years; however, further increases are slowing down. In America, rent prices increased by 2.4% in the first half of this year.
You likely have had a few rent collection issues if you own one or multiple rental investment properties. This is especially true if bad tenants neglect to pay rent on time.
However, not every tenant skips paying rent on purpose. For example, some lose track of the month's day and only remember once the rent is overdue.
If you could make rent collection smoother, then issues like that would disappear. Keep reading to learn three ways you can simplify the rent collection process.
Send Out Rent Collection Reminders
One of the first ways to make collecting rent easier is to send out reminders to your tenants. You can email or text them a few days before the rent is due. This way, your tenants know the due date is coming up and can prepare their finances so they don't make an overdue payment.
If the payment is late, you can also send out a rent reminder during the grace period outlined in your lease. If they still fail to pay rent, you can send them a past-due rent notice outlining the penalties if they don't make the payment.
Use a Tenant Portal
Another way you can make the rent collection process smoother is to use a tenant portal. Several Nashville real estate management companies offer a tenant portal, but you can also download a rental management app onto your smartphone.
A tenant portal will have several features to make your rental experience positive. For example, a tenant portal will allow the tenant to communicate easily with the landlord or property manager.
They'll also be able to make payments through the app, meaning you'll get your rent on time. Additionally, the app automatically sends rent collection reminders to your tenants, meaning you don't have to.
Hire a Property Manager
Finally, consider hiring a property manager if you're too busy to chase late payments or send out rent collection reminders. A good Nashville real estate property management company can assist with more than rent collection, for example:
- Setting rent
- Handling maintenance requests
- Finding and screening new tenants
A property management company will keep all supporting documents, like lease agreements, safe. This way, you can access them later if there is a lease dispute with the tenant.
Get Paid On Time, All The Time
Rent collection can sometimes take more effort than it should and can cause you, as the property owner, a lot of stress. However, knowing your options can help, for instance, by hiring a property management company to collect rent, using a tenant portal to communicate directly with your tenants, or downloading a smartphone app to send out rent collection reminders.
Allow us to take the stress from you as a full-service property management company in Nashville, TN. Contact us today to see how we can help with your rental properties or get your free rental analysis.
