If you have investment properties and have rented them out, you know the problems that come from not being able to collect rent on time. You not only have to cover the mortgage payment yourself, you have to spend time to go about collecting the rent. This can be costly and irritating. Here’s how to collect your rent on time.
Make recurring auto-pay the default
When a new tenant signs your lease, make recurring auto-pay the default. If they want to pay a different way, they’ll have to opt-out. They’re more likely to have their account debited each month automatically if it is the default way to pay.
Make use of notifications
Notification of trivial things can get on your nerves, but they can be put to good use for the important things. Set up automatic monthly notifications through text or email. Include a link to click on the reminder to make a payment online.
Create incentives
Credit reporting. Free stuff. Incentives go a long way to encourage tenants to pay on time, even if the incentives are small.
It costs a lot of money to send someone to a property to post a late notice. Offering a lottery to all tenants who pay on time is cheaper. For instance, offer a drawing every month of a Walmart gift certificate for tenants who pay on time.
If rental payments made through your payment portal are reported to credit agencies, your residents can build a positive credit history. This is a good offer, and the tenants will see you as being on their side.
Offer multiple payment options
People are all different, and so are the way they like to pay their rent. The more ways available to your tenants pay, the more likely they’ll pay their rent on time on time.
Offer them the option to pay online. Then, they can pay when they remember, even from their phone at the doctor’s office. Or let them set up recurring payments, so they don’t have to remember every month. The more options, the more payments will come in on time, and the less complaints you’ll get.
Hire All County® property management
Did you know that property management companies like All County® offer options to tenants to make paying their rent easy? That way, you don’t have to know how to collect your rent on time, All County® will do it for you.
We accept cash, checks, and money orders. Tenants can also pay rent through the Resident Portal directly from our website that allows them to pay with a credit card, debit card, or e-check.
With all these options, residents are way more likely to get their payments in on time. There’s no cost to the tenant for using the e-check, so that’s what most tenants choose to do.
If you have an investment property and you hire All County® to manage it, we’ll collect the rent monthly, and transfer the payment to you. Then you can check your account through our website’s Owner Portal to see the payment been deposited to your account. You don’t have to do anything.
If collecting monthly rent isn’t on your bucket list, hiring us is a good step. Call All County® today to get a free assessment of your investment property, and leave the money collection to us! (719) 445-7172
What if they still don’t pay?
If your tenants still don’t pay their rent on time, you’ll have to deal with it. If you don’t have a property management company to help you, here is a Colorado government source to check out:
Colorado Landlord and Tenant Rights
If you’re looking for a rental property, see our list of available home for rent in Colorado at:
