With nearly 6 million households behind on their rent, collecting rent can become a real challenge. Real estate investors in Oxford, MS need tips and tools to get their money and avoid the legal process. Are you using every way possible to make sure you collect rent on time?
Collecting rent on time is easy when you collect rent online, use a rent collection app, and employ a rent collection agency. Making use of these systems saves you time, money, and hassle!
Here are five ways to make collecting rent efficient.
1. Collecting Rent Online
Using the click of a button, many people pay bills online. It's easy, and consumers don't have to write a check or put a stamp on an envelope.
Set up a system that allows you to collect rent online. Use a secure website for renters to enter their information once. You can collect rent each month on the same day, or they can pay automatically.
2. Rent Collection App
A rent collection app is a secure way to collect rent. Tenants can set up a profile and pay their rent through their smartphone or tablet.
Rent collection apps make paying rent easier. Tenants don't have to use a computer to pay their rent.
3. Rent Collection Agency
When tenants become delinquent, you can use a rent collection agency to get money due to you. Instead of chasing people down or serving them with papers, a rent collection agency gets money on your behalf.
An agency charges a flat fee and will use payment methods to get tenants caught up on their rent. Agencies also report delinquencies to credit reporting agencies. Using a professional can significantly improve rent debt collections.
4. Communication
Set up a system to remind people when rent is due. An email, phone call, or text message lets people know when to make a payment. Reminders help with appointments, payments, and even birthdays!
Consider putting "rent due" flyers in a visible space if you have apartment buildings in Lafayette County, MS.
Are you still having an issue? Send a strongly worded letter to warn people about what may happen if they continue to pay rent late.
5. Consequences
Consider harsh consequences for rent debt collections. Adding a high late fee might discourage people from paying rent late.
Late rent payments can hurt a tenant's credit score and ruin any future references when they move to another location. It's important to remind people of the severe consequences should they get into a habit of paying rent late.
Five Tips to Collecting Rent Payments On Time
Use tools at your disposal to get your rent on time, including collecting rent online, using a rent collection app, and a rental collection agency. Communication with your tenants and warning of the consequences are also good strategies.
Let a professional help with your rent collection in Oxford, MS. Improve cash flow and spend less time repeatedly asking tenants for money. Contact us today to help you with rent collection at your property management agency!
