COLLECTING THE RENT
With rental investments, timely and consistent rent is everything, and rent collection sounds easy: the rent comes in on time and the check always clears. But it doesn’t take long for rental property owners to see it is not quite so simple. Even well-screened tenants can hit a difficult patch, and the owner finds themselves in the collections business, maybe even wading through legal problems and the eviction process. Particularly if you are managing the property yourself, you can get emotionally involved and prolong the process.
THE SPECIALIZED PROPERTY MANAGEMENT SOLUTION:
Our rent collection process is designed to address all the common delays.
- The process starts back at the beginning with rigorous tenant qualification.
- We communicate expectations and our firm-but-fair rent policies up front.
- We offer tenants incentives for paying rent on time through the Specialized Property Management Resident Club, a program that can save your tenants hundreds of dollars a month on the things they buy every day.
- We then rely on our technology-driven platform to allow tenants to pay online for faster, electronic funding.
- The funds are electronically sent through ACH into the owner’s account for the fastest possible payment.
- If rent is not paid in a timely manner, our automated collections process begins to resolve the matter as quickly as the law allows. Our national collections presence and a respectful-yet-tough team works diligently to enforce the lease.
- Should an eviction become necessary, we offer comprehensive services with support from our in-house legal counsel.
ADDITIONAL PROPERTY MANAGEMENT FINANCIAL SERVICES
We also offer other services to help you with the financial aspects of managing rental property, including quarterly independent audits on all owner trust accounts, audited year-end financials and owner 1099 preparation.
RENT COLLECTION: BEST PRACTICES FOR LANDLORDS
- Set expectations with tenants early.
- Establish professional but tough collection processes.
- Remind tenants immediately if rent is late.
- Rely on technology to ensure no time is wasted.
- Stay up to date on the relevant laws and regulations, particularly time-sensitive clauses.
- When evictions are necessary, take effective action to minimize rent-free days.
- Finally, let the process, not emotions, dictate your actions. As your tenants are adults and you have set expectations early, clearly and respectfully, so the outcome is in their hands.
With over 25 years Of experience in property management, Dallas team members know how to get you your funds as soon as possible.
Put our team, experience, and ethics to work for you.