Collecting money for rent should be easy. It’s like learning how to ride a bike. Once you learn how to ride, you will never have to learn again. It should be that easy, but sometimes your tenants put on the brakes and stop paying. Whether you’re just now experiencing a problem with a tenant not paying rent or want to avoid the problem in the future, here are some ways you can keep the rent cycle “cycling.”
Emphasize Your Rent Collecting Policies
When you take on a new tenant, be clear and upfront about your rent collecting policies. Make sure your tenants know how much they will be required to pay each month, where and how they can make their payments, which days rent is considered on-time or late, and the consequences for a bounced check or failed payment. It is essential to outline rent policies in the lease agreement and be firm about them. It may even be a good idea to give the tenant a calendar with dates marked for when rent is due. The key to Dallas rental management is never to assume your tenant will remember something they may have agreed to in a leasing agreement months ago.
Use Technology to Your Advantage
Set up an electronic financial transaction so funds can be automatically sent through ACH into your account. This makes the rent collecting process faster and easier for both you and your tenant. Although you can always accept checks or online bill pay, these types of transactions will not be as fast or efficient and could lose you time and money.
Screen Tenant Applicants
One of the best ways to make sure your rent payments are consistent is to find tenants that have adequate income to make those payments. Specialized Property Management is the Dallas rental management company that always thoroughly screens all applicants over the age of 18 and verifies that the income of the household can support the rent that is being asked for your home.
At Specialized Property Management, we use an effective and practical rent collection process that keeps money in your pocket. Our rent policies are fair and firm. We use technology to our advantage. You want your rent cycle to keep cycling, and so do we. Put our team to work for you today.