One of the most important parts of rental management in Tampa is collecting your rent money from tenants each month. As many of us know, this is often something that is more challenging than it should be, especially when you have a tenant that can’t or won’t pay their rent. We put together some tips that can help make sure that non-payment of rent isn’t a problem, either now or in the future.
Make Sure Tenants Understand the Rent Collection Policy
It’s important to make sure any new tenant in one of your properties understands your rent collecting procedure and rules. That means they need to clearly grasp how and when to pay the rent, what the amount is, and after what point their rent is considered late. If a check bounces, they need to know what the consequences are and what they should do. The lease agreement should also clearly indicate all of the above. Some tenants might appreciate being given a calendar with the rent due dates marked on it. Whether you decide to remind them or not, you need to make sure the policy is clear and be firm when enforcing it. Just because your tenant signed the lease a month ago and agreed to everything, doesn’t mean that they’ll remember it all!
Make Technology Work for You
To make the process of paying and collecting the rent easier for you and your tenant, consider using ACH to send the rent funds automatically to your bank account, by means of a recurring electronic transaction. It can prevent you from potentially losing money and wasting time by using an online bill pay program or accepting personal checks for rent.
Screen Your Tenants
Only accepting tenants that make enough money to comfortably afford the monthly rent is one way to ensure you don’t have issues with non-payment of the rent. Thorough background checks, vetting of tenants, and verification of their financial information is all part of what we do here at Specialized Property Management, to make sure that your rent is always paid on time.
Contact our expert team today to see how we can easily and effectively help you to make sure you don’t have unpaid rent issues.
