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Best Practices for Collecting the Rent
A critical part of rental property management in Arlington TX is ensuring consistent cash flow, which includes timely rent collection. If renters do not pay, managers cannot get paid. Renters are occasionally known for being less than financially responsible, and whether or not that stereotype holds true, property managers are bound to face late or no-pay rent situations. Here are a few tips to help you stay on top of rent collecting.
Communication is key
Renters should be well informed as to monthly rent collection expectations. Clearly communicating the date and exact time rent is due, how it is to be paid, and the consequences for late payments in the lease and repeatedly throughout the renter’s stay is important. Not only will this help make enforcing those policies a bit easier, it will also stand as a constant reminder for tenants. After a payment is late, communication is again the next step. Rental property management in Arlington TX should meet with the renters and discuss the reason for the late payment and any necessary fees incurred as a result. This will give you the opportunity to assess if “just this once” mercy should be given and to clearly establish expectations for the future. To avoid being taken advantage of and the headache that comes from chasing down missed payments, after the one time penalty forgiveness, it is industry best practice for a property management company in Arlington TX to enforce your rent collection policy.
Provide online or automated options for collection.
The easiest answer to on-time payments is to establish an automatic pay system for your renters. Banks will support reoccurring bill pay online and Automated Clearing House works to withdraw money directly from the tenant’s bank account. Specialized Property Management is the property management company in Arlington TX that has technology based rental payment programs. A proven system that makes rent collecting much easier for you and your tenant.
Do not accept cash.
It is good practice to establish a firm “No Cash” policy. Renters loaded with cash are often up to no good. As soon as a renter or prospective renter starts to flash a lot of cash, rental property management in Arlington TX knows to be on the alert. Those trying to pay in cash are often looking to avoid a paper trail, and that is exactly what you want to create. A good gauge to guide your suspicion is to ask the renter why they have so much cash on hand. Any evasive response is a sure indicator that you may have illegal activity going on. Refusing to accept cash for an initial lease will help filter these renters away from your property. And continuing to enforce this policy during rent collection will prove as a protector for you as rental property management in Arlington TX.
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Collecting the Rent
A critical part of rental property management in Arlington TX is ensuring consistent cash flow, which includes timely rent collection. If renters do not pay, managers cannot get paid. Renters are occasionally known for being less than financially responsible, and whether or not that stereotype holds true, property managers are bound to face late or no-pay rent situations. Here are a few tips to help you stay on top of rent collecting.
Communication is key
Renters should be well informed as to monthly rent collection expectations. Clearly communicating the date and exact time rent is due, how it is to be paid, and the consequences for late payments in the lease and repeatedly throughout the renter’s stay is important. Not only will this help make enforcing those policies a bit easier, it will also stand as a constant reminder for tenants. After a payment is late, communication is again the next step. Rental property management in Arlington TX should meet with the renters and discuss the reason for the late payment and any necessary fees incurred as a result. This will give you the opportunity to assess if “just this once” mercy should be given and to clearly establish expectations for the future. To avoid being taken advantage of and the headache that comes from chasing down missed payments, after the one time penalty forgiveness, it is industry best practice for a property management company in Arlington TX to enforce your rent collection policy.
Provide online or automated options for collection.
The easiest answer to on-time payments is to establish an automatic pay system for your renters. Banks will support reoccurring bill pay online and Automated Clearing House works to withdraw money directly from the tenant’s bank account. Specialized Property Management is the property management company in Arlington TX that has technology based rental payment programs. A proven system that makes rent collecting much easier for you and your tenant.
Do not accept cash.
It is good practice to establish a firm “No Cash” policy. Renters loaded with cash are often up to no good. As soon as a renter or prospective renter starts to flash a lot of cash, rental property management in Arlington TX knows to be on the alert. Those trying to pay in cash are often looking to avoid a paper trail, and that is exactly what you want to create. A good gauge to guide your suspicion is to ask the renter why they have so much cash on hand. Any evasive response is a sure indicator that you may have illegal activity going on. Refusing to accept cash for an initial lease will help filter these renters away from your property. And continuing to enforce this policy during rent collection will prove as a protector for you as rental property management in Arlington TX.
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