According to a US Census Bureau data analysis, about 15% of American households are behind on rent payments. Selecting renters in Portsmouth, NH who are already behind will affect your profitability. Before that happens, use these rental income tips for hassle-free rent collection.
This property management advice will ensure you receive payments on time. You can use these funds to maintain your investments, expand your portfolio, and ensure lasting profitability. Apply these landlord tips to ensure your success in today's competitive market!
1. Implement a Tenant Screening Process
Before selecting renters, establish a thorough tenant screening process. About nine in 10 landlords use tenant screening reports (marketplace research company Consumer Reports). However, many do-it-yourself platforms only provide a "yes" or "no" recommendation.
Instead, outsource this task to a full-service property management company. Their detailed reports will ensure you find trustworthy, reliable renters. A thorough tenant screening process should consider:
- Employment verification
- Credit scores
- Criminal background checks
- References
- Eviction histories
- Rental histories/landlord testimonials
Gauge each applicant's financial stability, rental history, and creditworthiness. Renters with histories of financial troubles or late payments may fail to adhere to your schedule.
Screening prospective renters will help you avoid tenants who may damage your rental property or pay late. Instead, you can confirm renters have the means to pay rent on time every month.
2. Maintain Communication
After selecting renters, apply property management advice and best practices to maintain ongoing communication with tenants. Proactive communication can help you avoid disputes.
To make communicating with multiple tenants easier, use an online rental platform. Respond to tenants in a clear, kind, and professional manner. Using an online platform will minimize delays, increasing tenant satisfaction rates.
Keeping your renters happy can lead to more lease renewals, improving your occupancy rate and ROI.
When tenants first move in, establish clear rent due date policies. Consider implementing grace periods and late fee policies. You'll have a contingency plan if renters can't pay on time.
3. Leverage Online Tenant Payment Solutions
Use online tenant payment solutions to make paying rent easy, convenient, and secure. Automated options include:
- Post-dated checks
- Bills payment
- Auto deduction
You can tailor the rent collection process to meet your distinct needs. The platform will allow you to send automated payment reminders and track each renter's payment history. You can use this information to determine if you need to consult renters directly about repetitively late payments.
4. Hire a Property Management Company
You don't have to apply these landlord tips alone. Instead, request lease management services. Working with a full-service property management company can help you avoid the stress of late payments.
Your property managers can implement your late fee policy. They'll interact with renters on your behalf if there's an issue. If necessary, they can enforce your rental agreement terms or even evict renters.
Streamline Your Rent Collection Today
Applying these tips for more efficient rent collection can help you avoid the stress of late payments. Remember, you don't have to apply these rental income tips alone. Instead, partner with a full-service property management company.
Cardinal Point Property Management is dedicated to simplifying ownership through seamless management. We'll help you make more money while you spend less time managing your investment.
Trust our detailed screening process and eviction protection guarantee. Contact us for a free management quote!
