As a landlord, it’s in your best interest to ensure that your tenants find the rental payment process as easy and as seamless as possible. Having your rent collection on autopilot and having strict guidelines will work in your favour and will also ensure that your tenants take you more seriously as a landlord. Here are three tips to ensure that you collect rent on time, every time!
Avoid Cash Collections
Accepting rental payments in cash generally isn’t a good idea. Whilst it may sound good in practicality, cash is harder to keep track of from an accounting and audit perspective, and it also poses high-security risks. All of these risks and issues can be alleviated by establishing a ‘no cash’ policy.
Make the methods of payment very clear in your agreement to ensure that your tenant is aware. If you are in need of digital rent collection, we have a service for that! Avoiding cash is a great way to ensure that you can collect rent on time.
Automate Rental Collection
Having your rental collection on autopilot is the easiest way to ensure that payments are always on time. As humans, we’re quite busy and your tenants may easily forget to pay if they have a lot going on. For this reason, you should ensure that rent is collected automatically, either through recurring bills with their bank or through online software, such as our own!
To avoid any issues, it’s important that their payment details are always up to date.
Allow Transparency & Honesty
If your tenant is late with rental payment, don’t be afraid to enquire and ask why in a friendly manner. As a lot of the time they might be intimidated but have a good reason.
Try to extend your empathy to your tenant, to ensure the best outcome.
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Read our previous blog post here: How Do I Handle a Burglary at My Rental Property?