Non-Paying Tenants? Protect Your Apartment Complex's Finances With These Tips
Landlords, apartment owners, and other investors need good paying tenants to stay operational. But if most of your tenants don't pay their rental fees on time, it can eventually affect your income as an investor or property owner. There are some important steps you can take to obtain the rental payments you need right now, including these listed below.
Go Online to Collect Rent
If your current tenants pay by check or money order, you may want to switch to online payments. Although there's nothing significantly wrong with receiving your rental fees by check or money order, it may be faster and better if you use an online system instead. The system may also give you better control of how you manage your tenants' rental problems.
An online payment system allows you to set up recurring payments with your tenants. Tenants who don't pay you on time because they can't make it to your office before it closes for the evening or weekend may be more inclined to set up recurring payments with your online system. In addition, it may be less costly for tenants to use an online system than it would for them to purchase money orders or write checks.
You can also use online rental payments to keep track of tenants who habitually pay later in the month. This is particularly helpful during the weekends and holidays. If your office is closed during this critical times, you may not know if your tenants paid on time.
You can also make it easier to collect rental payments by working with a property manager.
Work With a Property Manager
A property manager can help you develop a rental payment collection plan that works best for you and not just your tenants. The plan may include establishing a legally-sound late-payment fee schedule for each day your tenant pays late. The documentation may help protect you in court if you need to evict tenants who habitually don't pay on time or not at all.
Additionally, many of your tenants may stop paying late if a property manager is involved. A property manager may be able to help you make other changes in your complex that not only benefit you but your tenants as well. Some tenants may feel more inclined to pay on time if they have better amenities or accommodations on the premises, such as an onsite laundry room or workout room.
If you're tired of struggling to collect your rental payments and need a better way to do so, contact a property management company today.