Along with placing great tenants (which Weichert Property Management can help with), collecting monthly rent is one of the most critical aspects of being a successful rental property owner. It can also be one of the most anxious parts.
Not having a proven system to consistently collect rent on time can cause significant financial problems for your rental business, and a lot of headaches for you. Chasing down rent payments and confronting tenants is no fun. The good news is that hiring a great property management company can make on-time rent collection 100% stress-free.
How Does Weichert Property Management Make It Easy?
A Thorough Tenant Screening Process
Great tenants are good for business. They are easier to deal with, less likely to cause damage to your rental property, and most of all, can be relied upon to pay their monthly rent on time. But finding great tenants can be a challenge if you don’t have a proven and effective tenant screening process.
An Online Tenant Portal for Rent Payments
Rent collection rates can be greatly improved by offering tenants an option to pay their rent online. Even if they forget until the last minute, there’s no need to mail a check or get a money order. They can instantly pay rent just by signing into our easy-to-use web portal.
On top of that, our online tenant portal makes it easier to submit and track maintenance requests and be responsive to tenants. When tenants feel heard and that their needs are important, they’ll feel better about paying rent every month. Plus, people that love where they live are more likely to renew their lease.
Effectively Dealing with Late Rent Payments
If every single tenant always paid their rent on time, life would be much easier. But, that’s not very likely to happen. You will sometimes have to deal with tenants who, for whatever reason, never seem to pay on time.
As a property owner, you might not know how to effectively deal with late-paying tenants. You might want to avoid confrontation. Or, perhaps use tactics that can strain the landlord-tenant relationship. This can lead to even more issues beyond late rent payments.
But, with Weichert Property Management, you never have to personally deal with a late-paying tenant again. We know how to encourage consistent on-time payment while also maintaining positive relationships with tenants.
Over more than three decades, we’ve developed systems and processes that have led to a 95% rent collection rate. You can have confidence you will get your monthly rental income and that your tenants will continue to feel valued and appreciated.
Offering Multiple Rent Payment Options
Allowing tenants to pay however they feel the most comfortable can lead to improved rent collection rates. With Weichert, tenants can pay in traditional ways with a check or money order, or they can pay online using a credit or debit card.
They can also pay with cash. We work with RentMoney to offer tenants a way to make secure in-person cash payments at places like Walmart, select large grocery store chains, and local check cashing centers (like ACE Cash Express) without any of the issues that can make landlords hesitant to accept cash payments for rent.
Improve Rent Collection with Weichert Property Management
A less than stellar rent collection rate not only affects your cash flow, but can also be a sign that tenants aren’t being screened properly or there are other issues not directly related to their finances that are causing them to pay late.
If you’d like more consistent and reliable investment property income, contact us today to learn how Weichert Property Management can improve your rent collection rate.