As a landlord, finding good tenants is essential to your success. While good tenant screening can help, collecting rent every month and on time is another story. Rental property management is changing, and if you haven’t switched to online rent collection, you’re missing an opportunity to make your job easier.
In this post, we’ll look at online rent collection tips and apps to help you ensure your tenant pays on time.
5 Online Rent Collection Tips (and Apps) for Landlords
1. Establish Effective Communication
It never hurts to have a communicative relationship with tenants. When you consider that the median age in the US is roughly 40 (aka millennials), most will communicate best through their phones. As such, rental payment apps are a perfect fit for landlords. While there are a TON of options for rental payment apps, here’s a list with some of the best. All 27 of them! Click here.
2. Choosing the Right App
Get an app that makes collecting rent as simple as possible. The right app should enable you and your tenants to manage rent payment and receiving with ease. For instance, the Cozy app is simple and designed for the independent or DIY landlords. Does the rent need to be split among several roommates? With Cozy.co, it’s easy.
3. Set Up Upcoming Rent Reminders
If your tenants can pay rent via their phone, they have the option of using rent reminders. The app prompts them to set regular reminders that their rent is due. Also, they can pay rent through the app when they check their notifications on their phone.
4. Establish Grace Periods or Late Fees
Online rent collection apps allow you to set grace periods or late fees. If possible, automate your late payment so you don’t have to worry about keeping track of who owes you what. You can adjust your late fees and grace periods for paying rent according to your policy regarding late fines, globally.
The Avail app is a perfect tool for that purpose. The app automatically sends a reminder email five days before the rent is due and on the due date.
5. Look for High-Quality Tenants
Finding great tenants isn’t easy. The best way to find them is through the application process. Online applications and screening are more accessible than ever before. SmartMove is an excellent app for tenant screening and background checks.
By switching to an online rent payment method, you may eliminate the hassle of traditional monthly rent collection. As a result, you will save time and improve your bookkeeping/accounting system integration.
Collecting rent is just one aspect of property management. At Redfish Property Management, we strive to make our clients’ lives easier. If we can help you, please click here for our contact page or give us a call. We’re an expert property management firm in the NOLA that can help you maximize returns on your investment and save you valuable time.
Thanks for visiting!
