When you own rental property, it all comes down to rent. You need it paid, and you need it paid on time. It seems like rent collection should be easy – you get the check on the first, it clears and you have the money. It doesn’t take long to learn that it’s not so simple. Even well-screened tenants can hit a difficult patch and one day you might find yourself in the collections business or facing an eviction.
There’s a better way. These seven steps will keep that rent coming in.
Step 1 – Tenant Screening
The process starts with tenant screening. Check credit history, criminal backgrounds and rental histories.
Step 2 – Clear Expectations
Communicate the firm but fair rent policies to your tenant.
Step 3 – Tenant Incentives
We have tenant incentives for paying rent on time through the Real Property Management Residents Club. This saves our tenants hundreds of dollars a month on things they buy every day.
Step 4 – Electronic Payments
Rely on technology to collect rent online so the funds are electronically deposited via ACH.
Step 5 – Automated Collections
If rent isn’t paid on time, the online system we use triggers an automated collection process. No time is wasted. Our respectful but tough team works quickly to ensure tenants respect the lease and pay their rent.
Step 6 – Legal Expertise
Stay on top of all current laws and regulations so you can act as quickly as the law allows and minimize rent-free days if an eviction becomes necessary.
Step 7 – Professional Process
Keep the process professional and not personal. When you have set expectations with tenants early, the outcome is in their hands.
With over 25 years of experience, we can help you get your rent coming in on time. Contact us at Real Property Management West San Fernando Valley if you need any help.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.