Owning rental property requires that you have an efficient and effective rent collection system. Following are 7 steps that Real Property Management Alliance takes to find and retain the best tenants:
1. Tenant Screening:
Most property managers and landlords conduct a background check and credit check to screen potential tenants. Real Property Management Alliance goes the extra step by also conducting a criminal history check, and checking for any previous evictions or foreclosures, and having stringent screening criteria to ensure that all tenants are qualified for the units we place them in.
2. Clear Expectations:
It is vital to meet with your tenants prior to move in to review the rental agreement and to make sure that they know when rent is due and what the expectations are regarding the care and maintenance of the rental unit. Having clear and open communications will go a long way in improving the rent collection process.
3. Tenant Incentives:
Having a tenant incentive program will assist tenants in paying their rent on time and will provide rewards and incentives for tenants who do.
4. Electronic Payments:
Having an online payment program will make payment and collection of rent easier for everyone. Tenants can create an automatic monthly payment, and the landlord doesn’t have to worry about processing checks every month.
5. Automated Collections:
It is important to enforce the rental agreement when rents are late. Having a system in place where notices are sent and follow up is done according to schedule will help to ensure timely rent collection.
6. Legal Expertise:
Staying up to date on all laws and regulations affecting rental properties and the landlord tenant code is critical to an efficient and effective rent collection process.
Always treat tenants in a professional manner. At Real Property Management Alliance, we treat all of our owners and tenants with respect and aloha. Our motto is to treat others just as you would want to be treated.
If you need assistance in developing an effective rent collection system for your rental property, please contact Real Property Management Alliance at (808) 445-9500.