For a property owner or landlord, one of the most stressful parts of the month can be collecting the rent. Tenants sometimes don’t pay on time or they may take advantage of any generous rent policies you have in place. There can be all kinds of circumstances that keep you from collecting the rent in a timely manner. Rent disputes can also create bad blood between the landlord and tenant. One way to avoid disputes is to have a crystal clear understanding of the lease terms between the landlord and a tenant.
Other than creating a clear understanding of the lease terms, there are few other things that will help you effectively collect rent:
- Only rent to qualified individuals - A surefire way to make sure that rent is paid in full and you’re able to collect your rent is to only rent to tenants who are qualified and meet the criteria of someone who is able to pay their rent. Create a standard criteria, set income requirements, making sure they have good credit and checking their references are all criteria that you can set up when screening potential tenants.
- Communicate all price and service changes clearly - If a policy or service is going to change, make sure that it is all clearly stated in either an e-mail or a letter and that all of the tenants you manage see the message and are notified of the changes. This is especially true for any changes made to the rental agreement. You want your tenants to understand what kind of terms they’re agreeing to and what changes, if any, you’re making to them.
- Offer rewards to tenants who regularly pay on time - For those tenants who don’t give you a problem, you want to be able to reward them and maybe even give them incentive to stay. A good tenant can be hard to find, so when you do find a good tenant it is important to keep them around. Incentives include things like gift cards, baskets of fruit or a batch of cookies for them to enjoy. These same incentives may also cause those tenants to want to renew their lease with you.
Rent Collection in Annapolis
Auburn Rose Property Management was founded in February 2008, on the belief that our customers’ needs are of the utmost importance. Our entire team is committed to meeting those needs. As a result, a high percentage of our business is from repeat residents, realtors, owners and referrals.
We welcome the opportunity to show you how Auburn Rose can provide you with the best service in the industry.
If you want to learn more about Rent Collection, or if you have any questions, please contact Auburn Rose Property Management by calling (443) 928-2220 or visit our website today!
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