Naturally, as a landlord, you try to collect as much as possible for every unit you rent. After all, the rent money pays the bills.
But collecting rent isn't always a straightforward process. You might have tenants who won't pay. You might also have some that require some nudging before paying.
If you need help collecting rent, you could turn to a property management company. Property managers help landlords with this task and others.
Here is a guide that explains how property managers help landlords collect rent.
You Choose the Services
People invest in property for one purpose: to make money. You can make money by flipping properties or renting them. If you offer rentals to tenants, you become a landlord.
Some landlords handle every management duty themselves. But others hire property managers. Additionally, you can hire them for a few services or all services.
Property managers handle everything from tenant selection to repairs. So if you need help collecting rent, find a property management company. Then, hire them to handle this task for you.
You can also ask about their other services. After all, you may also want to hire them for other duties.
Property Managers Provide Options
Property management firms know how to collect rent from tenants. So they begin by focusing on choosing the best tenants. Of course, collecting rent is easier when you have great tenants.
Next, most property managers offer several payment options:
- Cash payments at the office
- Dropbox rent collection
- Online methods
- Landlord pickup services
Tenants will likely pay on time when they have options. After all, each tenant can choose the most convenient method for their schedule and lifestyle.
They Pursue Tenants
Property managers specialize in finding great tenants through tenant screening procedures. These procedures reduce the number of bad tenants in rental properties. They also improve rent collection efforts.
However, even with effective screenings, some tenants might still refuse to pay. When this occurs, your property manager will pursue the tenants.
First, they might send them a letter. Next, they might call the tenant. Finally, the property manager might also stop by the tenant's apartment to speak to them.
They'll also charge late fees when applicable. Property managers create and enforce late-payment procedures. After a tenant encounters a late fee, they might pay on time next month to avoid it.
One bonus of hiring a property manager is you won't have to handle any of these things. Instead, the property manager does it all for you.
Hire a Property Management Company for Rent Collection Assistance
Collecting the rent money is vital for your rental property business. If you're facing challenges with collecting rent, hire a company to help. A property management company can take over this duty for you.
Hiring this out leaves you with less work. But it might also result in collecting more rent money.
Contact us at Chicago Style Management to learn more. We offer rent collection services and other property management services.