Property Management Blog

The Best Way to Collect Rent | Carson City Property Management Tips

System - Friday, March 27, 2020

Collecting rent in Carson City needs to be simple and straightforward. When tenants understand their responsibilities and your expectations, you’ll find you don’t have to chase down late and missing rental payments every month.

The most important thing we do at Northern Nevada Property Management is to provide several payment options. When tenants can pay in the way that best serves their unique needs and preferences, it’s a lot easier to collect rent on time.

Tenant Communication and Rental Property Accounting

Rental property accounting starts with the timely collection of rent. If you’re able to communicate well with your tenants, you can expect rent to be paid when it’s due every month. A consistent rent collection policy is needed, and it should be reflected in your lease agreement. That policy should include information on how much rent is due, when it’s due, and how it’s to be paid. Make sure your tenants understand the consequences of missed or tardy payments, such as late fees and additional steps leading up to eviction. If there are grace periods, make sure the lease agreement reflects that as well.

When you have an open and respectful relationship with your tenants and both parties can communicate easily with the other, late rental payments should be rare.

Online Rental Payments are Secure and Efficient

At Northern Nevada Property Management, we provide a great program online for tenants, and it allows us to collect rent easily and efficiently. Our property management software helps us to provide a tenant portal, where they can log in and pay rent electronically with a credit or debit card. They can also schedule regular and ongoing rental payments with their stored financial information. The tenant portal allows them to see a history of their rental payments and a complete accounting of their rental history.

Limiting Late Rent Payments with Options

Giving tenants several different ways to pay rent will cut down on late payments. In addition to providing for online rental payments, we also accept checks and money orders because some tenants prefer to pay that way. Providing multiple ways to pay really helps us get the rent to our owners quickly and consistently every month.

If you’re a self-managing landlord without the benefit of innovative property management software, you can still offer different ways for your tenants to pay rent. While they won’t necessarily have a tenant portal, plenty of online financial platforms exist where your renters can easily transfer funds to you electronically. Many tenants today are comfortable with technology and prefer the ease of instant, online and electronic payments. Consider this when you’re structuring your rental collection policy and discussing payment methods with your tenants.

Limiting Late Rent Payments with OptionsOne of the most basic tasks of any landlord is rent collection. It seems like it should be easy, but things can get complicated, especially if you have a tenant who doesn’t pay on time. If you have questions about rent collection or anything pertaining to managing your Carson City rental home, please contact us at Northern Nevada Property Management.

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