Do your tenants have a tendency to pay rent late? Are you spending thousands every year on tenant turnover in search of tenants that will start paying rent on time?
If late payments are causing a chronic problem in your properties, it could have to do with the way that you approach rent collections.
Today, we're going to talk about a few different strategies to make sure that your tenants start paying rent on time. From providing reminders to enforcing penalties, these strategies will make a huge difference.
Read on to learn how to bring late payments to a halt.
Make Rent Collections Easy
It's possible that your tenants are paying rent late because you're still using old-school rent collection methods. If you expect people to mail you a check or hand-deliver money to your home or office, it's time to modernize.
Online rent collection makes it easy for tenants to pay on time. Not only can they pay rent from their computer or phone but they can schedule automatic payments to go through on the first of each month.
Send Out Automated Reminders
Chances are, you're spending a lot of time tracking down all of those late payments right now. This is a waste of time and energy that could be better spent improving your properties or managing your real estate investments.
When you use an online portal for rent collection, you can also schedule automated rent reminders. These reminders will arrive in your tenants' email inboxes in the days leading up to the first so that they don't forget that the due date is right around the corner.
Set Late Fees
In the state of Nevada, you can issue an eviction notice the day after rent is due. However, this is an expensive route to take and one that doesn't make tenants feel secure or welcome.
Instead, set a late fee. Most tenants will do their best to pay on time when the alternative is to pay more than the original sum.
Hire a Property Management Company
At the end of the day, you don't have time to make sure that everyone is paying their rent on time every single month, especially if you own multiple properties. Sometimes, the best choice is to outsource the day-to-day efforts so that you can focus on the bigger picture.
Hiring a property management company can free up your time and increase your tenant retention rates. Property management companies can handle everything from tenant communication to rent collection to marketing.
Get Paid on Time in Las Vegas
If you're struggling with late payments, it may be time to revamp the way you handle rent collections. Oaktree Management is here to help.
To find out more about how we can take over the day-to-day operations of your Las Vegas rental properties, contact us today. We look forward to helping you make your real estate goals come to fruition.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.