Do you ever struggle with rent collection from your tenants? If so, you might want to check out and follow these five pro tips for collecting rent.
1. Choose Good Tenants
Collecting rent is always easier if you select good tenants. While you can hire San Francisco Bay property managers to help you collect rent, if you have good tenants, they will pay on time.
Good tenants not only pay on time each month, but they also tend to cause fewer problems. Additionally, they take care of their apartments and avoid breaking rules.
2. Enforce Late Fees
If you hire San Francisco Bay property managers for help with rent collection, they'll tell you to set up a late fee structure and enforce it.
When tenants know that they will have to pay a late fee if they don't pay on time, they tend to pay on time more often. If they have to pay a late fee once, it might deter them from paying late the next month.
3. Offer Electronic Rent Collection
Most property management companies San Francisco Bay CA set up online rental payment options for their tenants.
Tenants can go online to set up automatic payments for their rent. When they do this, their payments automatically occur each month without them doing anything.
If you can encourage your tenants to do this, you might collect more rent on time each month.
4. Provide a Drop Box
Many property management companies in San Francisco Bay CA also advise landlords to provide a drop box for the tenants to use for paying their rent.
You can place a locked drop box in each building that you own. Your tenants can then drop their rent checks into the box when it's due. By providing this option, your tenants will have no excuse not to pay their rent each month.
5. Let a Property Management Company Handle It
One of the best ways to collect rent from all your tenants each month is to hire a property management company San Francisco Bay to take over these responsibilities.
If you hire this out, the property manager becomes responsible for collecting the rent. They may use the methods listed here to increase the rent collection and others.
The best part is that you will collect more rent by hiring a company to do this for you, and you will have less work to do.
Hire a Company for Rent Collection and Other Services
Are you experiencing trouble with rent collection in the San Francisco Bay area? If so, we can help. We're a San Francisco Bay property management company that offers all the services you need for your rental properties.
Call us at Kenny Realty Sales & Property management to learn more about our services.
Evan has been in the real estate and property management field for 6+ years. He is experienced in working with first time home buyers, is an Accredited Buyer’s Representative (ABR®), Seller Representative Specialist® (SRS) and Seniors Real Estate Specialist®(SRES®). He also works closely with Kenny Realty owners, getting their rental properties rented as quickly as possible. Evan is responsible for monitoring rental market conditions and advising our owners on market rates. He has outstanding communication with all clients he works with, keeping everyone in the loop at all times. He is the third generation of the Kenny family to practice property management on the peninsula.