How To Avoid Hassles Collecting Rent
Property owners know that collecting rent from tenants can be challenging..
Is there any way to avoid the time, stress, and risks related to performing a task that is fundamental to earning a return on your investment in a MULTIfamily property?
Yes, there is.
Read on to understand the scope of this problem and to learn how you can avoid common hassles and risks.
Three things that can make collecting rent unbearable
You can simplify the challenges of locating and then buying a MULTIfamily property by working with an established broker who specializes in this segment. You’re on the road to increased income and greater personal wealth
But it all depends on successfully collecting rent. This can be one of the most trying aspects of MULTIfamily property ownership.
Why? Here are three considerations that can make collecting rent difficult:
Time
MULTIfamily property owners have varied lifestyles, but they all treasure their free time.
Most have full-time jobs or professions that are demanding. It’s tough to cut into your precious family or leisure time to collect rent from your tenants.
Collecting rent can be time-consuming. Here are four reasons why:
- Traveling to and from your property to collect rent.
- Knocking on doors, hoping that your tenants are home when you’re there.
- Sending emails or making phone calls to tenants who are late with their payments
- Going to the bank to deposit rent checks.
Stress
Delinquent renters are usually struggling financially. Sometimes they just forget. Regardless, you must confront them to collect the rent when it is due so that you can cover your expenses.
It’s stressful to listen to your tenants’ stories without giving in by bending the rules, even though this creates added stress when it’s time to pay your own bills. It’s also stressful to take a hard stance and insist on immediate payment or threaten eviction.
You’ll face tough decisions, such as:
- Granting an extension. Your tenant might have good reason for not being able to pay on time, and, out of the goodness of your heart, you may be inclined to accept their promise that they will get caught up in what you consider a reasonable period.
- Accepting a partial payment. Your tenant might be a little short, so you agree to take a partial payment with a promise that they’ll pay the balance soon.
- Accepting an excuse that the tenant’s payment was lost in the mail, and that another check is forthcoming.
These informal agreements may be compassionate, but unless properly executed they could expose you to significant financial risk.
Personal risk
Imagine knocking on doors to collect rent.
If this is your routine to ensure timely payments, your tenants and their friends know your schedule. For safety reasons, you don’t want to be walking around with rent payments on your person.
Usually, though, you won’t be knocking on doors unless rent payments are late. Stressed, angry, desperate tenants can become physically or verbally abusive when pressed for payment.
What’s the better way to collect rent?
There is a way to avoid the difficulties involved in collecting rent.
A reputable property management company that specializes in MULTIfamily property can remove the burdens associated with rent collection.
get MULTIfamily Property Management has a system that helps owners of MULTIfamily properties ensure a steady flow of passive income to enhance the value of your property. Their system allows you to enjoy the benefits of owning rental property without enduring the nuisances.
How does get MULTIfamily Property Management perform?
Our system makes it easier for tenants to pay rent on time while you enjoy more free time. Here are three features that our clients enjoy:
Better owner-tenant relations
get MULTIfamily Property Management people are customer relationship experts. Our goals are to ensure that rents are paid on time by employing a friendly process that enhances the relationship between property owners and their tenants.
Both tenants and property owners appreciate these practices:
- Reminders. Your tenants automatically receive a polite email reminder five days before their rent is due. This improves on-time payment results.
- Nudges. If the rent is late, your tenants receive gently persuasive follow-up emails daily.
- Phone calls. If the rent is still unpaid, a get MULTIfamily Property Management professional will call your tenant to identify the problem and encourage payment.
- Visits. In rare cases when the rent is still unpaid, our representative will visit the tenant.
- If good customer relations dictate that a partial payment is acceptable, our representative will collaborate with your tenant to establish a payment date and get a signed Partial Payment Non-Waiver that protects your right to file an eviction notice if the tenant fails to make their payment by the promised date.
Property owners are removed from this process because get MULTIfamily Property Management’s team manages every step.
Convenient options for tenants
get MULTIfamily Property Management makes it as easy as possible for tenants to maintain sterling on-time records.
Your tenants can pay via these convenient methods:
- Through secure individual portals on the getMULTIfamilyPM.com website.
- With their credit card or checking account, including an AutoPay option.
- Use the PayNearMe option that is available at thousands of retailers throughout the country and accepts debit cards, credit cards, ACH, cash, Apple Pay and Google Pay.
- get MULTIfamily Property Management also works with and accepts rent payments through housing assistance programs.
No matter the time of day or where your tenants may be when their rent is due, we make it convenient for them to pay on-time.
A happy, informed property owner
Property owner rent collection can be hassle-free with greater on-time performance. We make it easier for you to receive rent money in your account and monitor payments and expense history.
You will receive rents monthly after appropriate deductions for fees and extraordinary costs, paid via ACH directly into your account.
You will have 24/7 access to a complete reporting system through a secure owner portal.
Summary
Owning MULTIfamily property is a path to generating passive income and building personal wealth.
Collecting rents can be a nightmare of wasted time and unnecessary risk.
Property owners can avoid the challenges and inconveniences related to collecting rents by working with a property management firm experienced with the full spectrum of owning and managing MULTIfamily property.
Looking for MULTIfamily investment opportunities? If you’re a first-time investor or already an investor looking to expand your portfolio, you’ll find exceptional opportunities at getMULTIfamily.com.
Frequently Asked Questions
Why can collecting rent be so difficult for property owners?
Collecting rent is difficult for three main reasons: time, stress, and personal risk. It is time-consuming to travel to the property, knock on doors, chase late payments by phone or email, and deposit checks. It is stressful to confront delinquent tenants and make tough decisions about extensions or partial payments. Knocking on doors to collect late rent can also expose you to angry or abusive tenants.
What tough decisions do owners face with late-paying tenants?
Owners face tough decisions such as granting an extension when a tenant has a good reason and promises to catch up, accepting a partial payment with a promise to pay the balance soon, or accepting an excuse that the payment was lost in the mail. These informal agreements may be compassionate, but unless properly executed they could expose you to significant financial risk.
What is a better way to collect rent?
A reputable property management company that specializes in MULTIfamily property can remove the burdens of rent collection. get MULTIfamily Property Management has a system that helps owners ensure a steady flow of passive income to enhance property value. The system lets you enjoy the benefits of owning rental property without enduring the nuisances tied to chasing payments yourself.
How does get MULTIfamily Property Management improve owner-tenant relations?
get MULTIfamily Property Management uses a friendly process handled entirely by its team. Tenants automatically receive a polite email reminder five days before rent is due, gently persuasive daily follow-up emails if rent is late, and a phone call if rent is still unpaid. In rare cases a representative visits. Partial payments are backed by a signed Partial Payment Non-Waiver that protects your right to file an eviction notice.
What payment options are available to tenants?
Tenants can pay through secure individual portals on the getMULTIfamilyPM.com website, or with a credit card or checking account, including an AutoPay option. They can also use PayNearMe, available at thousands of retailers nationwide, which accepts debit cards, credit cards, ACH, cash, Apple Pay, and Google Pay. get MULTIfamily Property Management also works with and accepts rent payments through housing assistance programs.
How does a property owner receive rent and monitor payments?
Rent collection can be hassle-free with greater on-time performance. You receive rents monthly after appropriate deductions for fees and extraordinary costs, paid via ACH directly into your account. You also have 24/7 access to a complete reporting system through a secure owner portal, making it easy to monitor payments and expense history.