Screen Tenants Effectively
For as long as there have been late payments, there have been ways of screening prospective tenants. According to at least one real estate blog, it’s far better to screen tenants now than to take them at random and deal with the consequences later. Obviously, the tried and true methods of using a paper application and an in person interview are a great way to get started, but technology allows you to go so much further. One great way to do this is to go online and get a credit check on each one of your prospective tenants. This will let you know how good they’ve been to their previous creditors, giving you an idea what it might be like going forward with them.
Use E-Mail or Text Reminders
Stephen White writes in his blog that because so many people have cell phones, laptops, and tablets these days, an E-mail or text reminder system is a great way of ensuring rent is on time. The use of a rent due reminder via E-mail or text is also a great way to eliminate the “it slipped my mind” type of excuses. When you can show a text or an E-mail that was sent, you are pretty much showing that you more than kept up your side of the bargain. If you have multiple properties or an apartment complex this might seem like a big hassle every month, but it doesn’t have to be. E-mail or text reminders which are sent out every month on the same day to a list of phone numbers or E-mail addresses can be set up relatively simply. This allows you to simply add and remove contacts from the list as tenants change and technology does the rest of the work for you!
Collect Rent Online
Giving your tenants the ability to collect rent online is a great way to encourage on time payment, especially when combined with tech reminders. Furthermore, making this an option can benefit both the tenant and the landlord. There are many online systems available for landlords to tailor to their individual needs. The use of an online system also allows you to put parameters in place to add in late fees automatically when necessary. Additionally when you get paid online the payment is instantaneous which means you get the money you need sooner, and that’s something any landlord can be happy about.