Property Management Companies Maintain Cash Flow With Stable Rent Collections
In a perfect world, rent collection sounds easy. The checks always clear and tenants are happy to pay their bills on time. But in reality, property management owners learn that everything isn’t that simple. Even well-screened tenants fall onto hard times, which sometimes leaves landlords holding on to unpaid rent notices. You may even find yourself handling legal problems or an eviction process. This process can be long and potentially emotional, especially if you are managing the rental unit yourself. Collaborating with Real Property Management Chicago Edge, can help save you time and money.
RENT COLLECTION: BEST PRACTICES FOR LANDLORDS
- Set clear and firm expectations with tenants early on during the application process.
- Establish professional but tough collection processes.
- Remind tenants immediately if rent is late.
- To save on time, remember to use technology for quick responses.
- Stay up-to-date on the relevant laws, particularly time-sensitive clauses.
- When evictions are necessary, take efficient action to minimize rent-free days.
- Finally, let the process, not emotions, dictate your actions. Your tenants are adults, and if you have set expectations early, clearly and respectfully, the outcome is in their hands.
At Real Property Management Chicago Edge, our rent collection addresses common mistakes and delays, so you don’t have to worry. With over 20 years of experience, here are additional tips on how our experts handle rent collections:
- Our process starts with rigorous tenant qualification. We check credit, employment, rental history, and criminal background records to find ideal tenants.
- We communicate expectations and our firm-but-fair rent policies up front.
- Using our technology-driven platforms, tenants can pay rent online for faster, electronic funding.
- The funds are sent electronically through ACH into the owner’s account for a fast payment. No more waiting for the mail to arrive.
- If rent is not paid in a timely manner, our automated collections process begins to resolve the matter as quickly as the law allows. Our national collections presence and a respectful-yet-tough team works diligently to enforce the outlined lease policies.
- We offer comprehensive services with support from our in-house legal counsel should an eviction become necessary.
At Real Property Management Chicago Edge, we know how to effectively and efficiently handle all your rent collection troubles.
Give Real Property Management Chicago Edge a call! Put our team, experience, and ethics to work for you.