Rental properties can be a good source of income. However, managing your own rental properties can also be time-consuming. You may experience tenants mistreating the property, creating problems with the neighbors and community, or simply being difficult to work with. As a landlord, one of the most frustrating issues to deal with can be rent collection and late payments. This is where outsourcing rent collection becomes a life-saver. Far West Realty offers a couple of suggestions for rent collection for your Prescott investment property.
When renting a home, one of the most important aspects is making certain your tenants pay on time.
This should be established from day one. When you allow renters to pay late without any ramifications, it often turns into a habit. It can even lead to the tenants becoming several months behind on their payments or not paying you at all! One of the most common practices to help avoid this is to add a late fee to the rent every time the rent payment is late. The late fee should be enough to discourage the behavior but not so much that they cannot pay rent and the late fee.
It is important to be consistent in how you treat renters.
Even if you have tenants you really like, your payment policy should apply to everyone equally. If you have a tenant who is more than a week or so behind on payments, do not be afraid to begin the eviction process. This may be hard for you to do, but it typically gets the renter’s attention, and hopefully the action will make paying on time a priority. Remember, it is essential to treat your investment as a business, because that’s what it is.
Timely rent payments often are the result of good tenant selection, which is one of the benefits of hiring an experienced property manager for your Prescott rental property. Collecting rent each month can be burdensome. A professional property manager will be able to collect rent, charge late fees when necessary, and take appropriate steps for the eviction process. To schedule an appointment to learn more about how our property management services can benefit you, call Far West Realty today at 928-772-9400.