Did you know that people are struggling to pay rent in Orlando because of a recent and high-ranking increase?
If your tenants don't pay their rent on time, this can end up causing a chain reaction of issues. This is why it's so important to have a foolproof system in place. The good news is that there are many ways you can ensure you get paid on time and in full.
Are you wondering how you can avoid a significant number of delays and snags? Keep reading to learn how to collect rent from tenants in the most effective way possible.
Hire a Property Management Service
Owning one or more rental properties doesn't mean that becoming a landlord is necessary. Instead, you can remove that weight from your shoulders and put it on a team of experienced individuals. They can use their know-how and resources for your benefit.
This includes implementing a sophisticated rent collection system. Buying this software on your own can end up costing you quite a bit. You save money when you invest in a property management service because it includes this type of software and many other essential benefits.
Launch a Tenant Portal
By hiring a property manager, you'll also have access to a dedicated tenant portal. This can allow them to log in with ease and pay whenever they want, as long as it's before the payment deadline.
To make the process of rent payment even easier, it's possible for your tenants to link their bank accounts and have the appropriate rent cost taken out each month. That way, they won't even have to remember.
Some people aren't tech-savvy. With this in mind, you can pass out instructions that guide each tenant through the process of signing up and linking their bank accounts.
Include Late Fees
Whether it slipped someone's mind or another reason, you can avoid late tenant payments by including late fees beyond a certain date. This is yet another incentive for people to pay on time.
Keep in mind that you can't incorporate a late fee that goes against Florida's laws and regulations. The last thing you'd want is to get into legal trouble. As a property manager will explain, you're not allowed to have a late fee that's over 5% of the past-due payment.
The late fee can't be assessed until at least 15 days have passed.
Are You Ready to Collect Rent With Ease?
Now that you've learned all about how to effectively collect rent from tenants, you can make sure that everyone pays on time. Without a proper system in place, you could end up losing out on money or worse. This is why a property management service is so essential.
We're dedicated to providing our clients with the most comprehensive and efficient property management in Orlando, Florida. From rent collection and tenant screening to maintenance and more, you can always count on our experienced professionals.
Be sure to fill out the form so you can get a free rental analysis.