Rent week is easily the busiest week for property managers. They have to manage multiple residents, do a lot of accounting, and make sure everything gets paid on time. Every month when rent week comes it can be incredibly hectic and make even the most organized property manager want to pull out their hair. However, there are ways to simplify rent week, so that both you and your residents have an easier time. Here are five tips that can help you make rent week simpler for everyone involved:

1.    Give Your Residents Flexible Payment Options

Handwritten checks are a thing of the past, so for most people their rent check will be the only check they write all month. Offering options like electronic checks, debits, recurring debits, and credit cards will make it so that your renter can pay you with less hassle.

2.    Take Advantage Of Online Payments

Setting up an easy-to-use online payment system can make a huge different in rent week. Online payment software like RentPayment can make it so your residents can go right online at their convenience and pay you with the touch of a button. They even offer an app, so renters can pay on the go easily.

3.    Send A Reminder

A week prior to rent week, send out an email to all your residents reminding them that rent is due. This is also a great time to update your residents on changes to the property, upcoming activities, and other important information. Make sure that you make the email fun and engaging with an attention grabbing headline, so that they want to read it.

4.    Provide Rewards To Those Who Pay On Time Every Month

Having a resident that pays on time every month makes your life easier, so why not offer them rewards. Rewards can be anything from a percentage discount to a gift card to a local resident. Make sure when you give a reward for on time payments, you let the whole community know. So that everyone sees the incentive of paying on time each month.

5.    Have Consequences For Late Payments

As unpleasant as it is, you need to make sure that there are consequences for late payments. Late payments hurt your business and make rent week a nightmare for you. If someone is routinely making late payments, you will have to report them to a credit bureau and add late payments fees. If people face penalties, they will be less likely miss a payment in the future.

Ultimately if you make paying rent transparent and easy for your residents, offer them options, reminders, and rewards, rent week will be a breeze. For more tips on getting residents to pay rent on time, check out our blog at Occupancy Solutions. We have tons of tips to help you pick responsible residents to figuring out payment systems that work for your business.