Late rental payments can be a burden for property managers. Beyond having to follow-up with your renters, without the income it can be difficult to pay your bills on time. Late rental payments are going to be something you will have to deal with from time to time. However, there are some processes you can implement to help reduce the amount of late payments you receive.

 

1. Automate Rental Payment:

 

Setting up a system with automatic withdrawal can be really helpful. When rent is collected through direct deposit, it doesn’t rely on renters remembering to send a check. Usually you can set this system up with your bank. You’ll just need to sign your renters up for the system.

 

2. Take A Variety Of Payment Options:

 

Taking a variety of payment options will make paying rent easier. You can set up your payment system to accept checks, cash, and debit cards. You can even set up online autopay systems like PayPal, Apple Pay, or Square Cash. 

 

3. Implement A Payment Reminder System:

 

Sending out a notification to your renters that rent is due can definitely help. A lot of the time, people just simply forget to pay their rent on time. There are plenty of ways to do this effectively. You can send out a text or email notification or deliver a reminder flyer every month. A simple, friendly reminder can really make a difference.

 

4. Offer A Variety Of Due Dates:

 

Everyone has a different budget cycle. Some people get paid weekly, some monthly, and some per diem. If you offer a few different due dates, you can help your renters work around their income schedule. Consider offering weekly, monthly, or even quarterly. You can also shift the due dates from the first of the month to the middle of the month if it will help renters.

 

Ultimately, the best way to avoid late payments comes down to flexibility. Consider your current payment system and think about ways you can expand. Occupancy Solutions can help you design an accommodating system to help you avoid late payments. Contact us to learn more about how we can help!