If you've decided to invest in residential properties, one of your primary duties in property management is to ensure healthy revenues, which includes making sure rent is paid on time. Rent is the basis of residential investment, where people agree to the lease terms you outline and then live in a space in exchange for a monthly payment.

However, to ensure that this process goes smoothly, the best way to get reliable, repeatable results is to create and follow a rent collection system, and this applies as much to you as a property manager as it does to the residents who pay the rent.

Organized Is Always Better

Of course, how organized or how chaotic your rent collection habits are is entirely your choice. If you wanted to, you could collect rent strictly by cash, and whenever you feel like it's time to collect. On the other hand, you can have fixed rent payment dates that you and all residents observe, and accommodate different payment methods. This choice is entirely up to you, but obviously, the more organized and accommodating you are, the better your odds of smoothly collecting rent on time, every time.

For Residents

Ensure you are clear about when rent payments are expected. If you can be flexible and provide a time range for payment, such as over a 48-hour period, rather than only at 2:00 pm on a given day, with any payments made before or after that time considered as missed, this will be much easier for you and the residents. It would also work better if you offer a range of options, from checks to digital payment solutions to even cash.

On your end, have rent collection software, or something like it, included in the property management software or system you are using. Better yet, if you're looking for experienced property management, contact Occupancy Solutions and let us help you manage your investment with excellent results.