When you make a large investment such as rental unit, you do so in the hopes of capitol gain and this is ensured through rent collection, meaning they are the most importance in the profitability of your investment. The perfect world would be you were always paid the rent on time and checks cleared without problems. Unfortunately, this rarely occurs 100% of the time. Even with careful tenant screening, your tenants can run into unexpected financial situations and your payments are no longer coming in on time or regularly. Your rent collection process should assist cash flow be as regular as possible.
Set the Rent Expectations Early
Real Property Management Coeur d’Alene has been successful in encouraging successful rent collection when the process starts with the careful screening of your potential tenants. A temptation is rent your home as quickly as possible, when there is a vacancy, so you are eager and should the first applicant who shares interest in your rental. We are patient and make sure your potential tenant has a high enough credit score and is able to prove an income sufficient enough to be able to pay the rent regularly as well as has sound rental references. As an rule of thumb an applicant should earn about three times the amount of the rent for your unit. Then at the time lease signing, we let your tenants know Real Property Management Coeur d’Alene’s expectations and policies with regard to rent collection and lay out late fees in the lease so they are not surprised if that arises. Good communication from the start makes us strict, but fair, and policies are understood from the beginning of their residency.
Technology Payment Process
The Rent Collection process is for your convenience and ease in dealing with the multiple of circumstances that may arise in dealing with tenants issues with rent. Real Property Management Coeur d’Alene has initiated an online collection option lessens any rent collection delays and systematic takes care of late payments. When the rent is collected, this automated system also works for the property owner giving a direct deposit from the collected rent to the owner, so that there is no wait time once the rent is paid. Keeping the rent collection process professional and not personal is essential, giving us the tools for a more successful rent collection experience.
Automated Collections Process
An aspect of rental property management in Coeur d’Alene that is never pleasant is the business of rent collection when a tenant doesn’t pay the rent. Even the best screened tenants can have a difficult time in their personal lives that affects their abilities to pay rent on time. With an automatic rent collection process, the moment rent is not collected an automated notices can be sent to the tenant with an much frequency as you see fit. These notices can be scheduled easily and speak to your tenants with respect. As soon as the law permits, an eviction process can be started with a non-paying tenant so your days without rent can be as few as possible and with your automatic notices you have documented materials for collecting the rent.
Clear rent policies along with a secure technology platform through Real Property Management Coeur d ‘Alene will help your Coeur d’Alene rental property rent collection run smoothly and ensure your investment is profitable.