Rents in Kansas City are rising fast, and while that may seem great for landlords, it can also create some issues. Tenants may struggle to pay rent on time more than they would have in the past.
Rental income is essential for landlords. It often helps cover things like property taxes and mortgage costs. Even generous landlords can't afford to go without payments for long.
We're here to talk about how you can improve your chances of on-time rent collection. Read on to learn more.
Communicate With Your Tenants
If you're struggling to get your rent on time every month from otherwise awesome tenants who have never had such troubles before, it may be time for some tenant communication. Remember, your tenants are people, and they may be experiencing life events that are getting in the way of their rental payments.
Talk to your tenants about what's going on. See if they need to set up a payment schedule to pay rent slowly over time each month rather than all at once.
A bit of kindness and understanding can go a long way here. Don't be too hasty.
Use a Tenant Portal
If you're not using a tenant portal to collect rent, what are you waiting for? It's super efficient and convenient for tenants and property owners alike. 95% of Americans are already using the internet for fun and work, so the vast majority of your tenants won't have an issue paying with it once you explain the process.
Your tenants can simply connect their bank account or credit card to the website to pay every month. They can also choose to set up automatic payments if it's convenient for them.
Tenant portals are fantastic for simplifying property management.
Set Up Rent Reminders
Sometimes your tenants might need a nudge in the right direction. They're busy people, and the first of the month may sneak up on them if they have a lot going on.
Setting up email or text reminders a few days before rent is due is a great idea. This way, your tenants won't accidentally miss a payment.
Screen Tenants in Advance
Tenant screening is essential. While people can always experience life events that change their ability to pay rent (such as job loss or health issues), by ensuring someone is able to pay rent on time through tenant screening, you'll be setting yourself up for success.
Check each potential tenant's income and credit to see if they'll be a reliable renter. If they make consistent money and have a decent credit history, there's a good chance you'll get your payments on time.
Rent Collection Can Be Simple
Don't make rent collection harder than it has to be. These tips can help make rent collection a breeze. You'll have happier tenants and you'll get your rental income on time so you can continue improving your rental property.
If you struggle with the day-to-day management of your Kansas City, MO property, PMI Fountain City can help. We handle everything from marketing to accounting so you don't have to.
Schedule a consult with us today.
