If collecting rent was easy, more people would have investment properties. The horror stories about renters who don’t pay or who always pay late are enough to daunt the best of us, however.
If you’re thinking about buying a Jacksonville rental property, consider implementing these strategies with tenants to reduce the frequency of overdue rent payments.
Accept Electronic Payments on Multiple Channels
Most people are used to paying for everything electronically. Don’t force them to go old school and mail you a check. Either implement property management software systems in which your tenants can easily submit their rent or set up whatever payment apps they prefer. Accept rent payments via Zelle, CashApp, ApplePay, PayPal, Venmo, and anything else that makes it easy for tenants to send you money.
Implement Payment Reminders
Do you appreciate reminder emails that arrive three days before your autodraft credit card payment hits? And the ones that tell you nicely that your payment is late? Yes, you do. So, implement the same thing for your Jacksonville tenants. There are fancy apps and softwares out there that you can set up to send out the notifications, but you can also just blast out an email.
Set the Payment Due Date to Meet Your Needs
If the mortgage on your rental is due on the 14th, make the payments from your renters due on the seventh. Or the third. Give yourself space for late payments so that you aren’t so stressed about making your own payment on time.
Beef Up Comms with Late Paying Renters
When you have a renter who consistently pays after the due date, go and speak to them directly. They may be in a situation where they get alimony, child support, social security, or a paycheck that arrives after the rent due date. Consider adjusting that renter’s due date to accommodate their situation.
Institute Late Fees and Collect Them Consistently
You may resist charging late fees and collecting them. Still, for some Jacksonville renters, the threat of late fees can be enough to prod them to pay on time. When they pay after the due date and you follow through on collecting the late fees, that can incentivize the renter to send their payment on time the next month. Remember to be consistent and fair and put communication about the fees in writing.
Don’t Treat Late Payments Lightly
Be firm about rent due dates and collect late fees consistently. If you let an overdue payment slide, the renter will get the message that on-time payments are not that important to you. Or that you don’t have the courage or time or whatever to follow through on collecting late fees. It’s a slippery slope and will harm you eventually.
Hire a Jacksonville Property Management Company
Do you really have time to deal with rent payments, whether they’re late or not? Hire a Jacksonville property manager. A percentage of the rent payment will go to the property manager, but in the grand scheme of things, your life will be much less stressful.
Find a reputable Jacksonville property management company like Locklear Management (call us at 904- 431-0204) and stop having to deal with late-paying tenants.
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