After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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Owning rental property is a great way to supplement your income, but keeping your tenants paying on time is critical to keeping your revenue stream flowing every month. Fortunately, there are a few things you can do to encourage timely payments and keep both you and your tenants satisfied.
Set Your Expectations In Your Leases Clearly
While tenants should know to pay on time every month, making the terms of payment clear in the lease can eliminate misunderstandings down the road. Make sure your lease states which day rent is due every month and which forms of payment you accept. The lease should also indicate how payments should be issued, such as through the mail or in a rent drop box. Make sure that each lease clearly indicates whether or not you charge late fees and how much the fees will be. You may want to consider breaking all of these points down into single-line items on the lease that your tenants can initial, as this will may in handy if you should ever have to go to court for an eviction. Your property management company can help you with creating a lease that makes sense for you and your property.
Keep An Open Line Of Communication
Whether you use a property management company or you manage your property on your own, you should make sure that your tenants feel like they can discuss any issues they may have with you. Having your tenants know you by name and building a relationship with you can encourage them to see you as a friendly face instead of as someone they simply owe money to. Let them know that they can come to you if there are issues with the property or with paying rent on time. You may be able to work with them to create a plan that keeps the rent paid and the tenants happy.
Make Paying The Rent Easy
Paying the rent should be an easy process. If your tenants need to have the rent mailed to you by the first of the month, you may find that some will be late. This may be because they receive government benefits or their employers pay on the first and 15th of every month. Allowing your tenants to pay online through a property management company or to drop off the rent in person makes it easier for them to pay on time knowing that their checks will clear. Using a property management company can provide your tenants with multiple payment options that meet both your needs and their needs.
Talk to a property management company to find other solutions that help your tenants pay their rent on time every month. Working together, you can find ways to keep your tenants happy while keeping your income source steadily flowing each month. Contact a business, such as CJ Real Estate, Inc for more ideas.
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