Rent collection is one of the most important parts of owning a rental property since, without it, landlords can’t pay their bills. There are things a landlord can do to make it easier for tenants to pay the rent on time, even though most tenants want to pay by the due date.
How to Get Tenants to Pay Rent in Denver
One of the challenges of being a landlord is getting a tenant to consistently pay on time. Here are some tips to increase on-time rent payments:
#1: Screen your tenants
Rent needs to be paid on time, so tenant screening is the first step. Here, you thoroughly screen prospective tenants by running a credit check and background check, verifying employment and income, and checking with former landlords to see if they paid their rent.
#2: Give your tenants payment options
Some tenants prefer to issue a check to pay for their rent, while the younger tenants would like everything to be done online. Even if it costs you a little bit more, making it easier for the tenant to pay is a great way to get them to pay faster. Common payment options include:
#3: Explain how they should pay rent
Communicate the importance of paying rent when they move in to get your tenants to pay on time. You and your tenant should go over every lease provision in the lease, especially the ones about rent, due dates, late fees, and consequences for late rent payments. In fact, it’s a great idea to have your tenants sign each page of the lease agreement as you explain the rent collection process to them. Distribute a copy of the signed lease agreement to everyone who initiated it so they can refer to it later.
#4: Charge them with late fees
Collect a late fee to remind renters to pay on time. By charging a late fee consistently, you set the right expectations with your tenants and show them you’re serious about getting paid on time. Make sure to check with city laws because they may require a landlord to give a grace period before assessing a late fee.
#5: Reward tenants who pay on time
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