An article by Bank Rate shows buying a home is about 37% more expensive than renting monthly. It's no wonder many residents in Long Island prefer to live in rented property, which means a steady income for landlords.
While there is a high demand for rentals, you may still struggle to make the best profits due to poor rent collection. Improving the process will prevent income loss and save you time.
Here, we'll discuss efficient rent collection methods you can apply to your Long Island property. We'll also cover how local property managers streamline the process and help you recover your investment.
Give Tenants Flexible Ways to Pay Their Rent
Offering multiple rental payment methods can help you get paid on time. Here are a few popular options to consider:
- Automatic payments
- Online payment portals
- Mobile payment apps
Some tenants may forget to pay their rent on time due to a busy schedule. But with automatic payments, they don't have to set reminders or wait for you to contact them. Online and mobile payments will also increase convenience and avoid stressful visits to the bank or ATM.
Offering several tenant payment options will simplify keeping up with rent even when on vacation or away from work. Even if tenants can't use one rent payment technology for some reason, they can still rely on others to prevent delays.
Communicate Efficiently for Easier Rent Collection
Clear communication can help you avoid delays or incorrect payments. Ensure your tenants know when rent is due and what happens if they don't pay it on time.
If you notice some tenants have difficulty paying their rent, send reminders before the due date. You can text or email them or liaise with a Long Island property manager for the nudges.
Other helpful tenant communication strategies to help with rent collection include:
- Let tenants know how to reach you if they have financial hardship
- Send monthly rent newsletters
- Invoice your tenants when rent is due
Build Good Relationships With Tenants
Tenants who feel respected are more likely to prioritize paying their rent, which streamlines collection on your end. Here are some tips to help you build better relationships:
- Address maintenance requests quickly
- Ensure all your policies are fair
- Appreciate your tenants for paying rent on time
Your tenants may experience unexpected challenges, making it hard to pay rent on time. For example, they may lose their job or have a medical emergency.
If a tenant communicates a financial difficulty, consider a temporary solution, such as a payment plan or extension. When they feel supported during tough times, they are more likely to fulfill their obligations and renew leases once their situation improves.
Simplify Landlord Financial Management With PMI Lighthouse
Rent collection will be easier if you offer several payment methods and build a good relationship with your Long Island tenants. It's also good to keep in touch with them, send payment reminders where necessary, and work with a property manager to make the process stress-free.
PMI Lighthouse is part of a fast-growing national franchise managing over 20,000 commercial and residential units. We use the latest tech and payment systems to streamline rent collection and maximize revenue for landlords. Contact us for full-service property management in Long Island.
