One of the most common difficulties facing owners dealing with property management in San Diego is dealing with renters who are late with payments. Money that comes in late could lead to you putting off repairs, possibly overdrafting a bank account, or simply being late paying yourself and your vendors. Below are a few ways you can reduce late payments and make your life easier in the process.
One simple way for those involved in residential and commercial property management to increase timely rent payments is by creating a payment reminder system. Around three days prior to the due date send out an email blast or text to your renters to make sure they are aware of the impending date.
Another way residential property management professionals can increase timely payments is by enabling electronic payment. For many, having to physically write a check, find a stamp, and mail a payment is a hassle. There are software options for making payments online, or you could consider accepting payments through Venmo or PayPal.
If late payments are a consistent problem, you might want to consider starting to charge late fees. Some renters might find the implementation of late fees as a shock, but as long as it is implemented fairly and consistently it should not be a problem. Additionally, you need to document all communication mentioning the late fees and you should consider allowing a grace period and not charging for payments sent by the due date even if they were not processed on time.
A final, easy way to reduce late rent payments is by hiring a property manager. Your manager can increase communication with your renters, provide valuable expertise, and help implement a stronger payment policy moving forward. Many owners of rental properties have other businesses and daily concerns and tracking down late payments or communicating with irresponsible tenants can be a hassle. With a property manager, this minutiae is handled by an experienced professional, leaving you free to relax and address other concerns.
These are just a few simple pieces of advice to keep in mind when dealing with late payments. If you need more advice or have other questions about how to collect rent on your rental property, please reach out to Melroy Property Management and Investments at (858) 780-5111. Our professional and experienced staff is ready to help you in any way.property management in San Diego