Investing in commercial real estate is usually a smarter move than buying an apartment block. You have fewer tenants to deal with, fewer repair issues, and the rental income potential is higher.
Speaking of income, you have to be on top of your rent collection game. This is because you don't want to spend most of your precious time chasing down payments and handling other related issues, such as issuing receipts.
It's in your best interest to simplify rent collection in your Rockville, MB, commercial property. In this article, you'll find a few practical tips to streamline the process.
Get High-Quality Tenants
There's nothing as stressful for a landlord as dealing with tenants who don't pay rent on time, or who need persistent reminders to honor their obligations. Late rent payments can have an impact on your financial well-being since you have recurring property bills to settle.
You can avoid such cases by ensuring you're bringing in high-quality tenants. Through comprehensive commercial tenant screening, you can identify tenants who are not likely to give you problems. Hiring a screening service is the best way to go about this.
With reliable tenants who make payments on time, you'll have done half the effort job of simplifying the rent collection process. Now you just need to find ways to make paying rent more convenient for your tenants.
Enable Digital Rent Payments
Cash, checks, and money orders are still the most dominant methods for paying rent, even at a time when digital payments are easily accessible.
Many commercial landlords may prefer these methods, but by sticking with them, you're not making life easier for yourself or your tenants. For example, going around collecting cash from tenants is not only hectic but also poses a safety risk.
It's time to digitize your rent collection to minimize late fees. By offering digital payment solutions, you'll empower your tenants to make rent payments online from their smartphones or computers. A tenant who's on vacation won't worry about mailing you a check because they'll pay from wherever they're in the world.
Use Rent Collection Tools for Automation
Accepting digital payments will revolutionize your rent collection process, but don't stop there. Go a step further and automate everything. With today's technology, it's easy to take a hands-free approach to rent collection.
You just need to invest in the right software. It will send payment reminders to tenants, process electronic payments, issue receipts, and track late payments, all on its own. You'll only be required to act when dealing with a delinquent tenant.
Simply Rent Collection with the Help of a Property Management Company
Rent collection isn't the only duty you have as a landlord, but it's the one that determines how fat your wallet gets at the beginning of every rent payment cycle. These tips will help you simplify the process, but if you want the best results, hire a commercial property management company.
PMI Potomac is here to help you streamline rent collection. Based in Rockville, we use state-of-the-art technology to provide high-quality property management services to rental property owners.
Contact us to learn more about our services.
