Ever heard the phrase, “go with the flow”? Well, in rent collecting, you can’t just, “go with the flow” if your tenant pays rent late time and time again. If you want there to be a continuous flow of cash in your pocket, then you need to enforce strict rental collection policies to protect your investment. At Real Property Management Indianapolis Edge, we know the importance of stable rent collection. Property management in Indianapolis can only be effective if you communicate clearly with your tenant about your expectations for timely rent. Here are some suggestions for enforcing the rent cycle.
Set the Expectations Early for Your Rent Collecting Policies
Before new tenants even sign their leasing agreement, be completely clear and straightforward about your rent collecting policies. Your tenants need to know how much they will be required to pay each month, where and how they can make their payments, which days rent is on-time or late, and the consequences for a bounced check or failed payment. It is imperative that you go over all of your policies with your tenant, and show them your unyielding attitude up front. If you can get your point across at the leasing agreement, there will be far fewer problems with rent collection in the future.
Technology is There, So Use it!
If you set up an electronic financial transaction, funds will automatically be sent through ACH into your account. Direct deposits simplify the rent collection process and keep all the money in one place. Accepting cash or checks as rent payments is not effective and could actually lose you time and money in the long run. For responsible property management, Indianapolis landlords need to have careful money-handling policies in place.
If an Eviction is Necessary, Follow Through
It can be difficult to evict a tenant from your rental property, especially if they have leased from you for a long time. However, the only way to ensure your investment continues to be profitable is to have a steady flow of rent money. If the tenant simply doesn’t pay, then you need to evict them. Real Property Management Indianapolis Edge offers eviction services that are legal and effective.
At Real Property Management Indianapolis Edge, we are the experts in rental property management. Indianapolis landlords trust our efficient and practical rent collection processes to keep their cash flowing. We protect you and your investment by enforcing the rent cycle. What are you waiting for? Contact us today to find out more!
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