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Steps to Better Rent Collection

property management in Noblesville, InAt Real Property Management Indianapolis Edge, we help rental property owners meet their goals in property management. Noblesville, IN is a great place to invest in a rental home, and we’re here to ensure everything goes as smoothly as possible with that investment. We want to share some suggestions with you for more effective ways to collect rent.

Rent Your Property to Reliable, Trustworthy Tenants

Screening applicants prior to signing leasing agreements is one way to ensure that your rent will be paid. Have every potential tenant over the age of 18 fill out applications that ask about rental, employment, and credit histories. Perform background checks on all applicants no matter what. You need to check a potential tenant’s criminal and credit history in these background checks. You want a tenant who is going to consistently pay rent on time and who will be responsible with their money.

Be Clear About Your Rent Collecting Policies

Before tenants sign that leasing agreement, explain all of your rent collecting policies. Detail what the actual rent will be every month, (including any utilities) and how tenants can make their payments. It is important that you show your tenant that your rent collecting policies are non-negotiable, and you will not let them off easy month after month. You will have fewer issues with rent collection down the road if you can be upfront and firm with your tenant from the get-go.

Explain the Benefits Of Electronic Rent Payments

If you set up an electronic financial transaction, funds will automatically be sent through ACH into your account. Property management in Noblesville, In is a lot smoother when you use technology. You could lose time and money if you decide you’ll take checks or cash as a rent payment.

Have an Automatic ‘Collections’ Process

You should have an automatic warning by mail that goes out to tenants if their rent is paid late. After the warning, a notice should be sent in writing again. A second and third notice can follow that. Finally, if all notices are ignored, and no rent is paid, you need to evict the tenant from your rental property.

At Real Property Management Indianapolis Edge, we know that the only way to ensure your investment continues to be profitable is to have a steady flow of rent money. Give us a call today to find out how we can improve your rent collection process.

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