Late Payments
Property managers understand the value of timely rental payments in terms of cash flow. Even the best tenants can have a financial emergency that taps into their rent, but when this happens on a regular basis, it causes cash flow issues & reduces your return on investment.
3 Options Realty, offers premium property management in Alpharetta, can assist you in reducing late payment cases of your rental properties in Alpharetta, GA & nearby areas.
Overview
Provide Clear Instructions
Provide clear instructions before signing the lease agreement. Property managers can help you set expectations for your tenants about rent payments from the first day, pointing out when it is due or any late fees: payment options or use of the tenant portal. Aside from rent, take advantage of this opportunity to go through the lease to avoid inconveniences.
Provide Payment Options
Landlords usually stick to one method of payment, especially if it has been working for a long time. If you continue to require tenants to write checks, this can cause problems. You don't want to waste time dealing with bouncing checks. A property management company can assist you in providing tenants with payment options such as credit card, direct banking, preauthorized debit, EFT, or debit card.
Automate Reminders
Some tenants make late payments simply because of laziness. This is a common issue for people with hectic schedules, and it can be solved by automating reminders a few days before the rent is due. While reminders may appear to be a minor step, they have a significant impact on payments. Implementing an automated message is simple and inexpensive.
Charge Late Fees
As previously stated, landlords must go over the lease with tenants and provide clear instructions. Late fees are additional charges imposed after the due date. They should be specified in your lease to ensure that everything is clear. Property managers and landlords should consistently enforce policies, ensuring tenants understand what happens if rent is not paid on time.
Have An Arrears Strategy
Arrears can reduce your ROI by restricting your cash flow. A reporting dashboard can help you see arrears across your portfolio and implement effective payment collection strategies. If your tenants' balances carry over from one month to the next, we recommend automating a series of reminders and warnings. Reminders keep tenants on their toes and let them know you're paying attention.
Get In Touch
Address 555 Sun Valley Dr Suite B4, Roswell, GA 30076
PhoneNumber
(678) 397-1282
Website https://www.3optionsrealty.c
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