- COMMUNICATE
Tenants are humans. They can be busy and forget about rent.
Regular communication between Agents or Landlords and Tenants is the surest way to make tenant prioritize payments of rent above everything else. Sending messages, texts, calls, etc., long before rent expires help greatly.
www.rentremit.services platform ensures weekly communication with tenants via emails, text, phone calls, physical visits and inspections.
2. IMPOSE PENALTY ON LATE PAYMENT
Tenants will most likely pay rent late if you do not put policies in place to discourage it. Include surcharge for late rental payments in the Lease Agreement. And when a tenant fails to pay after SEVEN DAYS/TWO WEEKS/THIRTY DAYS, you should send them a notice to pay the rent plus the late fees/surcharge, or else they’ll have to face eviction. Ensure you enforce this policy. Other tenants are watching.
3. HIRE A MODERN RENT COLLECTOR
Rentremit Global Limited is a special and strictly rentremittance agency with seasoned property management professionals trained in Nigeria and abroad. The firm uses technology and modern methods to handle rent collection and tenants’ management in a way that ensures high profitability for Landlords.
4. PROVIDE DISCOUNTS AND INCENTIVES TO REWARD EARLY PAYMENTS
Incentives such as gift cards, shopping vouchers and discounts as low as 1% or more to tenants who pay promptly shows the tenants that you appreciate their efforts. Just make sure that you don’t end up losing money with your discounts and incentives. Rentremit ensures that without affecting your rental income.
5. ATTEND TO LANDLORD REPAIRS PROMPTLY
Not all repairs are to be fixed by the Landlord. Rentremit can help you identify which repairs are tenant repairs (to be carried out by the tenants) and which ones are Landlord repairs. Attend to the Landlord repairs promptly as soon as you are informed. This strategy is very powerful too.
6. COMMUNICATE WITH YOUR AGENT OR TENANT EVERY MONTH BEFORE RENT EXPIRES
Your tenants are busy with their lives, so it’s possible that they just forgot to pay the rent. To prevent your tenants from forgetting, send them a copy of their invoice five to seven days before their rent is due. It’s best to also send them a text to remind them about their financial obligations.
7. HIRE A PROPERTY MANAGER
Collecting rent each month can be a hassle, especially if you live miles away from your rental property. Even if you accept electronic payments such as PayPal, keeping track of all payments isn’t an easy task. If you find that these tasks are taking too much of your time, you might want to hire a property management company. This way, you’ll have a dedicated property manager who will handle everything from sending invoices to collecting rent.
8. AUTOMATE WITH RENTREMIT
Automation is the new world order! Whether you are a retiree or still very active in business, it may be impossible for you to keep up with the tasks of frequent reminders to your tenants, inspections, sending of mails/letters and records keeping.
Rentremit provides 24/7 reporting system to both tenants and Landlords. We also help Agents keep track of all records and transactions about each property/tenant and Landlords.
With rentremit, you can go to sleep. Your rents will hit your accounts without delay and reports are readily available and accessible on your phone or mobile devices from any part of the world.
Click this link to chat with us on whatsApp: https://wa.me/2347036040387?text=
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Visit www.rentremit.services to learn more
Lagos Office: 15, Duduyemi Street, Egbeda, Lagos. Source/Article Credit: Rentremit Team