One of the signs of a successful rental business is when a landlord profits from it. Of course, it is possible if the tenants are religiously paying their rent. If a landlord can collect the correct amount for rent during the due dates, he will not have a problem. Unfortunately, some tenants have a habit of not paying on time.
Of course, renters sometimes fail to pay rent because of unforeseen circumstances, but those are exceptions. The problem is when the tenant constantly and intentionally avoid the landlord every time the rent is due. Whenever this happens, the landlord will feel the stress of convincing someone to pay. If you read until the end, a Canadian rental agent like you can confidently give tips to landlords on how to collect rent and keep their cool why doing it.
Tip Number One: Use Technology
In this day and age, only a tiny percentage of people do not use technology in their daily activities. The goal of using the latest technology is to make things easier for all of us. Collecting rent, included. Some landlords still like the old-school way of getting the rent – in person and in cash. It allows them to check out the rental and check-in with the tenants.
However, doing the old way will take up a chunk of the landlord’s time, especially if the tenant is not always around. If the tenant wants to avoid paying, he can leave the property during collection time. But if the landlord utilizes online transactions, the tenant will have no excuse to avoid paying. It is also easier to track because fund transfers have records.
Tip Number Two: Straightforward Policies
Before the start of the lease, landlords can discuss their policies with the tenants. It is crucial to let them know the rules from the get-go to make them understand that the landlord is firm in his policies. The landlord should communicate this with the tenants clearly and have them ask questions.
The landlord should let them know the amount they have to pay and when they should pay it. He can also present them with options on how they can give the money for rent. The landlord should include the consequences for late payments in the lease agreement, and he has to be consistent about it.
Tip Number Three: Saying thank you
The tenants work hard to pay the rent on time, and I believe that deserves appreciation. Sometimes showing how thankful the landlord is for them can have an impact. Once the tenants see that the landlord recognizes their efforts to become good tenants, it will motivate them to maintain what they’re doing.
The gesture does not have to be fancy or expensive. The thought that went with the thank you gift is enough for the renters. The landlord can send fruit baskets or gift cards to tenants who consistently pay the rent on time. He can also host small get-togethers to spend time with them in a relaxed atmosphere surrounded by neighbors.
Tip Number Four: Communicate with them
The landlord should maintain a professional relationship with his tenants, but it does not mean being distant from them. If they only see him during rent collection, they will get the impression of a scary landlord. If they do not foster a good relationship with the landlord, they might not cooperate with the policies.
The landlord should make an effort to visit his tenants from time to time and check how they are on the property. It will give them opportunities to voice out their feedback, and they will feel heard. Communicating with the tenants personally and being friendly with them will help build trust.
Happy tenants are more than willing to follow the rules. If they are satisfied with their homes and landlord, they will surely return the favor. Collecting rent does not have to become a stressful task. The key is finding good tenants and becoming a good landlord to them.
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