“Invest in property!” they said.
There’s no doubt that real estate is a valuable investment and a brilliant way to secure your financial future. However, being a landlord is very seldom a stress-free endeavor and comes with a host of challenges.
Topping the list of these tests of fortitude is, undoubtedly, rent collection.
We’re exploring the value of rent collection services and what benefits they offer to landlords here in Charlotte.
What Are the Benefits of Rent Collection Services?
For clarity, rent collection services are provided by agents who manage the payments from your tenants on your behalf. Additional services include following up on late payments, tenant screening, or negotiating payment arrangements on your behalf. Below are the top five reasons why smart landlords choose to work with a rent collection company.
1. Save Time
Ask any landlord you know, and they’ll tell you that managing a rental property and tenants can be a full-time job. We don’t always have the time (or the inclination) to spend our free time chasing up rental payments.
Using a rental collection agency is an efficient way of getting your rentals in on time. Effective record-keeping, timely reminders, and consistent follow-up by a dedicated and professional team take the headache out of rental payments. If you have multiple rental properties, then the time saved becomes substantial.
2. More Payment Options
The days of picking up a check from your tenant are dwindling. Most people handle their bills online today, which is a faster and easier way to both pay and track rentals. However, not all landlords are familiar with the payment tools or how to collect rent effectively. Rental collection agents work on multiple platforms to offer the easiest payment options to your tenants.
Not only does this added flexibility allow get the money to your account faster, but it has been shown to increase on-time rental payments. Options such as recurring or scheduled payments are simple to set up, which makes paying rent one less thing for your tenant to worry about.
When rent collection agents follow up on late payments, many offer the option to pay immediately using credit or debit cards; these payment choices are not always available to landlords.
3. Added Security
Surprisingly, 16% of landlords don’t run a criminal check on prospective tenants. When you consider the cost and stress of evicting a delinquent tenant, it’s easy to see why both credit and criminal checks are a necessity. This essential service is included in the services offered by good rent collection agencies.
4. Improved Relationships
It pays in the long run to enjoy good relationships with your tenants. These can quickly turn sour, though, when money issues arise. Rent collection services remove the need for financial discussions between you and your tenants.
Additionally, the consistency of billing methods, reminders, and follow-ups provides a transparent system that eliminates queries and disputes between all parties.
5. Unexpected Issues
Landlords are, essentially, self-employed. What happens then if you fall ill or you want to travel or take a vacation? Knowing that you can rely on your rent collection agents to continue collecting payments when you’re not available is a welcome relief.
Simplify Your Life
Making use of reputable rent collection services is the best way to collect rent for those who want to simplify their property management business.
Would you like to know more about how partnering with Carolina Property Management can save you time, money, and stress? We’d welcome a call from you and look forward to taking the burden of rental collections off your shoulders.
