Collecting rent is the most fundamental duty of a property management company but is often the most underestimated task of all. It seems pretty easy when you have the perfect tenant and all is going well. At the NoMi Property management, we have realized that having the proper rent collection systems in place helps mitigate problems when they occur as well as reduces the chances of you ever having a problem in the first place. We ensure property owners get their money quickly and always keep them informed.
We make paying rent easy for tenants with online portal of Zelle or automatic transfer with their banks. Today’s tenant prefers online access and expects to be able to pay rent electronically. We strongly encourage all our tenants to pay their rent automatically and electronically. We will take the time to assist tenants who need help setting this up when necessary. For those who have issues making auto pay work for them, we also have a system where tenants can pay at our office. We can take checks when necessary as well. At the NoMi Property management, we believe that tenants are the landlord’s valued customers and treat them as such.
We automatically send out friendly reminders to all our tenants 2 days before rent is due. This extra communication may not be legally required but this nice reminder occasionally makes the difference. At the NoMi Property management, we believe that taking the extra step shows how much we truly care.
Tenants prefer and respect a high level of professionalism during rent collection. We have found that being polite, professional, and firm delivers the best results. We are timely in charging late fees, posting 3 Day Pay or Quit notices, and starting legal eviction procedures. We make sure to proactively communicate with the tenant and don’t get caught up in a bunch of complicated stories. This is a common mistake we see especially in self-managed properties. If a tenant gets too far behind they will never get caught up. It is our job to be an intermediary and take this task out of the landlord’s hands.
There have never been so many laws and rules regarding the collection of rents. We make it our business to stay on top of all the new tenant-landlord laws. We have systems in place to document everything. Having solid documentation is key should you ever run into trouble. We have found it is the best way to protect ourselves and our clients.