Most people don’t have the energy to deal with collecting rent from their tenants each month. Trying to wrangle all of that information and chase down late rent takes up a lot of time. For some property owners, collecting rent can feel somewhat awkward. This is especially true when renters can’t pay, decide not to pay, or who are always paying late and trying to finagle their way out of paying late fees. When you work with our Las Vegas property management company, you won’t have to worry about collecting rent. We’ll take care of it all for you.
Rent Collection Service
The rent paid by your tenants is part of your monthly cash flow. You need that money to ensure you’re paying the mortgage on time. Our rent collection service is meant to help make your life easier. Our methods of rent collection are fast, reliable, and transparent. We work to make sure that you’re always receiving your rent payments from tenants on time, and we strive to get that money into your hands as quickly as possible. Ideally, you’ll have the money in your account within a few days at most.
We also believe in keeping the property owners aware of what’s happening with their property, including the rent collection. This helps to provide you with a better overall understanding of whether your tenants are paying on time, if they’re late, etc., as well as what our team is doing about any issues.
How Do We Determine Rent Amounts
The amount charged for rent in your property can’t be decided arbitrarily. Determining the rental rates is an art and a science. Researching the area to determine the current going rental rates for properties that are similar is the first step in determining the right amount of rent to charge. This can give you a good idea of what to charge, but it’s also important to look at some of the benefits, features, and amenities of the property that might allow for a slightly higher rent.
It’s also important to keep in mind what people are willing to pay and what’s too much. Just because you want to charge $2,000 for rent to help pay down the mortgage on the place faster doesn’t mean it’s viable. Renters will be few and far between. We have the experience and knowledge needed when it comes to determining the best rent amount for properties like yours.
Rent Collection Methods
Several methods can be used for the rent collection rather than just one or two. Providing tenants with multiple means of turning in their rent is needed, as it can make things easier and more convenient for them. This often means that the rent gets turned in on time.
When it comes to rent collection methods, we offer collection through regular mail, drop-off locations, rent collection in-person, and the option to collect rent online. It’s easier on the tenants and you.
Online Rent Collection
If you prefer not to have face-to-face communication when it’s time to pay rent, this is an excellent alternative. It’s possible that discussions and excuses from renters about why they can’t pay their bill for the month might ensue. This frequently causes headaches and aggravation for you as a landlord, and it’s just an unpleasant experience when paying rent. Pay rent online is a great opportunity especially during these uncertain times of in person meeting. Let our property management company set up a way to collect rent online for your rental properties.
In Person Rent Collection
When you pay rent in person, you have to go to your rental property and collect or set up a location where you can both meet securely to pay rent, which has its advantages. You will have to drive to your rental property to collect or set up a place where you may meet safely, and you will have to spend money on gas doing this.
If the renter informs us that they are unable to pay their rent for the month, we may talk with them about it to ensure that they have a good cause. We might be able to come up with a solution where they have an additional three to five days to pay before something else is done. If the tenant understands that we will be coming to knock on the door to collect the rent it often lights a fire under them to get it in on time.
Rent Collection Through The Mail
This is an alternative, but it isn’t the most effective or safest method of collecting rent. You’ll be at risk of not receiving the cash payment if money is sent through the mail, and it will take a few days to arrive after the tenant has mailed it off. There have been numerous occasions when cash or checks have gone missing in the mail
Rent Collection Drop Off Location
We may also encounter a situation where your tenant does not send the required amount of money on purpose or they could simply make a mistake and send the incorrect amount. As a result, you’ll have to wait 3-5 days to get your money back, plus there’s a chance that it’s wrong, which isn’t the greatest position to be in
This is a great option if you may have tenants that don’t like the idea of paying rent online. The only downside of this method is that the tenants may decide to just not show up at all to drop off the rent. In which case we will have to communicate with them and let them know that they will have to honor their word and drop off their rent money each month.
How We Deal with Bounced Checks
Bounced checks are a serious problem that can end up costing you money in fees. There should be a clause in your lease regarding bounced checks, late payments, and similar issues. If the bank charges a fee because someone provided a bounced check, it’s important to try to recover that amount from the tenant. We will make sure that your rent is collected and that the tenant understands the consequences of bouncing a check.
How We Deal with Delinquent Payments On Your Rental Property
Late payments happen on occasion and our property managers are experienced in dealing with these situations. With a long-term tenant that has never had a problem in the past, you might not want to charge a late fee. However, when you don’t charge late fees, these issues will often continue to crop up and you may be dealing with continual late payments. We believe it’s important to ensure that the renters are being responsible and paying on time. Late fees are one of the ways to help make that happen.
We’ll talk with the tenant about the late rent to get a better sense of what happened and why the payment was late. It’s important to treat everyone fairly, but we also hold people accountable for their actions. We make sure that you are getting the rent that you’re supposed to be paid.
When is Rent Due On Your Rental Property?
Typically, the due date will be the first of the month for rent. This tends to be easiest for everyone. It’s a good idea to have all of the rental due dates for properties you own to be on the same day of the month, as it helps to make the bookkeeping easier for you.
However, there may be instances when a different due date will be chosen, such as the 15th of the month. It’s easier to be aware of when there are late payments, as well. If you have someone who is paying on the 15th, it’s often possible to work out a plan to get them on board to pay on the first of the month instead.
How We Handle Late Fees
In each of the lease agreements we have, we include information regarding the rental payment requirements. This includes when the rent is due, the amount of the rent, and any late fees that will be accrued when the rent isn’t paid on time. Having late fees and ensuring the tenants are aware of them helps to incentivize the tenant to pay on time.
How Often Can You Increase Rent Rates?
You might be wondering whether and when you’ll be able to increase the rental rates for your properties. When you can raise your rates and how much you can raise them will often vary by state laws. In Nevada, there is no cap on the rent, which means that property owners can raise it by as much as they want. However, they are required to give the tenants a notice of at least 45 days. Additionally, you’ll want to consider the other rental rates in the area. If you raise them too much, it will be difficult to find renters who can afford the place.
The Benefits Of Having A Property Manager For Rent Collection
Having a property manager company like Wasim Faranesh Real Estate and Property Management oversee your rental property is probably your best bet to a hassle free way to receive rent payments. You do not need to worry about any of the above as they handle it for you. This saves you time having to drive around, make calls, and knock on doors trying to collect rent. With years of experience managing properties we will be able to make sure you get paid on time every month. Not only that if you choose us as your property management company then we can handle a whole slew of other tasks such as tenant screening, inspections and maintenance, security deposits, credit report review and many other tasks.
If you have any further questions or concerns then give us a call and talk with our property managers today. With years of experience in the property management Las Vegas NV, we are more than happy to help you with your investment property.