Having a good rent collection policy can help you receive rental payments on time while helping your renters avoid payment issues. Before developing your rent collection strategies, make sure that you have a thorough screening process to select renters with a strong credit rating, good rental history, and stable income. Once you have qualified occupants, implement strategies that make paying rent simple for them and rent collection will be easy. Here are seven strategies that can streamline your rental collection process for on-time payments every time:

1. Design Clear Lease Agreements

A well-written lease communicates your expectations so your renters know exactly when and how to pay rent. Clearly state when rent is due. Then, list where your renters can make payments and all your accepted payment methods. Lastly, add any specific details about penalties for late and non-payments such as late fees or eviction.

2. Add A Payment Portal To Your Rental's Website

Simplify rent collection for everyone and add a payment portal right to your rental's website. Your renters will have a simpler way to pay, while you'll have an easy way to collect and track payments. Consider using rent collection payment portals like TenantCloud, Baselane, and Rentec Direct.

3. Implement A Rent Collection App

Rent collection apps are another digital payment method that simplifies the rent payment process. With an app, you and your renters are able to track all rental payments in one place. Consider using rent collection apps like AppFolio, RentRedi, or PayRent.

4. Simplify In-Person Payments

Offer both digital and in-person payments so no matter your occupant's payment preference, they can easily pay rent. Accept payments at the office and with a 24-hour dropbox

5. Automate Payment Systems

Automating rent payments is the easiest way to make sure you collect rent on time. By setting up automated systems like direct deposit with your occupants, you will receive on-time recurring payments. Automation also eliminates manual errors from both parties.

6. Accept Multiple Forms Of Payment

Accept payments by check, cash, credit and debit cards, PayPal, Venmo, and any other relevant payment method. By accepting more forms of payment, you make it easier for your occupants to pay you.

7. Send Automated Reminders

Automated notifications can remind occupants of upcoming rent due dates. Send reminders up to a week before rent is due and the day before by text or email. Follow up promptly with reminders if your occupants miss payments, including late penalties when applicable.

Developing the right rental collection policy will help you keep cash flow consistent and build trust with your occupants. Occupancy Solutions can help. Since 1986, we've helped property managers design effective strategies to increase occupancy and earnings. From policy development to asset management to reputation management, we'll help you grow your business.