As a landlord, you have no doubt heard more than one tenant say, “the check is in the mail” only to find yourself waiting long after the date the rent is due. Sadly, even your best tenants can slip up and forget to turn in their rent check on time occasionally. By the time you wait for all the checks to show up, process them, and deposit them all in the bank, you can burn up several hours. Given the amount of technology, most of us have become comfortable with using, this stress is no longer necessary.
Build a Relationship with Your Tenants Using Email
Be sure to get your tenants’ most commonly used emails, however, you should avoid overusing them. You can send out a monthly newsletter or two, but don’t get carried away. However, using email is a great way to send out gentle reminders that rent day is coming. Create catchy headlines that will get the attention of your tenants and make them want to open them. If you can, personalize them as this is more likely to put your tenants at ease and let them see you care.
Put Social Media to Work
Chances are good that most, if not all, of your tenants, have a Facebook or Twitter account of both. You should have both for your rental company and make sure you use them by adding frequent updates. While trust might be an issue, try sending a friend request to each of your tenants and then using the various forms of social media to send out rent reminders or notifications about maintenance.
Point Out the Convenience of Electronic Rent Payment
Your life is already extremely busy and chances are so are the lives of your tenants. Writing out a check only takes a few minutes, but by the time you add in running to the mailbox or post office to mail it, you are talking about a fair amount of time. This is a good time to point out how much time using an electronic form of rent payment will save your tenants. Not to mention how much money it can save them.
Offer Your Tenants Options
There are several forms of electronic payment you can allow your tenants to use. These include electronic checks/ACH, one time and recurring debit, and a range of credit card options. All of these payment methods let your tenants think they are in charge of the entire process when in all reality, it is you that took charge of ensuring they pay their rent on time.
Depending on the laws in your area, you may have the option to make electronic payments the only form of payment you will accept. If legal, add this to the lease paperwork so that your tenants know up front what is expected of them. Not only does this give your tenants the convenience and peace of mind they want, but it also helps to ensure the rent gets paid on time every month.