Your tenants keep paying their rent late and it’s causing you problems with your rental property investment?
Here’s a tip from a Philadelphia Property Manager that might help.
Create a rent reminder that will be sent automatically to the tenant each month. You like automatic - you want your rental property to pay you passively and without you having to do as much! It’s extremely simple it can be done a variety of ways and it’s free! See article on tenant selection
As a property management company we of course have involved software solutions that handle every aspect of rental property tenant management; including rent reminders to tenants and also auto-pay; but here’s a basic way that gets the job done.
Schedule an event in your favorite online calendar. Something like Google Calendar is free, and very easy to use.
- Open the calendar.
- Click to create the event.
- Label it something like “Rent Payment Reminder.
- In the notes you can add anything you think might be helpful like the mail to address.
- Click to open up the recurring event window.
- Select that it will recur three days before the 1st of every month.
- Share with the tenant by adding their email(s).
Rent reminders will reduce your late payments. It might not completely eliminate them but they will help reduce them. Rent reminders accomplishes a few things: It reminds the tenant who simply might forget to pay the rent otherwise, it gives the tenant that you, the landlord is paying attention and you knows when the rent is due.
And It shows the tenant that you want your rent. As odd as that might sound to you, but tenants that want to pay their rental payment late, want to believe the landlord isn’t paying attention, doesn’t care and doesn’t need it anyways.