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 Mike Dunfee Group, 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 Make Paying Rent Easy
We make paying rent easy for tenants with our online tenant portal that can be accessed 24/7. 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 third party retail establishments like Seven Eleven and Walgreens. We can take checks when necessary as well. At the Mike Dunfee Group, we believe that tenants are the landlord’s valued customers and treat them as such.
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We Make It Hard To Forget
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 Mike Dunfee Group, we believe that taking the extra step shows how much we truly care.
We Confirm Receipts
All electronic rent payments are sent an automatic confirmation of receipt. This simple step helps tenants see that their rent has been received and the absence of this message lets them know that it has not been received. Otherwise, a tenant may have thought that the rent was paid when for some reason it did not go through. We also like to look at this as another touchpoint opportunity for constructive relationship building.
We Keep Rent Collection Professional and Not Personal
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.
We Follow The Law and Document Everything
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. Our automated systems and processes help make documentation automatic so we are always prepared.
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