Collecting rent on time every month will help you keep a consistent cash flow and balanced books. These are three professional New Jersey Property Management tips that we use to make sure rent is coming in on time with our tenants.
Maintain the Correct Contact Information
Make sure you have the most up to date contact information for your tenants. You probably have all the information they provided when they signed the lease, but current phone numbers and email addresses are key to having both an automated and a personal way to get in touch with them. Email your tenants reminders every month when rent is due. If the due date passes, call them on the phone to let them know that rent is late. This sounds simple, but you’d be surprised at how often people change their phone numbers and email addresses without telling you.
Hold Tenants Accountable When They Pay Late
If your tenant is late and cannot pay in full, make sure you get a Promise to Pay in writing. This should reflect the agreed-upon amount and when it will be paid. This will help with accountability and keep them on track. Don’t let any tenants get more than one month behind in rent.
Act Upon any Default
Finally, hold those tenants to the promise they made to pay. A default on the payment plan should be acted upon accordingly. Move to a Pay or Quit notice and begin the eviction process if you don’t receive payment. This ensures you receive your money or you regain possession of the property sooner rather than later.
Here’s a bonus tip – keep good records. This makes it easier for you to manage your business. Anything from a handwritten journal to an excel spreadsheet will work, or you can use a more sophisticated program like QuickBooks or a property management software program.
If you have any questions, contact us at Realty Solutions, and we’d be happy to help you.