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Luxury Property Management in Northridge: Getting Timely Rent Payments

Receiving timely rental fee payments can sometimes be a problem, even for experts in luxury property management in Northridge. No matter how fond we are of our Miami income properties, they must still provide income, or they will eventually fail. Below are some tricks of the trade designed to get those rent payments in on time, and even early.

Tips for Receiving Timely Rent Payments

Send out monthly reminders – One of the property manager’s ongoing chores should be to contact each apartment about one week before their rent is due to remind them of their monthly deadlines.
Clarify your terms and policies – Before you hand out the keys to your new occupants, let them know your rental fee deadlines and the penalty consequences if they are not met. Tell them you send out reminder notes to everyone, just as a convenience to your residents.
Create an online payment system – If you have not created a working system for your residents to pay their rents online, it’s time. Sophisticated software that manages online payments represents a boon not only to your renters, but also to you, the landlord, and your property manager or accountant.
Offer rewards for good behavior – Everyone loves a prize. Develop some attractive bonuses you can hand out to residents who make timely rent payments consistently. These can consist of coupons offered by local businesses, physical gifts such as a coffee mug with the community’s logo on it, or deductions on their next rental payment.