Making sure new tenants pay their rent in full and on time can be a bit difficult, especially when everyone involved is still trying to feel out the situation. However, there are several strategies you can use to ensure that your new tenants are comfortable with their payment options and that they pay when they should.
Use Online Payment Services
One of the best ways to ensure new tenants will pay their rent on time is to use online services. Though you can continue letting long-time residents come to your office if it is easier for them, having the option of letting your new tenants pay online will put the responsibility squarely on their shoulders. It also can’t make it any easier for them to get their payments made, as many of these programs offer reminders for residents, and payments can be made from almost anywhere.
Use Automatic Payment Services
Many online services also ask residents if they would prefer automatic payments taken out of their account each month. This will save them the worry of forgetting to pay and save you the concern of not receiving payment on time. In addition, you can also offer incentives to those who sign up for automatic payments, like a discount on their rent.
Reward On-Time Payments
While most residents expect to be penalized for not paying their rent on time, you can also reward those who do or those who pay up early. For example, you can offer a free gift card to those who make 5 early payments in a row or a discount on the rent the following year if residents never once make a late payment. This is a great option to get your new residents fired up to pay on time.
Start Out with a Clean Slate
Because your tenants are new, it’s a good idea to start them off with a clean slate and the benefit of the doubt. This means you will expect them to pay on time and not give them the impression you believe they will give you trouble, even if you have had tenants in the past who did. This will make them more likely to take their responsibility seriously and to work with you in whatever way is best for you both, no matter what that means.
Get Started Today
Try these suggestions. They don’t take much time or effort to get started, and it will make your life much easier when you receive payments promptly every month.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.