Tips to Encourage On-Time Rental Payments

Admin
Published Date: 2023-09-13

All sorts of things can come up that cause a tenant not to pay their rent on time. This can be frustrating for anyone who has invested in corporate housing. The good news is that are a selection of ways to encourage tenants to make payments on time. Below, we’ll share a few of the best options.

Offer Flexible Payment Options

Bank accounts, credit cards, checks, and more are all forms of payment for corporate housing. Some tenants prefer one while others want an alternative. The best thing you can do is set things up so tenants can pay the way they want. This helps prevent unnecessary roadblocks that can lead to payments coming in later than expected.

Make sure you have the means to organize and track payments by tenant, property, and platform for the best results.

Ask for Tenants to Turn on Autopay

Another great way to ensure you get quick payments is by asking your tenants to set up autopay. This means neither you nor the guest in your corporate housing has to worry that things will end up late. Some landlords offer a discount for autopay but whether or not you do that is completely up to you.

Incorporate Late Fees

Late fees can have a huge impact on tenants as they don’t want to pay more for sending a payment beyond the due date. In some cases, this process can be automated, while in others you may have to handle it manually. Either way, it means more money in your pocket if a tenant does pay the bills late.

Be a Great Property Manager

If you’re new to property management, it can be challenging to remind tenants about rent. You want to make sure you’re personable and friendly, but it’s also important to be professional and establish that you run a business that requires payment. It’s part of business and something you will have to learn to do.

CHBO Rental Manager

When you use CHBO Rental Manager, we make sure rent payments are placed directly into your account. Tenants can even set up autopay so you have no concerns about being paid each month. Online payments are completely free for landlords and tenants who pay with ACH also have no fees to worry about. Visit our website to learn more about how it all works.