Houston, Dallas, and Fort Worth are three of the largest cities in Texas. Unfortunately, these landlords filed more than 37,000 evictions in these three cities in the first quarter of 2022.
Landlords want to avoid evictions, as they cost money and create extra stress. But landlords must evict tenants when they fail to pay their rent.
As a landlord, you might want to find ways to avoid evictions and improve your rent collection efforts. In other words, do you want to make rent collection a breeze? If you can do this, you can avoid evictions.
Here is a guide full of tips and tricks to help you achieve this goal.
Inform Your Tenants About the Options
Collecting rent is a vital part of owning a rental property business. One way to improve this part of your business is by properly informing your tenants of the payment options.
Each time you select a tenant, you'll ask them to sign a lease and other documents. When you do this, you can explain the options they can choose from for paying their rent.
Additionally, you can give them a document that shows all the options. They'll have no excuse for not paying their rent if they know all the payment options you accept.
Of course, choosing great tenants is also important, as they'll likely pay their rent on time each month. And once you find good tenants, you'll need to work hard to keep them.
Offer Online Rent Collection
Many people pay most of their bills online today. Therefore, it might be helpful to create a system that lets your tenants make online payments.
Accepting online payments is beneficial for tenants and you. First, it's simple for tenants to make online payments. Secondly, it's convenient, as they can do this from anywhere.
As a landlord, it simplifies the process for you, as you won't have to collect and deposit the money. Instead, the payments will automatically deposit into your account.
Hire a Property Management Firm
Of course, outsourcing the job is the best way to improve your rent collection efforts. You can outsource by hiring a property management firm for your rent-collecting efforts.
You might start by choosing the right property manager for the job. Next, you can hire them to collect the rent for your business. Finally, you might hire them for other services relating to your business.
Property managers specialize in rental property management. As a result, they'll use the most effective methods for collecting rent for you.
Improve Your Rent Collection Efforts for the Many Benefits
Improving your rent collection efforts provides several benefits. First, it increases cash flow for your business, which is vital for every rental property business. Secondly, it helps you avoid evictions.
Hiring a property management firm to help with this issue is an excellent solution.
Contact us at Terra Residential Services for help. We offer property management services in the Houston area and can help you with rent collection and other property management services.