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Collections – What You Need to Know

calendar with date circled when bills are due with calculator and cash on tableWhen you own rental property, your goal comes down to the amount of rent you collect. It would be nice if you were always paid the rent on time and the check cleared without problems. However, that rarely occurs 100% of the time. Even with careful resident screening, your residents can run into unexpected financial situations and your payments are no longer coming in on time or regularly. Your rent collection process should help your cash flow be as regular as possible.

Set the Rent Expectations Early

Real Property Management Investment Solutions has been successful in encouraging successful rent collecting when the process starts with the careful screening of your potential residents. When you have a vacancy, it is a temptation to rent your home as quickly as possible and not be as careful as you should be with your resident choices. We are patient and make sure your potential resident has a high enough credit score and is able to prove an income sufficient enough to be able to pay the rent regularly as well as has sound rental references. An applicant should earn at least three times the amount of the rent for your unit. Then, at the lease signing, we let your residents know Real Property Management Investment Solutions’ expectations and policies with regard to rent collection. Good communication from the start makes us strict, but fair, with policies that are easily understood from the beginning of their residency.

Technology Payment Process

A rent-collecting process that is technologically based is a secure and convenient way for your residents to pay their rent. Real Property Management Investment Solutions has an online collection option to reduce rent collection delays. When the rent is collected, this automated system also works for the property owner giving a direct deposit from the collected rent to the owner. Keeping the rent collection process professional and not personal, with understood expectations, gives us the tools for a more successful renting experience.

Automated Collections Process

An aspect of rental property management in Grand Rapids, Michigan that is never pleasant is the business of collections when a resident doesn’t pay the rent. Even the best-screened residents can have personal issues arise which can negatively affect their ability to pay rent. With an automatic collection process, the moment rent is not collected, automated notices can be sent to the resident. These notices can be scheduled easily and speak to your residents with respect. As soon as the law permits, an eviction process can be started with a non-paying resident so your days without rent can be as few as possible.

Clear rent policies along with a secure technology platform through Real Property Management Investment Solutions will help your Grand Rapids’ rental property collections run smoothly.

If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!

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