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 Property Management
a variety of strategies that you can use to encourage on-time rent payments. Consider the following options:
• Streamline the rent payment process with an automatic payment option and monthly reminders sent to your renter’s email or phone. When rent payments are automated, they become non- negotiables and lead to greater consistency.
• Send out additional reminders as needed, especially if the first of the month falls on a weekend or holiday. Let tenants know where and how they can pay their rent to ensure that it is recorded as an on-time payment.
• Make sure that your expectations regarding rent payments are clear to tenants both during onboarding and throughout the rental term. Provide a tenant handbook, maintain a website with frequently asked questions, or maintain an online library of information in written or video
form so that tenants can refer to it on a regular basis.
• Communicate and enforce late fees when rent is not paid on time. When tenants are aware that you are serious about their on-time obligations, they will become more serious about them as well.
• Consider offering incentives such as rent discounts or credit bureau reporting to encourage on-time rent payment. This positive reinforcement can help your tenants to see the upside of their on-time payment and take it more seriously.
Aside from these strategies, remember that communication is an essential part of staying in the loop with renters. If a tenant loses his or her job or experiences a significant financial hardship, you are better off keeping the lines of communication open so that they feel able to come and talk to you rather than avoiding you and falling behind on their rent payments.
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APARTMENT AGE • NOVEMBER 2021 83











































































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