3 Tips to Ensure You Get Paid On Time

More landlords and investors are outsourcing their day to day workload to companies like Performance Property Management. PMCs are simply more equipped to handle the admin, the complaints, and those pesky late payments. For landlords still considering handing off the management of their property to a PMC, here are 3 tips to ensure you get paid on time.

  1. Reward Early and On-Time Payments

One useful twist on an old standard is to frame up early and on-time payments as a positive instead of late payments as a negative. Consider offering your new tenant a small discount per month for early or on-time payments. You can even add this cost on top of the rent so you don’t lose money when the tenant takes advantage of the discount. Psychologically, offering a positive reward rather than a negative punishment does better to bolster communication, and builds a stronger relationship between you and your tenant.

  1. Use an Online Payment Portal

Just about everyone knows how to pay online these days and prefers it. Email transfers and PayPal are simply more convenient and less effort than writing cheques or handing real money over to someone. Consider investing in one of the many online payment portals to make collecting rent a whole lot easier.

  1. Secure Good Tenants

Ultimately, the best thing you can do to ensure on-time payments is get the best quality tenants. Screen potential candidates thoroughly, check more than one previous landlord reference, and have a look at their social media pages. High quality tenants are the least trouble, always.

The best and most popular option for collecting rent on time in 2017 is to outsource the job to a Property Management Company who specializes in finding the best tenants, and making it easy for tenants to pay. If you’re still a DIY landlord or investor, take our above 3 tips and you’ll be sure to increase your chances of getting paid on time. When you’re ready to make the switch to a PM, get in touch with us at www.performancepm.com.