How to improve your rent collection times

Operating a successful rental business relies on your ability to collect rent, maintain strong relationships with tenants and implementing business systems that allow you to scale. RentMindMe property management software allows you to do all of the above. Since cash is king, let’s take a minute to talk about how RentMindMe improves your rent collection times.

Leveraging automation

RentMindMe handles the billing for your rents, whether you have single family, multi-family or commercial properties. When setting up your lease, you have the option to choose when your initial rent reminder will be generated. We recommend setting this to 3 days to provide ample time for your tenants to transfer money and be ready for the due date. However, you can configure the rent reminders to trigger anywhere from 5 days before rent is due or less.

Configuration by lease

RentMindMe lets you configure your automation by lease so you can customize the timing of your rent reminders. In addition to configuring your rent reminders, you also have the ability to start a lease as month-to-month. In the event, you have decided you’d like to implement online rent collection but don’t have a defined lease end date, you can still leverage RentMindMe for rent collection. Simply indicate your month to month arrangement as you setup your lease, the rest is handled for you.

After the initial rent notification

As the billing cycle continues, RentMindMe sends another notification to your tenants on your due date. This is why we recommend sending the initial notification 3 days before rent is due.  In the event you allow for a grace period, RentMindMe will send another rent reminder the day before rent is considered late, allowing your tenant to avoid costly late fees.

Paying rent is easy

RentMindMe’s notifications allow your tenants to conveniently pay rent at the click of a button. We not only make it easy to pay but our consistent, unbiased communication keeps the need to pay rent top of mind for your tenants.

Enforcement of late fees

RentMindMe lets you specify whether you charge a flat fee, dollars per day or both for late rent payments. Once your tenant is late, RentMindMe applies the necessary late charge to your tenant’s open invoice and notifies them daily until rent is paid. The benefit to you is that you don’t have to hound your tenants when rent is late.

Ready to make self management of your rental properties easier?

If you like the idea of moving rent collection closer to the due date than your late date, we are ready to help! Sign up today and use promo code 60FREE to get your first two rent collection cycles on us. Still have questions? We’re available anytime by calling 419-318-0664.

For related information, check out our rental management tips blog.

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