With its fertile farmlands, rolling hills, scenic beauty, and various job opportunities, it's no wonder Ohio's Canton-Massillon Metro Area is an ideal place for both solo households and families.
Even better, according to BestPlaces.net, Massillon's cost of living is 21.3% less than the nationwide average. Affordable housing makes it especially attractive for investors and renters. The median home price here is over 100% cheaper, and the monthly 2-BR rent is 60% lower than the average.
However, all those landlord benefits can become moot if rent collection becomes problematic.
Luckily, you've come to the right page. Stewardship Management & Realty will share landlord rent tips to simplify payment collection, so read on.
1. Don't Overprice
One of the most crucial rental income strategies is for landlords to set fair rates. A good enough reason is that you'll have difficulty attracting tenants if you charge more than what your property can rent for. If this happens, you won't have any rent to collect in the first place.
Even if renters agree to your price, they'll unlikely stay long, especially once they find a comparable property that charges less.
A rental property analysis or valuation is a good starting point. The best part is that you can get one for free by connecting with us at Stewardship Management & Realty.
2. Set Clear Lease Agreement Guidelines
Use plain language when drafting (and verbally explaining) the terms of your written rental agreement. Here are a couple of examples:
"The rental amount of $850 is due every first of the month."
"A security deposit equivalent to one month of rent ($850) is mandatory before moving in."
As you can see, the above examples for rent collection terms are easy to understand and direct to the point. By avoiding jargon and technical terms, your renters can avoid confusion about their responsibilities.
3. Offer Various Tenant Payment Solutions
According to YouGov.com, cash "remains king" for in-store payments, with 67% of American consumers paying with cash. As for online activities, credit cards, debit cards, and PayPal lead the way.
With more Americans using online payment methods, it's time to consider letting your renters settle their dues online. It can help simplify rent collection and make payments more convenient to your renters. The simplest way to adopt this strategy is to set up an online tenant portal with a payment platform.
4. Reward Excellent Tenants
Another effective way to facilitate on-time rent collection is to "reward" your tenants with good payment behavior. The rewards don't have to be expensive.
For instance, a $20 grocery gift card for three consecutive on-time rent payments can be enough to make your tenants appreciate you more. The happier they are with you, the more likely they'll remain good tenants, pay rent on time, and renew their lease.
Need Professional Help With Rent Collection?
The strategies above, from proper rental pricing to tenant rewards, can all help improve your rent collection process. However, if you don't have time to enforce them all, don't worry; Stewardship Management & Realty certainly can on your behalf.
Our full-service property management company, based in Massillon, OH, has been around for over 10 years. Our manager, Merle Miller, has 23+ years of real estate investment and management expertise.
Speak with us today for professional property management advice and to request your free rental analysis!
