8 Property Management Tips to Always Get Your Rent

Property management tips to get your rent on time

29 Dec 8 Property Management Tips to Always Get Your Rent

Having tenants can be easy, as long as your property manager completes background checks and has fool-proof tenant screening processes in place. This article covers 8 property management tips to help those investment property owners who do not have a reliable property manager and are having trouble getting rent from their tenants

Eight Property Management tips to ensure you always get your rent.

  1. Don’t rent to a tenant who you think may struggle to pay. Stick to the 33% rule: if the rent is more than 33% of the total household income the tenant is at high risk of falling into arrears.
  2. Be very clear about your expectations and ground rules from day one. Spell out exactly what you expect in terms of a rental amount, payment date and frequency, what is covered by the rent, penalties for late payment, breach process, and all the relevant procedures. This can be a lot of work which is why most landlords prefer hiring a property management company to deal with it.
  3. Make sure your instructions are clear and non-negotiable – and give them to your tenants in writing. Go through the document with them verbally before they move in.
  4. Give your tenants a rent due to date calendar at signup – but also send text or email payment reminders before the due date of payment.
  5. Set your tenants up on a direct debit if possible.
  6. Avoid multiple rent payments from share tenants – insist on a single payment. Also, never accept part payments if a tenant or share tenants fall behind.
  7. Do not renew the lease of a tenant whom you have constantly had to chase for arrears.
  8. Keep all communications in writing (in the case of legal action) and be meticulous with your records.

Fahey Property Management Ltd is a specialist Residential Property Management company located in Central Auckland, managing Auckland rental properties and Hamilton rental properties. We offer our clients a friendly, professional service that removes the stress of managing tenants, maintenance and financial matters. Fahey Property Managers brings a wealth of rental property management and tenant consultancy experience to provide both landlords and tenants with a stress-free property rental experience. Contact us today.