After months of preparation, you finally found a tenant for your Lake Havasu, AZ, rental property.
In that case, your next step should be implementing strategies to help with prompt rent collection. While the best tenants will likely pay rent on time, there are things you can do to encourage them to do so consistently or even pay early.
We've shared some tips to help you get started, so read on.
On-Time Payment Incentives
You can give your tenants incentives if they consistently make on-time payments. The incentives need not be expensive, but they must be helpful.
Let's say you allow your tenants' pets on your property. After three consecutive on-time payments, you can give them pet toys or treats for their fur babies. Another idea is a gift basket with human- and pet-friendly goodies.
Your tenants will likely appreciate you even more because your gift isn't only for them but also for their pets, which, to 97% of pet-owning Americans, are part of the family.
Alternatively, you can give tenants a small discount for on-time or early rent payments. It can be as little as $20, and your tenants will still appreciate you because every dollar counts.
Convenient Rental Collection Methods
Making rental payment collection as convenient to your tenants as possible makes it easier for them to pay rent on time. They'll also have fewer reasons they can use to delay payments.
For instance, you can use innovative property management software to set up a landlord-tenant portal. That way, you can accept payments online from debit cards, credit cards, mobile banking apps, or digital wallets.
Rules for Late Rent
Under Arizona law, Lake Havasu landlords can charge tenants late fees for rent. The maximum is $5 per day of late rent payment. They can start charging this if the tenant fails to remit the payment six days after the due date.
Since every dollar counts for most people nowadays, paying late rent fees is one of the last things most tenants want. So, establishing these penalties is a good way to enforce your lease. Knowing they'll pay extra if they remit rent late may encourage them to always pay on time.
Attention-Grabbing Payment Reminders
When you send payment reminders to tenants, start with a note about the incentives or discounts they can get when they pay early. That may work better than one that begins with a message about late rent fees. You want them to look forward to paying rent on time, not feel scared.
Simplify Rent Collection
The best tenants won't make rent collection difficult for you, so you should also make it easier for them. Establishing incentives, discounts, online payment methods, and late fees can all encourage them to pay rent on time.
At PMI Lake Havasu, we have the tools, technologies, and team to simplify rent collection for landlords and tenants. As a full-service property management company, we specialize in property marketing, tenant screening, accounting, maintenance, and evictions. You can also rely on our numerous residential guarantees, including our Pet, 21-day, and On-Time Rent guarantees.
So, call us today! We'll happily discuss how we can help maximize your rental income while you sit back and relax.
