Rent Collection is Key for Richmond Property Managers

Real estate investors hire Richmond property managers for a reason. While they expect them to efficiently handle the day-to-day operations required for their rental properties, they also expect them to collect monthly rent payment from their tenants as well. Obviously, this is how investors make their money. Therefore, it's critical that property managers in Richmond learn how to collect rent, on time, from all tenants.

This may seem easy, unless you've been managing area rental properties for a while. If you've been a Richmond property management professional for long, then you know how evasive some renters can be. There is only one way to stop this problem. You have got to be strict when it comes to collecting rent payments. If you aren't, renters will continue to take advantage of your leniency. Below are a few tips to help you better handle tenants who like to pay late.

1. Pick Up the Phone - A lot of Richmond property managers wait two or three days before they try to contact a "late rent" tenant. Don't make this mistake. Let the renter know you know exactly what day it is and that they missed the deadline.
   
   
2. Make an Unexpected Visit - Another mistake a lot of property managers Richmond make is that they rely strictly on a phone call to prompt a tenant to bring in the late rent payment. If you make a phone call one day and there still isn't a rent payment brought to you by the next day, make an impromptu visit to the tenant's house and ask for it.
   
   
3. Don't Wait to Evict - Finally, don't wait to begin the eviction process. Too many Richmond property managers wait a month without collecting rent before they choose to start the process. If you've called and stopped by your tenant's house and they haven't paid rent, it's time to evict. Every month that goes by without a rent collection, and there's a tenant in the house, that's another month of lost profits for the investor.