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Maximizing Rent Collection: Tips and Strategies for Jacksonville Landlords

Maximizing Rent Collection: Tips and Strategies for Jacksonville Landlords

Did you know that eviction fillings have increased by 50% since before the pandemic? This rising number is only increasing as property managers become more stressed.

Luckily, rent collection does not have to be a hassle every month. Keep reading to learn how you can optimize your rental income and improve payments in Jacksonville, Florida.

Use a Jacksonville Property Management Service

Rent payments should always be secure, fast, and easy to make. If you're still using checks or cash to collect rent, it's time to make a change.

Collecting rent should be done online through a secure portal. When seeking landlord advice, you may come across property management services.

Acquiring these services is the first step towards easier rent payments. However, they can fix all of your problems. Let's discuss more landlord advice to help with your rent payments.

Have a Set Date for Rent Collection

In Jacksonville, Florida, most rent payments are due on the first of the month. The mistake many landlords make is having unclear due dates for rent.

Always outline these dates in the lease signing process. This way, the tenant knows what they're agreeing to before renting.

It's not advised that you change these dates due to holidays or other events. Doing so will show tenants an unclear due date which can result in missed payments.

Have a 3-Day Grace Period

Having a 3-day grace period can help you secure rent payments. A 3-day grace period gives tenants time to get their finances in order.

Not to mention, it's less likely that they could forget a payment with a 3-day grace period. After the grace period, enforcing a fee would be acceptable.

Knowing that a fee is coming up would also help tenants get their payments in on time.

Never Give an Exception

After a 3-day grace period, tenants should have their finances in order. Unfortunately, there are instances where a tenant may need more time to make rent.

In these circumstances, you may want to give more time without any added fees. Although this may seem like the right thing to do, it creates an opportunity for them to take advantage.

Not to mention, if you allow it for one person, then you'll have to allow it for everyone else. Doing this only creates chaos and you will not be able to keep track of your payments.

Send out Reminders

Life can get busy and tenants could forget that it's the first of the month. Sending out an email to remind tenants of their rent is a good idea.

Many times they will appreciate a landlord who is on top of their game. Not to mention, you could save them from getting late fees by sending a quick reminder.

The Best Landlord Advice

Rent collection doesn't have to be a hassle every month. Luckily, this article has taught you some great tips on how to ease this process. However, even with the best advice, you still need help.

Luckily, here at Nest Finders Property Management, we've been helping Jacksonville landlords for over 15 years. Our expertise is unmatched along with our one-of-a-kind services.

Contact us today to receive a quote for services.