Collecting Rent from Tenants Made Easy with Golden Property Managers

On-time rent collection is an important part of your investment strategy when you’re renting out a property. You need to make it as simple as possible for your tenants to pay, and you have to ensure you have a consistent and enforceable rent collection policy.

Rent collection is one good reason to work with professional Golden property managers. Most management companies will have a sophisticated software system that allows residents to make their payments online through a tenant portal. At Laurel Property Services, we even accept utility and security deposit payments online. It provides a seamless, convenient, and efficient process for us and our residents.

Today, we’re sharing some rent collection tips that may help you get the rent paid consistently on time and with minimal hassle.

Reference Rent Collection in Lease Agreements

Include your rent collection process in your lease agreement. You’ll need to provide all the necessary information about rental payments and how they are handled. The lease should include information about how much rent is due, when the rent should be paid, how it can be paid, and whether there are grace periods in place. You’ll also need to provide information on the penalties for paying late, which might be a late fee and lead to eviction.

Be specific and clear. For example, perhaps rent is due on the first of the month, and then considered late on the fifth of the month. Late fees should be a percentage of the unpaid rental amount. Stipulate all of that in your lease.

Lease Enforcement Includes Rent Collection

Once you have the rent collection policy in writing, it’s important to enforce it. This is easy for a professional property manager, who can track rent payments, send the proper notices, and charge the necessary late fees. Don’t make excuses for tenants or allow them to take advantage of you. If you let your tenants pay late one month without consequence, you’re going to leave them thinking they can always pay rent late.

In a normal Golden rental market, there’s no reason not to stick to the letter of your lease. With the COVID-19 virus resulting in an eviction moratorium for residents who have been financially impacted by the pandemic, you may have to work with tenants who cannot pay rent or are struggling to pay on time every month. Work with them and try to get payment arrangements in place. Collect what you can.

Offer Different Rent Collection Methods

Offer Different Rent Collection MethodsMost tenants today prefer paying for everything electronically rather than writing out checks and looking for stamps and envelopes. No one wants to go to a mailbox or drop off rent in person. Property management companies like ours provide online portals for tenants to easily pay rent. You’ll want to consider providing a similar service if you’re managing your own rental home.

Remember that while this is often the preferred way to pay, it’s not the only way. Some of your residents may not be as comfortable with technology, so give them other options when it comes to paying rent. Let tenants pay with a check or a money order if they’d prefer. As long as your tenants have options, they’re likely to meet their rent payment obligations.

We can help you get your rent paid on time in accordance with your rent collection policy. If you’d like to talk about our professional Golden property management and leasing services, contact our team at Laurel Property Services, Inc.

4.9/5
4.9 /5
66 Reviews

Google
4.0/5
Feb 28, 2021
Google Laurel Property Services
We overall had a good experience with Laurel Properties. I would recommend reading your lease carefully (as you should anyways) because for us there was a clause that if we wanted to move out we still had to pay rent until someone else rented it. We weren’t allowed to have a subleaser and had to wait for Laurel to find someone. We agreed to this and did end up moving out sooner than expected but Laurel put the ad up and was able to find someone within two months. The maintenance was always quick to respond and Laurel gave us notices for various issues within the apartment complex as a whole whenever they occurred. The only reason I am giving 4 stars is because of our move in day. We were told we couldn’t get in until about 3pm because maintenance was still in our unit cleaning and fixing things. We drove to the unit and sat there with our moving truck since we had nothing else to do and didn’t see anyone go in or out for about an hour. We even started bringing our things up the stairs to put in the storage area and knocked with no answer. So we went in again to ask for the keys and they said maintenance was still there even though we knew no one was in the unit. Finally we got our keys and the first thing we notice is how disgustingly dirty the place is. Long black hair everywhere, fingernail clippings, food stains all over the kitchen, dirt, dust... just gross. I love to clean so we got over it but then noticed that many things were broken: door handle to the porch was hanging off, toilet seat was nearly falling off, the oven door couldn’t open more than 3 inches, and worst of all, there was a bag full of trash stuffed into the garbage disposal. We put in maintenance requests for all of these things and they were fixed within a couple days but it was really frustrating to have them not allow us to move in until 3pm because “maintenance is fixing things” and walk in to a dirty place with far too many maintenance issues to deal with. Laurel seems like a group of nice people but they need to do better about the move in process and cleaning units.
Google
5.0/5
Feb 25, 2021
Google Laurel Property Services
I have worked with Laurel Property Services for many years as a property owner. They have always given me confidence that they are working hard for me to address whatever needs may arise. From advertising to rental agreements and repair items, the staff works as a great team to make it happen. They care about their clients, have lots of experience which gives me confidence that my property is in good hands.
Google
5.0/5
Feb 25, 2021
Google Laurel Property Services
Always so great to work with and they take great care of our renters.
Google
5.0/5
Feb 23, 2021
Google Laurel Property Services
When we decided to hire a property management company we chose Laurel Property Services because they had such a great reputation in town. We are so happy we did, they have managed our rental property with the highest degree of professionalism and we couldn’t be happier! It is such a relief to know that our property is in great hands, we never have to worry about a thing. Plus, the ladies in the office are so fun to work with, we are so lucky to have them representing our rental!
Survey
5.0/5
Jan 22, 2021
Laurel Property Services
After a year like 2020 along side covid19 wave of events I'm thankful Laurel Property had put things into order when I was having related plumbing issues next to the bar beneath my residence. Happy new year to Laurel Property
Survey
5.0/5
Jan 17, 2021
Laurel Property Services
I really, really appreciated all of Crystal's help! She was absolutely wonderful, incredibly knowledgeable, kind, and acted swiftly on all of my requests. Please pass along this message to her and her direct manager.
Survey
5.0/5
Jan 12, 2021
Laurel Property Services
Job completed
Survey
5.0/5
Jan 12, 2021
Laurel Property Services
We had a difficult situation with our property which was nobodies fault, but Laurel Properties handled it very well and we’re very accommodating through the whole thing. Sondra was amazing and very helpful
Survey
5.0/5
Jan 12, 2021
Laurel Property Services
Great job responding to a leaky toilet and shower. They were able to fix both timely in a professional manner. Thank you.
Survey
5.0/5
Jan 8, 2021
Laurel Property Services
The whole process was very fluid and everything works flawlessly.

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Golden, CO 80401

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