Whether you're an accidental landlord or an intentional investor, you need a rental strategy that can maximize your profits. As top Atlanta property managers, we know exactly what to do to secure high-yield rental income for our clients.
How do we do it? It all starts with streamlining rent collection to make life easier for our property owners and their tenants.
If you're looking for landlord advice, you're in the right place. Read on to learn how our rent payment solutions and strategies will boost your overall income.
Providing Digital Rent Collection Options
One of the first things you should do is set up a tenant portal. Not only can tenant portals streamline communication and maintenance requests, but they can also enable digital rent collection.
Tenants will receive rent payment reminders and can even set up automatic payments at the beginning of the month. This leads to faster rent payments and fewer expenses for you. According to Multifamily Dive, an increase in digital payments can result in substantial savings for the property owner.
Enforcing a Late Payment Policy
Nothing can take a toll on your rental income quite like late rent. The best way to prevent late rent payments is to penalize your tenants with an additional charge.
Make sure you outline your late payment policy in your lease to set legal precedent. Include the rental due date and the amount of money tenants will owe. For example, you may charge a 10% fee if tenants don't pay rent by the fifth of each month.
Adjusting Rent for Market Trends
Believe it or not, rental valuation is an important rent payment solution. By conducting an annual rental valuation, you can make sure that your rent reflects the wider Atlanta market and doesn't out-price your tenants.
Occasionally lowering rent can benefit landlords as much as tenants. According to a report from Alive, Atlanta landlords have been lowering prices to avoid vacancies while rental supply outpaces demand.
Incentivizing Lease Renewals
A great property manager knows that nothing is more valuable than a lease renewal. When tenants resign, you don't have to pay the high cost of securing tenants in a tough rental market.
To boost your renewal rate, a property manager will work to provide incentives. For example, they may pause rent increases for a year. They may also offer home improvements to tenants who choose to stay, such as new flooring or fresh paint.
Boost Your Rental Income With PMI Perimeter
No matter how you came to own your rental property, it's time to start thinking of ways to maximize your rental income. A great property management company will provide rent collection strategies that ensure on-time payments while boosting your overall ROI.
PMI Perimeter is a top property management company in Atlanta thanks to our nationally-tested approach. Our owner, Bill Ireland, has over 22 years of experience in everything from real estate acquisitions to accounting and beyond. Contact us to access services and strategies that will turn your portfolio into a resounding success.
