Harrisburg may be the best place in Pennsylvania to be a landlord. According to ZipRecruiter, this is where landlords in PA earn the most, making an annual average income of $92,884.
However, that doesn't mean you, as a Harrisburg landlord, can already expect to make that much or more. It's even less likely if you always face rent collection problems.
Luckily, the experts at Hometown Property Management are here to help. Keep reading to discover essential landlord rent tips to facilitate on-time and efficient payments.
Find Responsible Tenants
Efficient rent collection starts with finding quality, financially responsible tenants who can pay rent on time. To find such tenants, screen each applicant thoroughly using:
- Credit checks
- Income and employment checks
- Rental history checks
- Criminal background checks
Another way to find good tenants is to allow pets on your property. Pet-owning renters are generally responsible because they know how difficult it is to find pet-friendly rentals. So, once they find a place that welcomes their furry family members, they'll likely do everything to be able to stay, including paying rent on time.
Use an Online Landlord-Tenant Portal
According to Forrester, digital payment is now the most used payment method in the United States. In 2023, nearly 70% of online American adults funded a purchase using a digital payment method.
With the ever-growing number of digital payment users, you should consider offering your tenants the ability to pay online. They'll likely appreciate you for doing so, as it makes things more convenient for them.
One way to offer digital rent payment methods is through an online landlord-tenant portal with embedded rent collection software. It allows tenants to pay online through digital wallets and cards.
The best portals also have other nifty features like cloud storage and messaging. Cloud storage allows you to organize and easily access rental documents online. The messaging feature lets you send automated rent collection and property inspection notices.
Reward Early Rent Payments
Incentivizing payments made before the due date can help you collect rent earlier and more efficiently.
For example, you can give your Harrisburg tenants a small discount of $10 if they pay seven days before the due date. Another idea is to reward them with a $50 grocery gift card if they pay early for six consecutive months.
Implement a Late Fee Policy
Per World Population Review, Pennsylvania landlords can charge late fees without caps. However, they must still be reasonable and indicated in the lease. For instance, 5% of the monthly rent would be sensible, but 10% would be too much.
A late fee policy can help improve rent collection, as most people wouldn't want to pay more than necessary.
Rent Collection Made Easy
Now you know that some of the best ways to improve rent collection include using an online portal, incentivizing early payments, screening tenants, and allowing pets. With these strategies, you'll likely have an easier time collecting rent payments.
Better yet, consider getting our company, Hometown Property Management, on board. As a full-service property management company, we'll help you collect rent on time by finding responsible tenants. We're so confident in the quality of our services that we back them up with not just one but five guarantees!
So, get in touch with us today, and we'll happily give you a free property analysis.
