Collecting the Rent: Proven Property Management Techniques
Approximately 11% of all American renters are delinquent on their rent payments, and the rental delinquency rate is over 20% in many states.
At American West Realty and Management, we excel in efficient rent collection. Our professional approach results in a monthly delinquency rate of 0%.
How Do We Do It?
First, we provide a range of rent payment options for our tenants. They can make secure online rent payments through our tenant portal using a checking or savings account, debit card, or credit card. Tenants preferring in-person payments can bring cashier’s checks, money orders, or personal checks to our office. If our office is closed, tenants can drop rent payments in a secure drop box. We also partner with payment processors in Cody and Powell that accept cash payments on our behalf, making the rent collection process convenient and accessible.
Second, we enforce strict but fair tenant payment policies to encourage timely payments. When a tenant has a late payment, we follow a structured process to help them get back on track. Here’s an overview of our rent collection procedure:
- Rent is due on the first day of each month.
- Wyoming law provides a 3-day grace period.
- A one-time late fee is applied if payment hasn’t been received in full by the fourth day.
- If the rent and late fees are not paid by the tenth day, we issue a 3-day Pay or Quit Notice.
- If payment is not made in full within this period, we file for eviction in court.
Managing rent collection requires experience and a well-organized system. While this blog post provides an overview, professional property management involves more detailed processes to ensure smooth tenant relations and rent compliance.
If you’re a landlord in Cody or Powell and rent collection is a hassle, consider hiring a professional property management company like American West Realty and Management. With our reliable property management techniques, we can protect your rental income, property, and peace of mind.
