Have you decided to become a landlord and rent out your property in Denver, Colorado? If so, you're on the right financial track. At the time of this writing, ZipRecruiter.com reports that Mile High City landlords make an annual average income of $89,836, with the top 4% even earning as much as $155,422!
However, regardless of how much your potential rent income can be, it'll be moot if you struggle with timely rent collection.
Keep reading as the Walters and Company Property Management experts have put together this guide on addressing rent collection challenges and tips for getting paid on time.
Offer Various Rent Payment Options
Many consumers today have gone digital when paying for purchases. According to a 2024 survey by Forrester.com, nearly seven in ten online American adults used a digital payment method to pay for a purchase within the past three months in 2023. Many others also used credit cards.
Allowing tenants to pay rent through digital methods, such as debit or credit cards and mobile wallets, can simplify rent collection for both you and them. They don't have to physically go to you or the bank to make their rental payments. Instead, they can simply pay you with a few taps of their smartphone or clicks of their computer.
As the landlord, you also benefit from digital and online rent payments, as the processing of these transactions is typically in real-time. You can quickly track which tenants have already paid and those who may already be delinquent.
Collect Rent Through a Tenant Portal
An online tenant portal is a web-based platform that uses rent collection software. It allows tenants to make direct rental payments using the abovementioned digital methods.
Moreover, you can communicate with your tenants directly using the online portal. Likewise, residents can send you messages or file maintenance requests via the digital platform.
Partner With Walters and Company Property Management
Walters and Company Property Management is a full-service rental property management firm serving landlords and tenants in Denver, Colorado. Hire us to oversee your rental property, and we'll help simplify not just rent collection but the entire leasing process through our high-quality services, which include:
- Rental analysis
- Marketing
- Tenant screening
- Property maintenance
- Accounting and financial reporting
Through our expert services and assistance, we can help you find and screen qualified tenants who can afford to pay rent on time and will care for your property as if it were theirs. We'll collect the rental payments on your behalf and deposit them into your nominated bank account.
Simplify Rent Collection With the Help of Pros
With these landlord rent strategies for efficient rent collection, you can earn excellent income and get paid on time.
So, why not partner with Walters and Company Property Management? Our team members bring many years of combined experience in real estate, property management, financing, accounting, and property maintenance. Our owner, Willie Walters, also has over 30 years of Wall Street expertise as a NASDAQ Market Maker and has, since retiring, pursued and focused on investment real estate.
Are you ready to maximize your Denver rental property income? Then speak with us today. We'll happily provide you with a complimentary property analysis!
