3 Ways to Improve Your Rent Collection for Safer Experiences

Among the different parts of America that have been hit the hardest by COVID-19, Jacksonville has experienced the most changes to its business landscape, economy, and overall life.

Although it was once known as the most open city in the US because of its carefree lifestyle, it’s clear the city’s once-happy-go-lucky lifestyle is no longer existent due to the changing times. The effects brought about the Coronavirus have not only affected the way the city’s residents live, but also the way businesses work, resulting in closures and restructuring. 

For the property management industry, conditions have become quite challenging as more landlords and owners are forced to make adjustments to the way they operate. Keeping enforced social distancing guidelines in mind, the city’s property managers have had to take on additional measures, such as no-contact communication and limited visits.

While the pandemic has genuinely taken its toll on the way landlords manage and take care of their business, the task of collecting rent has also become far more difficult. Seeing that it’s one of the most contact-heavy aspects of property ownership and management, it’s clear that safely managing payments while avoiding the sickness is harder than it sounds.

A few tips for safer experiences

Thankfully, there are a few tips that you can use to ease up the whole collection process by exploiting several openings for safer experiences. If you’re currently struggling to find a more reliable and manageable way to collect rent from your tenants amid the pandemic, here are three essential pointers you can rely on: 

Tip #1: Make adjustments to your payment schemes

Seeing that the pandemic has left many people jobless or strapped for cash, your tenants are most likely in the demographic of struggling citizens as well. This essentially means that they may not be as flexible or capable of paying rent in full as they previously were.

It is essential to tap into your compassionate side as a landlord or property manager by making accommodations to encourage tenants to pay when and what they can. Although you may not necessarily be getting the full payment at a time, getting partial payments can help you recover baseline expenses to make sure that you still have a source of income. However, it’s vital that you put it in writing that their partial rent payment isn’t capable of satisfying their full rental obligation so that your kindness won’t be abused!

Tip #2: Opt for online payments

In this time where a virus is rampant and attaches to nearly every surface, it’s best to avoid cash payments as much as possible to minimize your risk of contracting the sickness.

Fortunately, digital evolution has made online payments a widely-accessible tool for any business and consumer so that obligations and payments are made accordingly—rent included. Whether you prefer to use PayPal, Stripe, online banking, or any other form of digital means, it’s best to encourage your tenants to make their monthly payments online to ensure that both of you are protected!

Tip #3: Hire a helping hand if you don’t have the time

Whether you’ve spent more time disaster-proofing your home, stocking up on supplies, or keeping your other businesses and streams of income afloat, this pandemic has likely eaten up more of your time.

Admittedly, it has left most Jacksonville property owners and landlords with less time to handle their rent-related obligations to the point where they miss out on collecting payments. Fortunately, you won’t have to stretch yourself thin while keeping your income in check if you hire a property management service—such as Quest Real Estate—to take care of your obligations on your behalf!

Conclusion

Although it is undeniable that the COVID-19 pandemic has affected businesses and reworked the way they operate, the property management industry has experienced the most changes by far, especially in terms of payment. If you’re a landlord or property manager struggling to collect fees safely, following the three tips mentioned above can ease up the whole process in no time! 

We’re a property management company in Jacksonville with more than 35 years of experience providing expert-quality commercial and residential management services. Get in touch with us today to learn more about how we can help you effectively handle your property’s needs!