In any business, cash flow plays a critical role in ensuring its success because expenses are incurred regularly. Those in the property management field knows just how important it is, and one of the problems that they commonly experience with their tenants is rent delinquency. When payments come late, it can have a negative effect on cash flow.
There are ways, however, to reduce the occurrences of rent delinquencies, such as the following:
Randy Benderson is the president of Benderson Development, a real estate company that his late father, Nathan, built. As of now, the organization is known for being a powerhouse in commercial real estate. For similar reads, click here.
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There are ways, however, to reduce the occurrences of rent delinquencies, such as the following:
- Establish a good relationship with renters: For many people, it can be more difficult for them to pay someone they do not know personally. But if a friendly relationship is fostered with them, property managers can expect them to be more punctual in paying their dues.
- Ensure there is no reason to withhold rent: Tenants have a tendency to withhold their payment if they are not happy with the service of the property manager. But if they are satisfied, they could be motivated to comply with the paying on time
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- Provide various payment options: People appreciate it when they are given several choices on how to pay because there may be instances when they do not have sufficient cash at hand. Payments through online channels or credit or debit card can lessen rent delinquencies. But it is best to move away from checks as these can complicate things further.
Randy Benderson is the president of Benderson Development, a real estate company that his late father, Nathan, built. As of now, the organization is known for being a powerhouse in commercial real estate. For similar reads, click here.
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