Updated over 5 years ago on . Most recent reply
What did you do to maximize rent collections?
I own multifamily properties across the U.S. (GA, TX, FL) and recently implemented a plan to maximize rent collections. I wanted to share some of the tactics that have helped us collect over 99% of rents, and would love what you have done to increase collections, so we can all learn from one another.
Here it is:
- early birds discounts of $50 per month (if someone paid rents in March for April, they received a $50 discount)
- flex payment plan - tenants who lost their jobs can make partial payment and the rest of the unpaid rent is amortized over the life of the lease
- sharing valuable information with our tenants re the PPP/EIDL loans for small business owners and independent contractors, nearby charities that provide food and necessities, information on unemployment applications, local businesses that are hiring right now, etc.
- Walmart gift cards for tenants who have lost their jobs
- switching to Rhino to allow tenants use their security deposits to pay rent in exchange of singing on a rental insurance ($5-$10/month)
- keep an honest and open line of communications with our tenants, and letting them know we are there for them.
How did you handle rent collections?