According to the Civil Court Data Initiative, there have been nearly 30,000 eviction filings in Norfolk since 2020. In many cases, these filings (and the thousands they cost landlords) could be prevented with better landlord payment solutions.
What is the best way to collect rent in 2024? We're here to talk about the merits of online rent collection. We'll also cover topics including:
- Tenant screening
- Clear lease language
- Tenant relations
Read on to learn everything you need to know about collecting rent in Norfolk and avoiding the eviction process altogether.
Getting Started: Tenant Screening
Our rent collection tips start before you collect the first month's rent. In fact, they start with the applicants you receive for your Norfolk home or apartment.
Tenant screening involves getting an applicant's consent (and often collecting an application fee) to check things like:
- Credit history
- Criminal backgrounds
- Renter history
This is the best way to verify a tenant's income and make sure they seem reliable. While it's not a foolproof plan, it can help you avoid tenants with a track record for late rent payments and resulting evictions. If a Renters Warehouse property manager screens a tenant that you do have to evict, you'll even receive eviction protection.
Clear Expectations: Leasing Language
When was the last time you reviewed the language in your lease? There are many services a great property manager can provide, and one of them is lease oversight.
Your lease needs to serve two purposes. The first is meeting Norfolk and Virginia legal standards. The second is protecting your investment.
The latter involves outlining any rules you expect tenants to follow, like mowing the lawn or leaving the walls white. Additionally, you need to plainly state penalties for late rent and when rent is considered late. Not only does this set clear expectations your tenants can strive to meet, but it can also support your case if you have to take a tenant to court.
Efficient Rent Collection: Online Payments
According to Multifamily Dive, nearly half of US renters are still paying rent via checks. Just because it's happening often doesn't mean it's the right choice.
Modern Norfolk renters deserve a modern way to pay rent. A great property management company can set you up with your own tenant portal, which is the best way to pay rent in 2024. Tenant portals allow tenants to easily:
- Make immediate direct deposits
- Set up automated rent payments
- Report maintenance issues
- Receive important updates and notifications
Encourage tenants to use the automated payment function. This ensures that you get paid each month in full and tenants avoid accruing accidental late fees.
Ready to Access the Best Way to Collect Rent?
You don't want to file a single eviction this year. It's time to adopt the best way to pay rent in Norfolk, and that's our proprietary tenant portal.
Renters Warehouse has been helping investors grow their real estate portfolios with a tenant-centered approach since 2007. Our team of local licensed property managers will provide the exact services you need to maximize profits. Contact us to learn how we do it.
