Strategies to ensure tenants pay on time

  Strategies to Ensure Tenants Pay Rent Checks on Time

All landlords crave an ideal situation where their tenants pay rent checks on time. Unfortunately, this is not always the case. Some tenants will likely experience hiccups and fail to make rent check payments on the agreed time. Untimely rent payments can happen severally either due to tenants' forgetfulness or financial hardships. 

If you are a landlord who is struggling with tenants whose rent checks are always late, there are strategies that you can implement to remedy the situation. Below are six strategies you can implement to ensure timely payment of rent each month.

1. In-person Communication with Your Tenant 

It is essential to communicate with your tenants one-on-one on the issue of late rent check payments. When the behavior persists, talking to them will help you understand why they pay late and whether that will change. It will also be an opportunity to clarify the rent due dates and highlight possible consequences as stipulated on the lease contract. 

2. Introduce Online Payment Methods

The use of cash or paper checks is an outdated payment method. It would be best to consider whether hiccups associated with this obsolete method could be the course of late rent check payments. If that is the case, it will be prudent to consider introducing online payment. Online payment is more simplified and will increase the likelihood of your tenants paying on time.

3. Send Rent Checks Reminders 

Thanks to modern-day technology, landlords have the means to communicate with their tenants remotely, such as emails or phone numbers. As a landlord, you can utilize these communication channels to send reminders on rent checks to tenants who are always late. 

4. Introduce Payment Incentives

They show gratitude and appreciation when your tenants pay rent checks on time. For instance, tenants could earn a discount on rent when they pay their rent checks on time. A discount strategy can be applied if it does not affect business profitability. For instance, ensure the rent is higher to cover the discount incentive.

5. Impose a Penalty Fee for Late Payment

To curb subsequent late payments, the lease contract between you and the tenants should prescribe consequences for late payment of rent checks. Tenants are more likely to pay on time to avoid penalties. 

6. Hire a Property Management Company

Sometimes tenants fail to pay their rent checks on time due to a lack of adequate follow-up. Hiring a property management company can ease the burden of a landlord who is constrained to collect rent checks and follow up promptly. Property management companies will manage the property on your behalf, collect rent checks, and do day-to-day follow-ups.  

Notably, tenants have an obligation to pay their rent checks on time, just like property owners have responsibilities to keep the property habitable. If you need any assistance on property management, feel free to contact Leaf Management. We guarantee the best and exceptional service. 

Flooring Replacements

 When To Replace Existing Flooring Based on Materials' Lifespan

Different types of flooring have different lifespans. Aside from unexpected damage and stains, the material used plays a critical role in determining how long your flooring lasts. Every material differs in longevity and durability. However, the material is just one among various factors that dictate the duration a floor will remain in good condition. Other factors include:

• Installation
• Quality of the material
• Regular maintenance
• Amount of traffic

Below is a quick guide to help rental property owners and investors determine the appropriate time to replace existing floors and what materials are best. 

1. Tile Flooring

Tile flooring is one of the most durable options on the market. With proper installation and care, tile floors can last for 5 decades. However, tile is not indestructible. Heavy traffic, dropped objects, and poor maintenance can lead to cracked or chipped tiles. 

2. Carpet Flooring

Carpeting is not as durable as tiling, but it can last several years with proper care. The average lifespan of a carpet is 5-7 years. However, this can vary depending on the quality and amount of traffic. High-quality, low-traffic areas can see carpets lasting up to 25 years. 

Carpet padding also affects the durability of your flooring. The most favored foam-based carpet padding, Rebond, lasts 10 years. However, high-quality padding like urethane can last for 25 years.

3. Vinyl Flooring

Vinyl flooring is a popular choice for rental properties because it is durable and easy to clean. However, vinyl is not as durable as tile or carpet. The average lifespan of vinyl flooring is 10-15 years. 

4. Hardwood Flooring

Hardwood floors are a classic choice for rental properties. They are relatively easy to clean and maintain and can last a lifetime with proper installation. The average lifespan of hardwood floors is 100 years. However, the elegant glossy shine of wood flooring will start fading after 25 years. 

5. Synthetic Wood Flooring

Synthetic wood flooring is a popular alternative to hardwood floors. It mimics the appearance of real wood and is more affordable and easier to maintain. The average lifespan of synthetic wood flooring is 15-25 years. 

 

Although some flooring types have long lifespans, you may need to replace them sooner due to unexpected damage, poor installed and maintenance. Rental property owners and investors should consult with a flooring expert to determine. 

Increasing Property Security

 3 Ways to Increase Property Security Without Deterring Prospective Tenants

Security is a key aspect that any home owner considers as a top of priority for his tenants. Leaf Management estate emphasizes the importance of enhanced security measures, even if privately installed, to protect clients in case of any eventualities.  

Why Enhance the Security on Your Property?

The world is very unpredictable, and so it's better to be safe than sorry where home security is concerned. A protected house is less likely to attract burglars as the intruders prefer easily accessible property. To avoid any possibility of negative branding of insecurity, the property owner can install discreet and effective security measures that are not conspicuous to potential clients. 

Below are three ways to enhance security without deterring potential clients:

1.    Clear Any Bushes, Trees or Shadowy Areas in the Property

Trim any bushes, hedges and trees that may conceal the main entrance to the house. Mow down the grass to lit up any dark and shadowy areas in the compound. A well-lit and clear compound will not conspicuously appear as security measure to a potential tenant, but it will effectively deter any potential intruders. 

2.    Install Private Motion Sensors 

Install motion sensors lights to light up dark areas lie the backdoors and the side of the house, that are rarely visited at night. Whenever there is a movement in the darkness the motion sensors light up. Since the sensors only light up at night whenever they is a movement in the dark, the client will not perceive their installation as a sign of insecurity. 

3.    Install a Video Doorbell

With a video doorbell, a tenant is able to monitor and answer front door calls from anywhere.  The doorbell allows the client speak to visitors at real time and can also detect motions at the door.  A client may consider the video doorbell an efficient and convenient feature, while it also enhances security on the property. 
Yes, it's prudent and advisable for a property owner to enhance the security in his own, but can also do it inconspicuously to avoid any negative image to potential clients.  The installed security measures can be discreet and at the same time effective. 

Sincerely,

Strategies for Late Rental Payments

 4 Strategies To Deal With Tenants Whose Rent Checks Are Always Late

Nothing can be more frustrating for a landlord than tenants who always pay their rent a little late. Such behavior can frustrate your efforts, disrupt your cash flow and make it challenging to keep track of your property investment. If you find yourself in this situation, below are a few strategies you can use to try and rectify the issue.

1. Talk to your tenants about the issue

Having a sit-down and discussing the issue with your tenants is always the first and most reasonable approach. By talking with them, you can work out a solution that works for both of you. However, if this conversation does not bear fruit and the tenants continue with late rent payments, it might be time to consider other stricter, more efficient options. 

2. Hire a property management company

If dealing with late rent payments proves too much of a hassle, you may consider hiring a property management company. A property management company can handle all aspects of rent collection, from sending out late payment notices to evicting tenants who fail to pay their rent on time. This measure can take the stress and frustration out of the rental process for you.

3. Switch to electronic payments

Switching to electronic payment is another measure you can use to deal with late tenants without the constant stress and frustration. Electronic payment systems can automate the rent collection process and make it easier for you to keep track of payments. Additionally, many electronic payment systems allow tenants to set up automatic payment measures that deduct rent from their bank account on the same day each month.

4. Introduce a late payment policy into your rental agreement. 

If late rent payments become a recurring problem despite the above measures, you could introduce a late payment policy into your rental agreement. Such a policy can stipulate that tenants who pay their rent past a specified date will be penalized by being charged a certain fee. This approach can incentivize tenants to pay their rent on time and help you recoup some of the costs associated with late payments.

Improvements that Depreciate Quickly

 4 Home Improvements That Depreciate Quickly

Home improvement is one of the best strategies for increasing your home or property value. The list of home remodeling projects with a high return on investment (ROI) is endless. However, you should know some trendy remodeling projects depreciate quickly. This article will look at 4 home improvement projects that will depreciate fast because of technology.

Smart Thermostats

Smart technology is gaining popularity among home and property owners because of its potential to increase property value. Programmable thermostats have been with us for some years and are among the top most needed technologies in homes. These devices help to adjust your home's energy usage. The good news is you can program and control the thermostats remotely. Although smart thermostats are an excellent ideal for your home improvement project, the technology is advancing quickly, and what would be the best thermostats today may be outdated in the next five years.  

Automatic Blinds and Smart Textiles

Smart home technology is fast getting into our homes. The future of this technology is automating minor aspects that make life bearable at home. Smart textiles and automatic blinds are two features that can attract potential home buyers to purchase your property. This smart technology helps in adjusting the lighting in your home. They bring immense possibilities for controlling lighting and give you control over how much light should enter your house at specific times. With this technology, you can control light during the morning, midday, or evening. Unfortunately, this home improvement project may depreciate fast after introduction of better smart textiles and automatic blinds. 

Smart Connected Appliances

A recent survey shows that 65% of Americans have installed a smart home device. Smart connected appliances work as components of one large system. According to EnergyStar, these appliances are more energy-efficient than conventional appliances. For your next remodeling project, you can consider a unified system comprising refrigerators, washers, freezers, dishwashers, and dryers. This notwithstanding, remember the technology is advancing very fast, and the appliance may depreciate with the introduction of more innovative appliances. 

Smart Security Systems

Typically, home security systems have a high ROI and can significantly increase your home's resale value. They include smart doorbells, smart locks, smart security cameras, and smart doors. We control most of these security features via apps of Wi-Fi remotely. Since the value of security can't be overstated, home buyers find these devices attractive. As the technology advances, a security system you've installed today may be outdated soon. 

Technology is advancing at a quick rate. When choosing trendy home improvement projects, consider how quickly they depreciate. Visit Leaf Management & Funding website for information on smart home improvement projects that attract high ROI and don't depreciate quickly.