Adopting autopay is one of the best moves for first-time real estate investors and landlords. You may be surprised, but many tenants also prefer this rent collection method, as it means fewer late fees for them.
In Missouri, there is no law requiring a specific payment method for rent. So, you can include an autopay clause in your lease agreements.
Now, if you're struggling with rent collection, even with autopay, it may be time to work with a property management company. Here's why it pays to work with a reliable property manager.
Increasing Rent Collection with Lead Generation
Rent collecting is definitely easier with autopay, but what if you only have a handful of tenants?
A property manager can help you market your rental so that it's more attractive to potential tenants. Note that some newbie managers may push you to increase your advertising budget to get property management leads. While this strategy is standard, you might need more than this to achieve your lead generation goals.
Savvy property managers know how to analyze and set a realistic marketing budget. They also know how to use both inbound and outbound strategies to reach more potential tenants.
Let a Client Relations Expert Help You With Communication
When hiring a property manager in St. Louis, MO, it's best to choose one who understands the importance of tenant or client relations.
First, their communication skills should be well-honed. That means they're clear and concise when talking to tenants without being unpleasant. This applies to all communications, whether in person, through phone, or email.
Second, they're able to anticipate the tenants' needs, which helps build trust. Tenants know they can come to you or your manager if they have an issue with their unit and that you'll do your best to address it. This kind of attention to detail never goes unnoticed, and you can be sure they'll renew their leases or refer you to friends and relatives who may be looking for a new place to rent.
Decreasing Tenant Turnover
You can't expect steady profits with your rental income if your tenant turnover rate is high. While you can't do anything about tenants who need to relocate for a job or those who need more space for their growing family, you can do something about tenants who are dissatisfied with the property itself.
Your property manager can help you decide which improvements are worthwhile for your property. For example, you can invest in a fitness center or a pool. These amenities are sought-after and could motivate residents to renew their leases.
Do You Need Help With Rent Collection?
Being a landlord can be challenging, especially if you're struggling with rent collection. The good news is the right St. Louis, MO property manager can help you with lead generation, communication with tenants, and decreasing tenant turnover.
You can trust PMI STL Metro to take care of your property management needs. We use state-of-the-art technology to streamline maintenance requests, billing, etc. For more information, you may call 314.246.0002 or take advantage of our free rental analysis to get an idea of how much your rental should be earning.
