According to Niche.com, Suwanee is the eighth best place to raise a family in the Peach State and the #1 best place to live in Gwinnett County. It also gave the charming city an exceptional overall grade of A+, with the top reasons being it is "good for families," has excellent public schools, and boasts a thriving job market.
With all those outstanding qualities, it won't be surprising for renters to flock to Suwanee.
So, why not take advantage of that and turn your Suwanee property into an income generator? With the right rent collection strategies, you can generate good income.
Join our team at PMI North Atlanta as we share landlord tips and property management advice on efficient rent collection.
1. Invest in a Landlord-Tenant Portal
A 2024 Forrester report found that in 2023, digital payments topped the list of the most used payment methods in the United States. According to the firm, nearly seven in ten online U.S. adults paid for a purchase with a digital payment method.
With the ever-increasing adoption of digital payments, many of your tenants likely use or prefer them, too. Giving them this option can make it more convenient for them to pay their rent. They'll be more likely to pay rent on time, while you can worry less about delinquent payments and have an easier time conducting accurate property accounting and bookkeeping.
One way to implement digital and online rental payments is through a landlord-tenant portal. Your renters can choose among tenant payment methods, such as credit cards, debit cards, or e-checks, and settle their dues via the portal.
2. Implement a Late Fee Policy
As explained by GeorgiaLegalAid.org, Peach State landlords can charge late rent fees. However, you must indicate this in the lease term, and it must be reasonable. A reasonable fee is about 5% of the monthly rent.
Charging late fees is one of the most effective rental income strategies for encouraging on-time payments. After all, most, if not all, people wouldn't want to spend more than what's necessary on rent. So, if they know they'll pay "extra" if they settle rent late, they'll do their best to pay on time.
3. Get PMI North Atlanta on Board
PMI North Atlanta is a full-service property management company. When you hire us, we won't just help you collect rent; we'll also find you quality tenants you can rely on to pay rent on time and will treat your property with respect. We'll also assist you in enforcing the lease, helping ensure your tenants abide by the contract's terms.
So, if you're looking for a partner who can make managing your Suwanee property manageable, we're your go-to team.
Make Rent Collection a Breeze
From investing in an online portal to charging late fees and hiring us here at PMI North Atlanta, these are the top strategies that can help you boost the efficiency of your rent collection process.
If you partner with our full-service property management firm, you can rely on our team's state-of-the-art technology, skills, knowledge, and expertise. Our owner, David Kane, has over three decades of combined real estate management, accounting, and leadership experience.
Contact us today, and we'll be happy to discuss what we can do for you and give you a complimentary Suwanee property analysis!
