Veteran Owned & Operated!
New rental real estate in Charlotte keeps popping up. There were 11,000 new buildings in construction in 2023 alone.
The city's always been a popular one, but there aren't enough renters to fill all those new buildings. Vacancy rates went up to 10.7%. Rent decreased to $1,599 a month to help fill those slots.
How should landlords react to this change? How can they keep income rolling in at a time when supply and demand change so often?
Read on to learn ways to streamline the rent collection process.
Set Clear Expectations
Your lease needs to set clear expectations for everything related to rent. This includes:
- Amount
- Due date
- Payment methods
- Grace period
- Late fees
Make sure that they understand all your policies before they sign. Educate them on anything that they missed and continue to communicate with them after they move in.
Automate Rent Collection
Automating the process makes it easier. The right tools can send automatic reminders or even automatically withdraw payments from tenant accounts.
This reduces the likelihood of money coming in late. It also makes it easier for you to monitor your finances and see how your investment is doing.
Offer Multiple Payment Options
Gone are the days when cash is the only way to pay rent. Tenants will appreciate landlords who are willing to get with the times.
Offer multiple payment options, including:
- Online payments
- Bank transfers
- Checks
- Money orders
- Credit cards
This allows tenants to choose whatever method works best for them. Certain methods may come with fees, but they'll pay off in the end because you'll get more on-time payments.
Know the Law
There are several laws about rent collection in Charlotte. Landlords can only evict tenants for valid reasons, such as continual nonpayment of rent. There's no set length they must wait before filing for an eviction. The tenant has 10 days after they do to pay or move out.
There are also other legal responsibilities for you and your tenants outlined in Charlotte real estate laws such as:
North Carolina Tenant Security Deposit Act
North Carolina Residential Rental Agreements Act
Implied Warranty of Habitability
Notice of Entry
North Carolina Residential Property Disclosure Act
Knowing them helps you stay profitable and avoid legal repercussions.
Keep and Review Detailed Records
Organize, track, and review your rental property accounting records. Keep every payment and communication on file.
Going back to them helps identify issues with delinquent tenants. It also serves as evidence if you end up in court.
Send in the Experts
What if nothing you try makes your job easier? What if you need help with daily hurdles that extend beyond rent collection?
Property managers are an all-purpose solution. They can handle rent collection as well as:
- Bookkeeping
- Legal compliance
- Tenant screening
- Maintenance
- Marketing
How to Find a Charlotte Property Manager
Streamline your rent collection with clear expectations, automation, multiple payment options, organized records, and professional help.
PMI Charlotte Metro is a family-owned and operated property management company. We have the experience to make managing your property easier and treat our customers as our number one priority. Your success is our success, so contact us today.
