Quick Tip to Boost Rental Property Cash Flow
Real estate investors are constantly craving more cash flow and steadier, more predictable incomes. In order to achieve this real estate investors need to attract and maintain better tenants, limit late payments and avoid evictions. There are all types of complicated strategies and schemes to use to try and achieve these goals but there is one highly effective, quick fix most real estate investors overlook. Make is easier for tenants to pay. How easy is it to pay you? Checks and cash are out or at least should be if not because of room for confusion, at least because of the potential for fraud, but your renters have to try and hang onto your money until it is convenient for you to pick up? Do tenants have trouble getting through to you on the phone to arrange payment? It shouldn’t be hard for them to give you money! Being easier to deal with can help real estate investors keep better tenants and keep cash flow consistent. You can have a mail box for those who want to send cashier’s checks or money orders early but never give out your own home address. However, isn’t it smarter to get set up to take online and credit card payments? This way renters can pay as soon as they get paid, 24/7 and can pay on time even if they don’t have the cash by using credit. This has never been easier for real estate investors to arrange, especially with providers like PayPal and the ability for tenants to even pay from their mobile phones. If you really want to take payments over the phone, then employ a dedicated virtual assistant to be available 24/7 so tenants never have to wait. It will probably cost a lot less than you imagine and do wonders for your cash flow.
Want to improve your cash flow from rental properties?