Does the thought of trying to collect rent make you feel anxious and frustrated? If so, you're not alone.
Many landlords have been in this situation and it can be a nightmare to handle it yourself.
A commercial rent collection service provides a professional solution to a landlord's woes. They will collect rent, send out notices, follow up with late payments, and more.
If you are looking for tips for hiring rent collection services in the Columbus area, this short and simple guide is for you.
1. Find Out About Their Collection Process
Some collection agencies will have a more aggressive approach, while others will have a more passive approach. To find out about the process works, ask:
- How does it work?
- What are the steps in their process?
- How long to collect the money owed?
These are important questions that any commercial rent collection company should be happy to answer. If they can't answer these questions, look elsewhere.
2. Read Customer Reviews
If you want to keep your tenants happy, make sure that the rental collection in Columbus, OH, is doing a great job. To find out if they are, read their customer reviews.
You can do this on review websites like Angie and Yelp and on the company website itself.
You should also check out their BBB rating. An excellent collection agency will have positive reviews, high ratings, and a BBB rating of A+.
3. Get a Clear Pricing Structure
Price is one of the most important things to consider when choosing a rent collection service. Make sure that you are getting a fair price for the services that you are receiving.
Get an estimate of how much the service will cost before signing any contracts. Ask about all extra fees like late fees, returned check fees, and other charges.
4. Make Sure They Offer Full Reporting
When you hire commercial rent collection services, you want complete transparency. A great collection service will provide you with full reports on your accounts.
You can see how much money your tenants owe, how often it's due, and what the current balance is. You should also see if there are any late payments or past-due accounts. This information will help you determine if your collection service is doing a good job.
5. Check Their Success Rate
To be successful in commercial rent collection, you need a qualified team. You also want to avoid collection agencies that have a high turnover rate or a poor success rate.
The best way to evaluate your collection agency is by looking at its portfolio of clients.
See how many of the accounts they've collected and how long it took them to do so. The best collection agencies will have a high success rate and several satisfied clients.
Rent Collection: Essential for the Success of Your Business
As a small business owner, you know every penny counts. That's why it's important to get the most out of your commercial rent collection efforts. By following the tips above, you can increase your collection rates and your business's bottom line.
PMI Columbus is a property management firm that offers a wide range of services for property owners. Contact us today to see how we can help!