How to deal with overdue rent payments
You lease properties, and you have tenant rent payments overdue. You also want to collect those hard to keep track of small overdue balances. It’s time to get on top of cash collections and have balances in the current column again.
The most important part is communication. Make sure your tenant gets a reminder that payment is due. Show the total overdue balance on the recurring rent invoice. If there is a small overdue balance, make sure they know about the issue.
Tenants should know their payment options. Setting up recurring payments or a direct debit can save everyone’s time, also avoid past due situations in the future.
Property Management software like Comet will help you manage your balances with a few easy steps.
The next step is to set up a recurring invoice, don’t worry Comet will automatically populate all fields for you from data you already entered.
Turn on ‘Activate & Email’ to send your tenant a regular ‘rent due’ email with a link to view, download, or print their rental invoice.
Comet will inform you when the invoice has been viewed.
Every time you login into Comet you’ll see your ‘balance summary’ in the top right corner. Click on the balance to see your Aged Balance List, all in one place, for your convenience.
You can also use the regular rent invoice email to offer help, ask questions, or send additional messages. For example ‘click here’ to report an issue or send a repair request...and these features are free for your first 3 properties.
…by the way, to save even more time don’t forget to set up integration with Xero accounting software. All your invoices and payments will be synchronized automatically between Comet and the Xero, a best of breed, full feature, accounting system.
We know that lease management is an important part of tenant and landlord life. By improving this experience we can also improve all our lives, that’s why we decided to work on Comet, to make lease management easy again, as it should be!