Daily Data 📈
What are the standards you should be looking for in your property's management? It's a question we're always trying to help you answer, regardless of what market or asset type you're investing in. But let's zero in on rent collection. What kind of expectations should you have for monthly rent collected for your property?
The honest answer is that your property management should be ready for the natural ebbs and flows of the rental market—move ins, move outs, renewals, etc.—but rent collection shouldn't be unreliable. Take the sister property management group of The Grind: Premier Property Management Group. Even in 2020, as well as the rollercoaster years since, our rent collection average has remained consistently above 97%.-3.gif?width=400&height=225&name=giphy%20(16)-3.gif)
In other words, don't have anything less than high standards. We know firsthand that it's possible.
To get a better glimpse into some of the operations of our property management company, check out our most recent video update.
Excellent Property Management Companies Fail
By now, you’re aware that the team behind The Grind stresses the importance of excellent property management. A great management team is your best defense in this business. They’re the ones who make sure everything runs smoothly for the entire lifespan of your rental property.
To demonstrate that this isn’t just something we preach, we spoke to a friend of REI Nation who recently moved 1,000 miles from home and is renting for the first time.
Listen to their firsthand experience to get the true significance of property management's impact on a resident's quality of life.
The Stages of Delinquent Rent (And How to Successfully Collect)
Although recovering unpaid rent from past-due tenants can be difficult, owners and property managers can adhere to a few best practices to pursue and collect the rent as soon as possible.
From contacting a local property manager in certain markets to pre-eviction warnings, landlords can go through up to four steps of rent recovery when they have unpaid tenants. Each stage may be resolved more quickly if it is dealt with more quickly.
The Word
Check out our recommended watching for the week: You guessed it! The newest series from The Grind Podcast is all about Overcoming Fear as an Investor. Check it out now by clicking the image below.
