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Rent Collection

We make sure you get paid on time, every time

Collecting Rent For Your Investment

Pacific Northwest Rent Collection

Collecting rent from our residents is a critical aspect of our role in maintaining the financial health of our properties. To facilitate this process efficiently, we employ various methods tailored to suit the preferences and needs of our diverse tenant base. Firstly, we offer multiple convenient payment options to our residents, including online portals, electronic funds transfer (EFT), and traditional methods such as checks or money orders. This flexibility ensures that residents can choose the method that best aligns with their preferences and circumstances, ultimately expediting the rent collection process.

Secondly, we implement clear and consistent communication channels to remind residents of upcoming rent payments and deadlines. Through regular email reminders, text messages, or notifications through our resident portal, we ensure that residents are well-informed about their financial obligations and deadlines. Additionally, we provide detailed rent statements outlining the amount due, any applicable late fees, and payment instructions to facilitate a smooth and transparent process for our residents.

Furthermore, we prioritize establishing positive relationships with our residents, fostering an environment of mutual trust and respect. By maintaining open lines of communication and addressing any concerns or issues promptly, we strive to create a supportive and cooperative community within our properties. This proactive approach not only facilitates rent collection but also enhances resident satisfaction and retention, ultimately contributing to long-term success. Overall, through a combination of convenient payment options, effective communication strategies, and a focus on building strong relationships, we ensure a streamlined and hassle-free rent collection process for both our residents and our property management team.

Here’s an overview of our process:

  • Rent Invoicing: Generate and distribute rent invoices to tenants before the due date.
  • Payment Methods: Offer multiple payment options such as online portals, bank transfers, checks, or cash for tenants' convenience.
  • Due Date Enforcement: Clearly communicate rent due dates and enforce penalties for late payments in accordance with lease agreements and local regulations.
  • Reminder Notices: Send reminders to tenants nearing the due date to ensure timely payments and minimize late fees.
  • Payment Tracking: Maintain accurate records of rent payments received, tracking each tenant's payment history.
  • Late Payment Handling: Follow established procedures for handling late payments, including issuing notices and initiating eviction proceedings if necessary.
  • Receipts Issuance: Provide tenants with receipts or acknowledgment of rent payments for their records.
  • Communication: Maintain open lines of communication with tenants regarding rent-related matters, addressing any concerns or questions promptly.
  • Account Reconciliation: Regularly reconcile rent payments with accounting records to ensure accuracy and identify any discrepancies.
  • Reporting: Generate financial reports detailing rent collection activities, arrears, and occupancy rates to keep property owners informed of financial performance.

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Owner or Renter?

  • “After interviewing five management companies with a consultant, we chose Income Property Management to manage our apartment complex of 239 units. We were impressed by the professionalism and experience of the team that IPM presented to us. We had intended to use our consultant through the transition period from our previous management company, but it became immediately clear that was unnecessary.
    Income Property Management has provided us with the expertise and care that the property requires and that we, as owners, greatly appreciate. They are keenly aware of how we want the property run and the quality of work we expect to maintain and improve the value of our apartment complex. IPM keeps us informed and of improvement needed and cost comparison for our approval. Weekly reports are on time and everyone on the team has made themselves available to us on a moments notice.
    We are very happy to have you on board.”

    Trudy Morrison / Owner – Parkwest Apartments

  • “We have benefited from IPM’s integral management systems such as: timely accounting statements, responsive administrative personnel and the active involvement of the Assistant Portfolio Manager.
    My partner and I appreciate how IPM has customized our individual management services as they directly pertain to our buildings. Two of the buildings are listed on the historic register and have unique needs that are handled with poise.
    I would like to compliment Kirby and IPM on your ability to attract and retain quality individuals for our on-site management needs. We would attest this ability to the continual training and support of the managers and maintenance teams. In addition, we appreciate the ability for IPM to implement new ideas from the direction of owners like us. One example is, on our suggestion, you added medical benefits and 401k to on site managers. As a result the properties have benefited from highly skilled, long-term employees.
    Also, I’d like to commend you and your staff for staying in tune with the market and adjusting rents to market trends while closely monitoring expenses. It is important to us that your firm offers such a professional management service. Again, we thank you for all you do.”

    Glen Davis / Owner - The Commodore, The Winston, The Gentry, Union Arms

  • “After carefully reviewing proposals from three competing companies, we chose IPM to implement a business plan to completely renovate and reposition our two apartment buildings in the local market. As part of this process IPM was instrumental in interviewing and hiring contractors and vendors, making recommendations for marketing the units for rent, and replacing the on-site staff.
    The renovations to each building exceeded our expectations as the Portfolio Managers completed the scope of work on time and within the budget. They have also achieved and exceeded our goals for after-renovation income, re-renting the units to incoming students at rent levels that are substantially higher than we had experienced under the direction of the previous management team.
    In addition, we have found IPM to be a pleasure to work with. Their team communicated well and is on top of every aspect of operations in their role as Portfolio Managers.”

    Dean Mcgregor / Owner – Savoy Apartments

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