BOOKKEEPING AND COLLECTION SERVICES
Bookkeeping, Rent Collection, and Financial Management Services
We utilize Yardi Property Management software, an advanced accounting program to record transactions and produce accurate real time reports and financial statements.
The timely collection of rent and other income is a top priority for any investment property. Therefore, successful collections require working closely with our tenants to review the rental payment process. When dealing with less punctual tenants, we employ an aggressive collection system, combining constant personal reminders with strict enforcement of late charges and “3-Day Notice” delivery when necessary.
Rent Collection and Adjustment
Prompt and reliable rent payment is the forefront of any rental property owner's worries. While our thorough screening process for potential tenants mitigates late payments, when payments don't occur on time, a property owner must have a reliable mechanism in place for assessing late penalties and collecting the resulting fees. At The Renken Company, we handle all aspects of rent and fee collection for each tenant under our purview. This full-service approach includes monthly billing, scheduled rent collection, and the issuing of all past-due notifications and fees, as well as late fee collection.
Prepared to support you in all scenarios, our property management team is well-versed in all things commercial real estate, which importantly, includes state and county laws concerning renters' and land-owners' rights. In addition, we maintain close working relationships with attorneys, mediators, CPAs, lenders, and insurance specialists in an effort to provide our clients with the most comprehensive real estate solutions.
You must be prepared to make rent adjustments based on market conditions. If you do not have enough knowledge about the rental market in your area, you may miss out on the opportunity to generate additional revenues. Ensuring property owners manage their real estate investments more wisely, our +75 years of combined experience and expert market analysis helps us make data-informed decisions about the rental property, including rate estimates and other information, so we can further improve upon the value of the investment.