Collecting rent is a monthly task for every rental owner. Some handle it themselves; others hand it to a property manager. Here’s a general look at both.
Doing it yourself
Possible advantages: direct contact with your resident and no management fee for this task.
Possible drawbacks: tracking payments, following up on late rent and keeping records takes time.
Using a property manager
Possible advantages: online payment options, payment tracking, follow-up under the lease and regular owner statements.
Possible drawbacks: a management fee and less direct contact with residents.
Late rent
Either way, follow the late-rent terms in the lease. Formal steps have requirements under Montana law; it’s wise to involve an attorney.
How a property manager can help
Depending on the owner’s needs, a property manager’s services can include online rent collection and monthly owner statements.
Ironhorse Management has worked with Gallatin Valley owners since 1979. Learn more about our rental property management in Bozeman, or if you would like to talk through your rental, contact our team or call (406) 586-4933, Monday through Friday, 10am to 4pm.
Please note: This article is for general informational purposes only and is not legal, financial or tax advice. Every property and situation is unique. It’s wise to consult an attorney and/or CPA for legal or financial matters, and to review your lease, Montana law and other appropriate resources before making decisions, rather than relying only on this article.