Is rent collection the bane of your existence as a landlord or investment property owner?
You might travel across town once a month to pick up the payment, and, more often than not, your tenants don't seem to be home. Maybe you have a tenant who fails to pay rent on time every single month. Your tenant might even stonewall you with the old "it's in the mail" excuse for late rent payment.
The traditional method of rent collection tends to be time-consuming and stressful. As frustrating as this is, it's more common than you might think. Offering a few different options can help you to adhere to the Fair Housing Act.
Continue reading to get the scoop on the best way to collect rent!
Dropbox for Rent Collection
If you have an apartment complex, you might consider placing a dropbox in an area that everyone has access to. This type of rent collection is ideal for older tenants who don't use the internet or someone who prefers writing out a check.
It's important, however, to carefully consider the type of check you will accept for payment. Personal checks might cause additional bounced check fees or increase the chances of fraud. You might consider a cashier's check or money order rather than a personal check.
Unfortunately, this type of rent collection may cause issues with lost or stolen rent payments.
Online Rent Payments Made Easy
As technology becomes more and more prominent in our lives, it's easy to turn to it in our time of need. Most of your tenants are going to be tech-savvy and prefer making payments this way.
With money transfer apps, like CashApp, Venmo, and PayPal, your tenants can make a direct payment to you without the trouble of meeting face-to-face. These options, however, might charge you a fee if you need access to the funds immediately. Using PayPal can also violate the user agreement if you aren't careful.
There are even rent collection apps that can help you schedule rent payments and send reminders to your tenants about upcoming charges to their bank accounts.
Property Managers Can Collect Rent
There's nothing better than being able to send someone else to collect your rent. Thankfully, you can hire a property management service to take care of this task for you.
Our property managers can collect rent online with an e-check from a tenant’s smartphone or desktop computer. Individuals who don't care for technology can make payments at certain retail locations. Both of these options make it easier to collect rent while limiting the nonsense excuses you might be used to.
Hire a Property Manager Today
Despite what you may think, rent collection doesn't have to be a painful process. Your property manager can help the entire process go a little smoother than you might be used to.
Your property manager can also help with other unbecoming landlord tasks. You can hire a property manager to screen your prospective tenants, handle maintenance requests, and even advertise your current vacancies for you.
Contact HomeRiver Group in Washington DC for more information on rent collection and how we can assist you in your daily landlord responsibilities.