Have you built a strong relationship with your tenants, or are you the "big bad" landlord who shows up unexpectedly? If you intend to have your tenants renew their leases, you need to provide a welcoming atmosphere that's easy to maintain.
One way to build that relationship is by providing easy rent collection methods. However, it can be difficult to discern the best way for tenants to pay their monthly rent, especially with how many options there are these days.
Here's what you should know about the best way to collect rent.
Rent Payment Options
The most preferred tenant payment methods are those that allow for an easy transfer of money. Something like a check can take a day or two to go through, and it could fail if there are insufficient funds. You may also lose the check in the mail if you're unlucky.
Three of the best options are online rent collection, direct deposits, and mobile payment apps.
Online Rent Collection Systems
Arguably the best way to send and receive money is through a tenant portal.
These portals handle maintenance requests, communication with property managers, as well as rent collection. It's convenient for tenants to pay online without the need for a check or cash. In turn, landlords receive their money quickly and reliably.
Many portals also allow for automatic payments, so a tenant won't miss any payments.
Direct Deposits
Direct deposits are available through your bank's website and allow your money to go directly into another person's account.
This method is highly secure and ensures timely payments. The best part is that a person can't send a direct deposit without the money available in their account, so there's zero risk of it bouncing.
Mobile Payment Apps
Some landlords accept payments through third-party apps. These can include Zelle, Cash App, and Apple Pay. Younger tenants often prefer these mobile solutions to ones that require an internet browser.
Best Way to Collect Rent on Time
One of the best property management tips you can get is to rely on a professional property management company. These service providers specialize in areas including maintenance supervision, tenant screening, and rent collection.
It's also important to focus on good communication. Rent is legally due on whatever specified date the landlord decided on.
However, they can always negotiate some wiggle room. If the due date falls on a holiday or weekend, then the tenant can pay by the next business day.
Get Landlord Advice in Fort Walton
Rent collection doesn't have to be as difficult as pulling teeth. It should always be an easy and expected transaction between landlord and tenant, and accessible payment options help a lot. Luckily, the internet serves as an excellent facilitator for these transactions.
All American Realty and Investment Group provides real estate brokerage and property management in the Emerald Coast. We can give you rental property tips, manage your investments, and communicate on your behalf with tenants.
Contact our dedicated team to inquire about our services and tell us about your property needs.
