A Guide On How To Collect Rent From Tenants
For most landlords, one of their main concerns is how to collect rent from tenants on time and without any problems?
Without a doubt, renting out your property or a portion of it can be quite lucrative – but just like any line of work, maintaining consistency in your rental income requires a lot of time and effort.
Let’s dive in and discuss the different ways on how to collect rent on rental property and how you can let a property management company handle this for you.
How To Collect Rent On Rental Property
Before deciding how to collect rent from tenants and whether or not you should be collecting rent payments online, you should consider the following:
- How many outlets you are renting out – you don’t want to knock on 20 doors to get your checks
- The further you are from your property, the better it is to hire a third-party like SLT Properties or you can consider the option of collecting payments online
Once you are certain of where you stand, you can choose from the following payment collection methods.
Collecting Rent Payments Online
Accepting rent online is quite convenient as it does not require you to go out of your way – but making this the only option does pose a challenge as not all tenants are able or willing to opt for this.
If you search for the best way to collect rent online, you will come across many third-party websites that facilitate landlords in securing their rent. They charge a fee that may be fixed or it may be commission based as per the collected amount.
Plus, tenants may get the option of paying via debit or credit cards, PayPal, etc.
Collecting Rent By Postal Service
Receiving rent by direct mail is quite popular amongst landlords, but it comes with many discrepancies like:
- The check may get lost in the mail
- Late delivery by the postal service
- It takes a long time to get the check fixed in case of an error
Collecting Rent In Person
Many people opt to collect rent in person; while this method makes sense if you only have one or two properties, it becomes a challenge in the following cases:
- If you have a lot of properties
- If your tenants have a habit of not paying on time
- If you don’t live close by
Hiring A Property Management Company
If you’ve tried all the methods we’ve listed above but none of them seem to work, then it’s probably time you hire a property management company to do the job for you.
SLT Properties are one of the best property managers in Greensboro, NC and an excellent choice for landlords. Not only do we ensure that all your rental payments are collected and delivered on time, but we can also set you up with the great tenants.
This essentially means that you do not have to run around to deal with background checks, property damages, endless complaints, etc.
Reach out to us today to learn how we can handle all your payments and ensure that you have a steady income from your rental properties. As the foremost Greensboro property management company, we can simplify the entire process for you!