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There are many ways to collect your monthly payments, whether you are a traditionalist or a tech expert. Make sure each tenant is fully aware of your expectations after establishing a system to ensure that the payment transaction runs as smoothly as possible. There isn't just one "correct" approach to collecting rent; it depends on the landlord's preferences and the specifics of the property.
There are numerous methods for obtaining rent payments from tenants, including:
Landlords often use online payment systems — particularly younger generations — to collect from tenants with the value of convenience.
It's a good idea to use online payment methods that don't need you to give a tenant any of your personal financial information. It is quick, needs minor work, and the money typically transfers immediately or within a few days. Online rental payment platforms abound, including RentPayment's RentMatic app, ERentPayment, and RentMerchant. P2P online payment systems like Zelle and Venmo are innovative solutions because you may pay your landlord using their email or phone number.
You might want to think about setting up an automatic withdrawal from your tenant's bank account. There is no doubt that you will receive your monthly rent collection if you use direct deposit. Furthermore, you won't need to worry about running an online gateway. There are, however, a few negatives to take into account like how banks often add a fee to direct deposit services.
Setting up a drop-off place for tenants is an option for landlords who would rather receive their rent in person. Offering your tenants a variety of payment options is preferable. It would be best to consider using a check, cashier's check, or money order. Ask them to put it in an envelope and seal it before dropping it off.
Reminder: MAKE SURE IT’S SECURE!
Even though it may take a bit more work, some landlords still prefer receiving rent payments in person. Additionally, picking up the check-in person might serve as a reminder to regularly check on your apartment to ensure no maintenance concerns require care.
A tried-and-true technique is to send a rent collection letter. With this choice, you can save time by avoiding monthly visits to each rental property. However, there are some drawbacks to mail-in rent collection. Payment issues are more likely to arise if you receive payments several days beyond the scheduled collection date. Even if an envelope has the appropriate postmark, you won't receive the money for a few more days.
It's crucial to consider your particular preferences when rent is due in consideration of all these options. One landlord's strategy might not be effective for another.
It just depends on what you like. You probably won't be able to pick up payments if your rental properties are relatively far away or outside your state. You may have to choose an offline option if your tenant is not tech-savvy. The majority of payments, however, are now made online, and collecting rent using those methods might be quick and straightforward.
Did you know? Marble can help take care of rent collection with either direct deposits or even mailed checks!
Create your account for free and a Marble representative will walk you through everything.