TIPS FOR COLLECTING YOUR RENTS
Nobody tells you about “the dark side” of being a landlord when buying a property to make money out of it. Becoming a property owner comes with lots of responsibilities to consider. You may think that the most challenging part is to find the suitable investment in an ideal location and all the process that’s needed to acquire it. You probably have the idea that once you’ve overcome all that and put your hands on those keys, the struggle will be over and that, from then, it’s just about finding a good tenant and start collecting rents. Nothing farther from the truth!
You’d be surprised if we tell you that getting rents collected is one of the most challenging tasks when managing a property. That’s why it’s one of the main reasons to hire a property manager. But if you’re still uncertain about hiring someone to do “the dirty work” and feel like doing it yourself, don’t worry; You can do it! We have some tips for collecting your rents to help you get the job done friendly and efficiently.
1. Use an online service
Everything can be done online now, from ordering food, dating, attending concerts (especially on this new normality) and of course, collect rents! Although we wouldn’t recommend doing it yourself unless you are educated in Land lording, ready and up for a new job. There’s an array of services available that you can take advantage of. Check out Propertyware, Rent Merchant, or Apartments.com. They’re just some of the best rental networks, offering worry-free collecting rent services with automatic payments to your bank account without the hassle of in-person payments. It’s safe, fast, and convenient. If you have some Gen-Z tenants, this will be their top choice for paying.
2. Provide a Drop-off location
If you have an office, you may want to give your tenants the option to pay the rent directly there. It gives your tenants a bit of freedom and a safe place for you to receive money. We don’t recommend giving your address, though, as you don’t want them to leave an envelope full of cash in your mailbox. No matter how good your neighborhood is: that envelope can get quickly “lost,” and you won’t be able to get it back.
3. Collect at a convenient location
You may like the old-fashioned way, cause human contact is fantastic, but there’s a new way to collect in person and give a receipt. Propertyware management software allows Tenants to pay their rent in cash or by debit card via RentMoney that is available at numerous retail locations including Walmart. Not only does it make paying rent a one-stop-shop for the Tenant while they shop, but this is also a great alternative since it’s pretty risky to carry a good amount of cash out on the streets, not to mention that due to the Covid pandemic, but it’d also be best to avoid unnecessary face-to-face contact.
4. Hire a property manager
This last option may sound pretty obvious coming from us. But seriously, why would you bother collecting rent -amongst taking care of maintenance, accounting, contracts, etc.- when you can hire someone to take care of it all? It’s the closest option to sit back and collect your rent – Mailbox money they call it, well that may not apply today as we pay all our Owners via Direct Deposit Automatic Checking which comes without a walk to the mailbox. Consider hiring a property manager; it doesn’t have to be us, although that’s what we do, and no one does it better. Contact us!
If you still have doubts about how to choose a good property management company, you might want to take a look here. We’re sure you’ll find helpful info that will help you make the best decision.