It is obvious that as a landlord you wear many hats, right?
When you think about it, you're the realtor, the salesperson, and the repairman. As part of your duties, you are also a debt collector since you have to collect rent from tenants.
Rent collection can be a challenge for you. It can be easy to miss track of tenant payments if you collect rent in cash. You're now wondering how to collect rent from tenants and keep accurate records.
Read on for helpful information on the best ways to collect rent.
You Can Do It the Old-Fashioned Ways
When it comes to collecting rent, sticking to the old methods has its benefits. You get to check over your property and see if there are damages and you can deal with any issues your tenants may have in the home.
If you live too far away to physically collect rent every month, your tenants can pay their rent via the mail. However, if you prefer that they don't know where you live, you can set up a P.O. Box for rent collection. However, the mail option may be slow and you might not receive your payments on time every month.
Make It an Option to Pay Rent Online
Offering the convenience of paying rent online is the best way to collect rent, let's face it. All of today's bills are paid online, including rent. Your tenants will also appreciate the fact that you offer them this option.
Also, you can opt to send your tenants email reminders to pay their rent. They can also choose to set up automatic payments from their bank accounts. Furthermore, there are no extra fees for landlords to pay, making collecting rent online the best option.
You Can Do Rent Collection on an App
The use of an app is another convenient way for you to collect rent. You can do this on many different apps, and here are a few:
- Facebook Pay
Using an app is convenient due to your tenants already having one of these on their phones.
One disadvantage is these apps are for sharing money with family and friends. There will also be extra fees, and your account may have to be set up as a merchant.
Hire a Property Manager to Collect the Rent for You
A property manager's title tells you what they do. You can hire them to manage your property. Their duties including making viewing appointments, screening tenant applicants, and collecting rent.
If you don't have time to collect rent or have other tasks on your hands, hiring a property manager is an ideal option. Property managers can be expensive to hire, but they have a lot of benefits.
Choose the Best Way to Collect Rent
As you can see, collecting rent can be done in several ways. First, make sure you never collect rent payments from a cash-paying tenant. It is important to keep track of and record their payments.
Do you think hiring a property manager is the best way to collect rent? If you do, we can help you out in finding one. Hire a San Diego property manager today!