Research shows that 77% of US residents prefer renting to owning homes. This translates to property owners receiving about 2,654 new tenants daily.
Although not preferred by most people, owning a property is ideal for securing your lasting investment. Even if the property depreciates, the land that holds it will improve in value. Owning a home also assures you of low-interest rates when you buy it using a loan.
Having a property that you can rent out helps you get a reliable monthly income. But without proper rent collection means, it’s tricky to have such steady revenues.
Read on to learn the best methods for collecting rent.
This rent collection method allows tenants to pay when you visit them. Using this system limits delays or failure to pay rents. Visiting your tenants also enables you to talk to them and note things that need upgrades.
Besides, in-person collection allows you to assess your property’s condition. You can check for damages and schedule maintenance plans for your property. Thus, this method aids you in managing your property to reduce renters’ issues.
The Use of a Property Manager
Apart from handling your houses, a property manager can help you collect rent. Hiring a property manager relieves you of landlord duties and reduces stress. The manager agrees with the tenants on convenient forms of payment to avoid issues when rent is due.
Also, a property manager supervises all activities on your property and links you to the site staff. The managers also screen tenants to understand their backgrounds to limit rent evasion. If a tenant defaults in paying rent, property managers can evict them while following the law.
Online Payment Method
This method allows tenants to pay their rent online without your physical presence. It’s an ideal way of integrating technology into your property management to lessen inconveniences. Setting up an online payment method for rent collection also allows you to accommodate the young generation.
You can talk to your bank and have a checking account that receives funds transferred from renters’ accounts. This method limits delays because rent transfer is automatic. Besides, you can program an email reminder to notify tenants about rent-paying dates.
The Use of Online Apps
For convenient payment, money transfer apps like PayPal and Venmo are ideal. Due to advanced technology, most of your renters likely use one or all online payment apps. Although these online apps charge fees during a money transfer, they quicken your rent collection process.
However, you can lose your rental income to online criminals without proper security measures. Protecting your funds needs two-factor authentication to limit people from accessing your app. Also, it’s critical to update your app to improve security measures.
Understand Rent Collection Methods
Getting reliable rental revenue needs a suitable rent collection method. You can decide to collect rent when visiting your property or delegate this duty to a manager. A property manager relieves you of stress by handling all issues on your property.
At Avalon Realty and Oaktree Management, we can supervise all your rentals to ensure timely rent payments. We can also help you buy a suitable property for your reliable and lasting income. Contact us today for all rental services.