One of the greatest things about being a landlord is getting your rental checks from your tenants on time.
In a perfect world, you would never have an issue with rent collection. Unfortunately, we don't live in a perfect world. People can be forgetful (or deceptive) and millions of households are behind on their rent payments.
Thanks to modern technology, collecting rent from tenants has never been easier. By having a plan for rental payment in place from the beginning of your lease with a tenant, you are setting yourself up for success.
Continue reading to discover how to collect rent from tenants to make the entire process a little easier for you.
The traditional in-person collection gives landlords a chance to check up on the property and make sure things are going okay for their tenants. This is ideal if you are local or are in the neighborhood regularly. It allows you to look for potential issues that need attention and ensure the tenant is following the rules set forth by the rental agreement.
If you aren't local, you can hire a property management company to collect cash payments for you. Your property manager can also screen tenant applications and handle maintenance requests on your behalf.
Sending the Check Via Mail
This type of rental payment isn't so popular any more thanks to advances in modern technology, but it still has its benefits. Having your tenants mail their rent checks to you can be especially helpful if you aren't local. You might even consider having them mail their rent to a P.O. box if you aren't comfortable with giving your tenants your home address.
This is ideal for tenants who may not have an online bank account or prefer to pay the rent in cash. A written receipt can help you and your tenant to keep track of whether or not the rent has been paid each month.
Through an Online Portal
An online tenant portal through your property management company is one of the better rent collection methods because it is available 24/7 and it doesn't charge tenants to use it. The portal can send reminders to tenants so that they can avoid late payments. A licensed process server will serve tenants with a 7-Day Notice to Pay or Quit when non-payment becomes an issue.
Via Third-Party Apps
Some of your tenants may want to send their rent through a third-party app like PayPal or Venmo. While this may save you time and effort because you don't have to go pick up the rent, it may cause issues because technology can be finicky at times. These apps, however, can help you keep a digital record of when rent is late or paid on time.
How to Collect Rent From Tenants
Now that you know the different options for how to collect rent from tenants, you can make an informed decision. If you are tech-savvy, you might consider an online option. If you'd rather have a cash payment, you can collect rent in person or have your property manager handle it for you.
Contact Avalon Realty & Oaktree Management in Las Vegas today to set up property management services such as the online portal for rent collection.