Best Ways to Collect Rent as a Landlord: The Three Best Ways
Best Ways to Collect Rent as a Landlord: Whether you own a house, condo or commercial property, it can stressful to collect rent as a landlord, Three Best Ways.
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Best Ways to Collect Rent as a Landlord: Whether you own a house, condo or commercial property, it can stressful to collect rent as a landlord. Establishing a continuous payment schedule ensures can help you keep an eye on which tenants are paying for their rent, and which aren’t.But you’ll find that there are various payment methods available to you and your tenants. What works for you? What works for them? What’s the best payment method to maintain your payment schedule and to handle your money? Let’s take at the three different ways you can collect rent from your tenants.Any one of these online payment methods can prove valuable for both you as a landlord and your tenants.You’ll also have to manually keep track of all payments coming in and out while providing your tenants with a receipt (to provide them with some security and safety while living in your property).For that final task, they might end up encouraging users to use online methods as this is the most straightforward and simple option. Plus, it is also common practice for all property management companies, as it streamlines their service and keeps track of all payments. This makes it easier for them to manage your account.
Go OnlineThe internet has offered the world - and landlords - numerous ways to accept rent. This works best for both parties, as tenants can now pay landlords in a manner that is comfortable for them while landlords can select a payment that works for both of them. But there are more benefits to online payment solutions than just offering various options. Payments are instant with money being transferred over immediately from one account to another. The security of these transactions is tight, encrypted with numerous safeguards, such as passwords, to ensure that the money goes to the right person, and they can accept it without problems. It also helps landlords keep track of their money coming in and out of the account, ensuring that tenants are paying on time. This is particularly important if you’re managing several properties at one time. So which payment methods are we referring to? Take a look at our list below
- Electronic Funds Transfer (EFT)
- Pay Pal and Venmo
- Sites like ERentPayment, RentMatic, and RentMerchant