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Best Ways to Collect Rent – And Get Paid on Time

Hillsboro Tenant Paying Rent on Their PhoneA primary concern of most rental property owners is collecting the rent. Along with how much rent you should charge, figuring out how to manage it is one of the most important decisions any property owner will make. Having a good rent collection method set up and ready in advance is the best approach to encourage on-time rent payments! Let’s look at some of the best methods to collect the rent from tenants and a few methods that are better to avoid.


Best Methods for Direct Rent Payment

  • Online. When it comes to collecting the rent, there are numerous choices. But with so many people making use of the conveniences of online payment systems these days, the most in-demand rental payment method is – by far – online rent payment. Tenants appreciate the security and convenience of making payments online, and property owners can get those payments deposited quickly.
  • Payment App. Another up-and-coming method for rent payment is payment apps like Venmo, Zelle, and PayPal. For many tenants, these services are also incredibly useful and can make requesting and sending money an efficient process.
  • ACH Debit. Lastly, some Hillsboro property managers are now using ACH debit for their tenants, which can be another wonderful approach to ensure rent payments are completed on time. If the tenant is comfortable doing so, they can provide their bank account information and have their rent automatically deducted each month. Some tenants may be unhappy with this setup, so giving them a choice between two or three methods may be beneficial. It’s also necessary to keep in mind that each payment method usually charges fees to use them. Fees vary, so it’s important to do your homework before committing to one payment method.


Payment Methods to Avoid

On the flip side, there are a couple of payment methods that you need to prohibit your tenants from using. For example, you should prevent taking rent payments made in cash since creating a paper trail is very complicated. If a dispute arose, it would be difficult to prove when and how much your tenant actually paid. Personal checks are also worrisome since they take a long time to clear and can bounce if there are insufficient funds, resulting in bank fees for you and your tenant. Money orders and cashier’s checks are frequently acceptable, primarily when collecting a security deposit. Just don’t forget to specify which method you prefer and have a documentation method ready to create a solid paper trail.

While one or more of these methods may be necessary sometimes, it is usually advisable to avoid them. These methods are hard to document and abundant with problems. You may even want to ban these payment methods in your lease documents to specify that you won’t accept rent payments in this manner.


Collect Through a Property Management Company

Even under the best circumstances, collecting rent can be a time-consuming part of owning rental properties. But it doesn’t have to be that way, mainly if you employ a rental property management company to take care of everything. At Real Property Management Assurance, we offer tech-enhanced processes that include online rental payments.

Choosing a property management company is one of the best ways to keep your rent payments coming in on time, month after month. Contact us today to learn more about our quality services!

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