A Successful Landlord’s Guide to Collecting Rent

Did you know that over 100 million people in the United States now rent their homes or apartments? This represents a huge untapped market if you want to get new tenants or expand your rental property business.

If you are a landlord, you may be wondering how to best go about collecting rent. Here are some of the most convenient ways to get your payment on time, whether you use a website to collect rent online or rent collection services.

Use a Property Manager

For landlords with multiple properties, especially apartment or condo complexes with multiple units, collecting rent from everyone can be a challenge. It may be difficult to keep track of who has paid and make sure that you are getting the same amount every month.

If this is the case, a property management company might be the best solution for you. You can outsource your rent collections, as well as other tasks like making repairs and dealing with lease agreements.

Talk to Your Tenants

Sometimes establishing a good relationship with your tenants is better than any rent collection services. If you have had tenants for a long time and they have trouble making payments on the first, it may be worth it to work out a new payment date.

You can also try something like a payment plan, where they pay their rent in installments. This is great for people who have trouble managing their finances or live paycheck-to-paycheck.

In the end, giving flexibility to your tenants will probably end up saving you money. The process of moving in another tenant, giving back the security deposit, and other costs associated with moving will be more than if you make accommodations for the old tenant.

Give Multiple Ways to Pay

With technology growing, there are so many ways that you can help your tenants pay rent. For instance, you can set up a secure transaction and collect rent online. That way both parties will have a receipt of the transaction. You can also use applications such as Venmo or Facebook to send and receive money.

There are also the old-fashioned ways that you can receive rent, such as cash or check. Make sure that you verify the cash is real and deposit a check immediately once you receive it from your tenants.

So Many Methods for Collecting Rent

Whether you are a new landlord or a seasoned one, you should not have to worry about collecting rent from your tenants when it is due. With these tips and tricks, you can find the best way to collect rent as a landlord and ensure that you get your payment every single month. That way both parties will have a receipt of the transaction. You can also use applications such as Venmo or Facebook to send and receive money.

Want to learn about more ways that you can maximize profits in your business? Check out the Business section of our blog for more tips, tricks, and ideas for growing your company or rental properties.