If you have your house leased then you should know how to collect the rent in the quickest and most effective manner. Let’s find out exactly how to do it.The quickest and easiest methods require that you keep the convenience of the tenant in mind. By deciding earlier on the method of payment and making the process easier on the tenant you will have that rent on time, every time.
How to collect it Online
Setting up an online method of payment has several advantages for you and the tenant, especially if they are far from your residence or office. First and foremost, it removes the hassle of burning all that gas for tenants or the other way around. The payments are instant and secure but do charge a small percentage of the transferred amount. Choose from any of the online payment services (Paypal and Moneygram for instance) and if the tenant is not well versed with its use spend some time with them on the first transaction. Second, with online payments the tenants can credit their accounts as well and hence reduce delays for you.
A word of caution - if you decide to set up merchant accounts for one rental home, don’t. Though they seem more secure, they are really not worth the cost unless you are managing a significantly large rental landscape. The initial costs are high and setting them up is a real headache without professional assistance.
How to collect it Offline
The traditional method backed by centuries of lore, so to speak, for collecting your rent is knocking at your tenant’s door for cash. Although old fashioned, the method has been known to deliver the expected results. Finding the landlord at the doorstep is enough to cause the tenants to loosen their wallets and part ways with their hard earned cash.
Given the online version of receiving instant money, this method has the hassle of making trips to the tenant. But none the less it is a great way if your tenant is unreliable in duly paying the rent or if you live near to the leased property.
Another, and easier, method is by agreeing to a Bearer’s Check delivered to your place by the tenant. If you are not fond of exercising your Lordship before the gates of the tenant then you can simply agree to have a check mailed to you every month. A handy tip to prevent delays on your part includes giving the tenant stamped envelope with your address. Or, you can hire a property management company like ZingPM to handle collection of rents for a nominal fee.
