If you're new to property management, then you've got a lot to learn about things like maintenance, advertising, and tenant-landlord relationships.
Among the most important jobs that you're going to have is collecting rent from your tenants. Depending on how many people you're collecting from, it can easily get confusing if you're not completely organized.
There are numerous methods for collecting rent, so you've just got to choose one that you're comfortable with and keep your affairs in order. It can get complicated when you have to chase people down for money, so having a good system will really come in handy.
In this post, we're going to go over some of the best options and help you make rent collection a seamless part of your operation.
Collecting Rent In Person
The best way to ensure that your tenants are paying rent on time is by physically collecting it from them. Whether you're getting cash, postdated, personal, or certified cheques, you can promptly visit the bank once per month and not worry about it again.
Of course, the only problem with this is that it's time-consuming, especially if you're collecting from several tenants and having to coordinate different pickup times. When you're dealing with one or two, however, this could make your life easier.
Mail Drop Off
If you prefer to get your rent by cheque, but don't have the time to run around collecting, then you can set up a dropbox at your office. This is always a great option if you're running a business with your properties, as it allows you to collect the rent via your preferred method, but puts the onus on the tenant to ensure that it's paid on time.
There are a few pitfalls to this method as well. You'll want to make sure that your tenants aren't paying you in cash because it could be stolen. You also shouldn't set up a dropbox at your home if you don't want tenants to know where you live.
The easiest and most current method is to collect your rent with a money transfer service like Venmo or Paypal. There are also loads of rent-specific payment sites that you could sign up for. However, these services may require you to pay a monthly fee.
In terms of convenience, this is the best method because you don't have to try to coordinate with your tenants. As long as you can trust them to send the payments on time, then it shouldn't be a problem. If not, you may have to send reminders every once in a while, which could start to become an annoyance.
Hiring a Property Management Company
Are you a property owner with too much on your plate? It can be a huge load off your mind to hire a property manager to take care of tasks like collecting rent, responding to tenant inquiries, and performing maintenance.
At Pristine Property Management, we can ensure that you're getting your rent on time and without hassle from your Miami property. We'll work with you to optimize the rental value, screen tenants, collect rent, perform maintenance, and keep tabs on your investment. Contact us today to find out more about how we can help you make the most of your property.