How to Collect Rent: A Quick Guide for Landlords

How to Collect Rent: A Quick Guide for Landlords

There hasn't been a better time to become a landlord in Rayleigh, NC. In fact, it is in the top 20 emerging house markets in the US! 

But finding the best way to collect rent as a landlord can be difficult. Successful landlords need to balance what works for them as a business and for their tenants. 

This article covers the different methods of rent collection available. That way you can make an educated decision for yourself and your business!

Collect Rent Online

A convenient and flexible way of collecting rent is through online payments. There are many websites and money transfer apps available. Some of them are free and some of which you'll have to pay a subscription fee.  

Often the sites that charge a fee allow for extra features. These might include document signing, uploading forms, and messaging capabilities.  

You could also use online banking, as this facilitates standing orders. Automated payments through banks are a lot more reliable for both parties. But, depending on the bank there could be fees so check before using this method.

If taking payments online is your main way to collect rent, provide an alternative option. Not all your tenants may be able to pay or communicate online. 

Face-to-Face Payments

You could decide that you want to take in-person payments from your tenants. The benefit of this is that you know that they have definitely paid the correct amount. There is also no risk of technical or logistical issues with payment.

Collecting in-person allows you to build a relationship with your tenants. This is good as they will know that you care about their experience of renting. They are also more likely to contact you if there is an issue. You can also gauge better whether they might want to renew their lease or not.

However. this form of rent collection can be very time-consuming. You have to coordinate meetings with tenants which could be difficult and frustrating. 

Rental Payments by Mail

If you don't want to collect payments online, or in person, there is the option to collect rent by mail. If you choose this method, one of the best landlord tips is that you can set up a mailbox at your local post office. This way your tenants won't have your personal address for your privacy. 

There could be delivery delays depending on how far they are sending the package. There may also be concerns about theft or lost mail. You can mitigate this by using tracked post or a courier service. 

Property Management Company

Finally, there is the option to hire a property management company. These companies can help you with fast and easy rent collection. They can also help with tenant screening, complaints, filling vacancies, and evictions. 

Management companies are a smart choice if you have a large number of properties. All you have to do is agree on the services that you need and then pay a reasonable monthly fee. 

No-Fuss Rent Collection

Finding the best way to collect rent is an important part of being a landlord. There are lots of options available out there, so you can find something that works for you and your tenants.

The Home River Group is an expert property management company based in Rayleigh, NC. They are serious about helping landlords get the most out of their properties.

If you are looking for no-fuss rent collection, then get in touch for your free rental analysis! 

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