One of the most important things for landlords to do is collect the rent at the end, or beginning, of the month. Every landlord has a different way of doing this, and now that technology has progressed even farther, there are dozens of possible routes to take to get this done. Here are some ideas if you are tired of the same old rent collection routine.
1. Mail It In. Some landlords prefer to have the rent check mailed in to them every week. There could be a multitude of reasons for that, but it is a tried and true method that rarely goes wrong.
2. Credit/Debit Card. Instead of having your tenant write out a rent check every month, some landlords instead use a card swiping technology such as Square to collect the payments. This means that everything is electronic and there is no paper waste. If the resident wishes, however, they may be emailed a receipt for their own records.
3. Online Banking. Some landlords prefer to have everything done online. A few days before the rent is due, the tenant will go online and transfer the funds into an account that was set up specially for them which the landlord also has access to. In their leisure, then, the landlord will withdraw the money from this account and place it in their own. This may also house the security deposit so that the tenant can see, but not access, the money that is there. This way everyone knows when the money goes in and a check or card cannot bounce or cause overdraft fees.
4. Use Talley. This is our personal favorite technique for collecting the rent. If you are located in the Charlotte North Carolina area, using Talley is going to be your best bet for collecting the rent. You don't need to worry about keeping track of everyone's payments since we do all of that for you. We have a firm policy and you can always be sure that the payments will get to you in a timely fashion.
While any of these tactics are going to work for you, we believe your best choice is to contact Talley Property Management and allow us to collect the rent for you. We have a set schedule of rent being due on the first of every month and late after the fifth. This takes the concern off of your shoulders and allows you to worry about all the other things in your life.