Sticking to one method for collecting rent every month will make it easier for you to keep track of your tenants and their outstanding dues. There is no perfect solution; in fact, different methods work for different landlords. Here is a look at some factors you must consider when choosing one a rent collection method that suits your needs.
Number of properties
When you offer many properties on rent, you would not want to turn up at every tenant’s doorstep at the start of every month. While collecting rent in person allows you to interact with tenants face to face and receive the outstanding amount immediately, it can be a tedious and time-consuming exercise. As a result, you might want a more efficient mode of collection such as an online wire transfer or receive the dues via mail.
Distance from properties
If there is a considerable distance between your residence and your rental properties, you might want to settle for an online wire transfer. Alternatively, you could hire a professional to deal on your behalf. A property manager would have the skills and experience to ensure timely payment and accounting of rent every month. Their expertise could also help you identify any flaws with the properties and make changes accordingly.
Degree of tech savviness
It is not enough for you to be comfortable with using technology if you are to adopt online wire transfer as a mode of payment. Reach out to your tenants and ask them if they mind paying their dues using online means. If this happens to be a suitable choice for both parties, it is arguably the best option to choose. For the tech-savvy it proves to be a fast and mighty effective way of paying and receiving rent without having to travel long distances.
Choose whichever method of collecting rent is the most effective in your case to make sure all your rental property payments are well organized.
At BBA Management, we offer full-service property management in Greater Boston cities like Brookline, Newton, Fenway, Kenmore and Cambridge. You can also contact us or call us at 617-734-6900 or send us an email at email@example.com.