As a single-family rental property owner in De Beque, the serious subject of how to obtain your rent payments is among the most important decisions you can make. But realizing which choice to pick can be a real challenge. There are various choices made available to property owners, including cash, check money order, and online payments and each one of these payment options have both pros and cons. Nevertheless, by considering closely the different forms of rent payment, you can decide on the option that is suitable for you and your tenants.
Rent payment methods are commonly indicated by several competing priorities. As an instance, as a property owner, you hope for your tenants to pay their rent consistently and on time, using a method that allows you to receive the funds quickly. However, tenants are frequently keen on both convenience and keeping their information secure. By close examining the positive and negative points of each type of payment method, however, it is then possible to be objective in choosing which option is a fit for your specific priorities.
Most property owners choose for their tenants to pay rent in cash or with a personal check. Those that choose this will usually have to meet the tenant privately to collect the payment, have the tenant deposit the funds in the owner’s account or ask the tenant to send it to them in the mail. But while cash payment is the fastest way to receive funds, it is also difficult to document.
Without a paper trail, a tenant can simply assert that they paid in full when they didn’t, and there would have been no way to verify the amount. Personal checks create documentation of amounts and dates paid but are also problematic in some ways. Checks deposited can bounce, resulting in bank fees and the complication of returning back to the tenant for another method of payment. Tenants may likewise put a stop payment on a check, creating delays in your cash flow.
Money orders or cashier’s checks sound like the right choices for several property owners, and they are. Money order or cashier’s check facilitates the quick transfer of the rent payment into your account cause they are regarded as similar to cash. But, unlike cash, they leave a paper trail that could aid in mending any disputes promptly. They usually do not bounce, like personal checks, and might be transferred immediately through banks, post offices, and convenience stores. Transmitting a money order or cashier’s check does force your tenant to go to these places, though, which many people may find really inconvenient. Using either of these choices additionally mandates that the tenant pays for it in cash and most times will pay a fee, which involves a trip to the bank above everything else.
In today’s digital culture, online and mobile payment methods are growing into the new normal for rental payments. Paying online presents tenants the conveniences and ease they are looking for and might encourage more timely rent payment. Though tenants are oftentimes uneasy over the security of their personal information and cautious to take advantage of personal banking information on a website. Opting for a secure online payment method can support in reducing tenants’ anxieties but can, every so often, cost more than you’d prefer in fees. Online payment options that don’t charge expensive fees and don’t require banking information, such as Venmo and Zelle, are gradually becoming common preferences for today’s landlords and property owners.
One ideal preference is to contract a De Beque property manager who will collect rent from your tenants for you. At Real Property Management Now, we are earnest and diligent regarding collecting rent in a systematic, timely way. As a national franchise, we can offer tenants a mixture of convenient ways to pay rent, plus incentives for paying on time. Our collection process is tough but fair and geared towards handling tenants with respect. For more information, contact us online or call us directly at 970-314-7123.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.