As a single-family rental property owner in Airway Heights, the subject of how to gather your rent payments is one of the most important decisions you can make. But understanding which option to choose can be an issue. There are plenty of selections at hand for property owners, including cash, check money order, and online payments and each one of these payment options has both pros and cons. By examining more closely the different forms of rent payment, you can determine the choice that is perfect for you and your tenants.
Rent payment methods are usually established by several competing priorities. As a property owner, you expect your tenants to pay their rent consistently and on time, using a method that allows you to receive the funds quickly. On the contrary, tenants are oftentimes concerned with both convenience and keeping their information secure. By regarding the negatives and positives of each type of payment method, as a result, it is then probable to take into account how every single one fits with your priorities and needs.
Some property owners opt that their tenants pay rent in cash or with a personal check. Those that choose this will regularly have to meet with the tenant directly 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 might effortlessly declare that they paid in full when they didn’t, and there might be 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 trouble of going back to the tenant for another method of payment. Tenants could furthermore put a stop payment on a check, creating delays in your cash flow.
Money orders or cashier’s checks appear like excellent preferences, and for numerous property owners, they are. Money order or cashier’s check facilitates the quick transfer of the rent payment into your account for the reason that they are dealt with exactly like cash. But in contrast with cash, they leave a paper trail that may help address any disputes straight away. They regularly do not bounce, like personal checks, and can be forwarded without delay with banks, post offices, and convenience stores. Getting a money order or cashier’s check does obligate your tenant to visit one of these places, which some people may find difficult and inconvenient. Getting and using either of these equally necessitates that the tenant finance for it in cash and most of the time pay a fee, which includes a trip to the bank aside from everything else.
In today’s digital culture, online and mobile payment methods are changing into the new normal for rental payments. Paying online gives tenants the comfort and convenience they are seeking for and could possibly motivate more timely rent payment. But, as a matter of fact, tenants are commonly troubled with the security of their personal information and disinclined to enter personal banking information on a website. Choosing a secure online payment method can foster to pacify tenants’ worries though it can cost more than you’d expect in fees. Online payment options that don’t charge expensive fees and don’t require banking information, such as Venmo and Zelle, are becoming ever more widespread options for today’s landlords and property owners.
The ideal option is to engage an Airway Heights property manager who will collect rent from your tenants for you. At Real Property Management Spokane County, we are attentive about collecting rent in a systematic, timely way. As a national franchise, we can bestow tenants an assortment of convenient ways to pay rent, without forgetting incentives for paying on time. Our collection process is tough but fair and focused on addressing tenants with respect. For more information, contact us online or call us directly at 509-462-1042.
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