Methods of Collecting Rent

by Remy Lacanaria

Posted on 2019-08-12 20:17:01


Methods for collecting rent.jpg 


Before a landlord or property manager decide on which method of collecting rent he or she is going to take, they must consider factors when choosing rent collection method.


1. How far are you from the rental property

Landlords have to consider the distance, if you live far from your rentals, hiring a third party to collect the rent or doing electronic or online rent payment can be a better options. With Smart Housing, residents/tenants can pay their rent through Online Rent Payments. No need to travel, it's just a click away in paying the rent.


2. How many rental units you owned.

If you own more than 15 units, I'm sure you don't like the idea of personally knocking on those more than 15 doors just to collect rents.


3. Desire to interact with your tenants

Of course it would be a nice gesture from the landlord if they interact with his tenants/residents, but what if he has only two rental units, electronic fund transfer or paying rent online can be the best option to get to your rent.


Here are the options to consider when you decide a rent collection method:

1. Collect Rent Online

This is the most easy and convenient way of collecting rent, through online. When you sign up with Smart Housing, you don't have to worry anymore about how you would collect your rent. We have online rent payment features, that lets your resident pay electronically.


2. Collect rent in person

Collecting rent personally means that you will have the payment in your hands immediately, though it is time consuming, but you can have the rent at once. A Cons in this kind of rent collection method is unless you provide acknowledgment receipt, tenants won't have a proof of payment when paying in cash.


3. Having a Property Manager

Lastly, you can opt to have a property manager to do the rent collection. Not only they can collect rent for you, but they can handle tenants complaints and maintenance issues and fill all your units.

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