There are many great benefits to being a landlord, not least the extra income it provides you. While renting a property or properties that you own is a worthwhile endeavor, it does come with several responsibilities such as maintenance, marketing, and rent collection.
It is essential to have an effective and efficient system in place when it comes to collecting rent from your tenants. Here at HomeRiver Group in Sacramento, we provide expert property management services that save you time and effort while maximizing your income stream.
In this blog post, we will highlight some common ways to collect rent if you are a landlord.
Choose a Property Management Group
Partnering with a property management group is by far the most efficient and effective way to collect rent as a landlord. While there are other methods of collecting rent, as we will see, these can be fraught with complications and inefficiencies.
Rent collection is just one of the jobs that a property management group can do for landlords. They also handle all maintenance issues, tenant relations, marketing your properties, and work to fill vacancies—all without any hassle on your part and for an affordable fee.
Collect Rent Online
Another option for collecting rent from tenants is to accept payments online. Many tenants today for happy to pay online, and when recurring billing is set up, it can be efficient for all involved.
There are specific websites and payment services that you can use to collect rent or you can choose an option such as PayPal. Direct payments to your bank account are another option for online payments.
Collect Rent by Mail
This is a more analog version of online payments which may suit certain tenants, especially older people. If tenants are mailing their rent money, it is advisable that they obtain a certificate of mailing from the post office in the event that the letter does not arrive. This certificate does not verify the actual amount being posted and is a slower form of rent collection in general.
Collect Rent In Person
This may be an option if you have one rental property or a small number of tenants. However, this isn't advised if you have several tenants and properties. Collecting the rent in person on the first of each month will make it known to people that you are carrying significant amounts of cash, which may pose a risk factor.
The Most Efficient Way to Collect Rent
As you can see, the most effective way to collect rent from your tenants is through a property management group. They take the hassle out of rent collection and every other facet of renting a property.
If you are a landlord, contact our expert team today at 916-260-2017 to get your free rental analysis. Inquire about our range of services here and discover the benefits of partnering with HomeRiver Group in Sacramento.