Best Ways to collect Rent:
- Collect rent online: One way to accept rental payments is online.Paypal and Venmo are other options for collecting rental payments. Venmo allows instant payment but requires you to be friends on social media. Pay Pal is a free service.
- Collect Rent By Mail: You can choose to allow tenants to send their rental payments by mail. This saves you the time of having to collect the payments yourself.
- Drop-off Location: If you have an office for your property investing business you may choose to allow tenants to drop the rent off at this location.
- Collect Rent In Person: You can decide to personally collect rental payments from all tenants. The good part about this is that you will have the payment in your hands immediately.
- Property Management Company: Not only can this company collect payments for you, but they can also deal with all tenant complaints, handle maintenance issues and fill vacancies. Finally, you could choose to completely outsource rent collection to a third party by hiring a property management company.
credit to Erin Eberli.
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