One of the biggest issues that end up causing problems for landlords is rent payments. As a landlord, you will quickly realize that some tenants will pay late, some will try to pay in strange ways, and some will simply not pay their rent at all. You need to have a specific plan of action for each scenario and understand what legal recourse you have. It’s a great idea to hire an attorney that really comprehends the world of landlord tenant law so that you can keep everything legitimate from a legal perspective during these types of rent issues. Collecting rent the right way should be a primary goal for every landlord. You want your tenants to be able to pay you in a variety of different ways. That being said, there are wrong ways to accept rent and there are right ways to collect rent. That’s why we’ve put together the following list of the right ways for landlords to collect rent from their tenants. Keep reading on below to learn more.
1. Payment Drop Boxes on the Property
One of the classic ways that landlords receive rent payments from their tenants is having payment drop boxes on their property. This involves installing a secure box on the rental property that tenants can literally drop their rent payments into. The box is on-site, meaning that tenants will be able to leave their rental and literally walk over to the payment box when rent is due. If you are a landlord that lives far away from your rental property, this might not make as much sense. However, payment drop boxes on the rental property make a lot of sense for many landlords looking to provide their tenants with an easy way to pay.
2. Accepting Online Payments
These days, you can do almost anything online. That include collecting rent payments from tenants. Landlords that offer their tenants the opportunity to pay their rent online are providing one of the most convenient options possible. There are plenty of online payment services you can use to collect rent payments from your tenants. This is definitely one of the right ways for landlords to collect rent payments from their tenants. That being said, you still want to provide other ways to collect rent since there are some people that aren’t as tech-savvy as you might expect in this day and age.
3. Allowing Tenants to Mail Rent Payments
Landlords should also look into allowing tenants to mail in their rent payments. This option doesn’t require a lot of effort on the part of the landlord. Let your tenants know that if they mail their rental payments with envelopes that are postmarked on or before the due date, they are paying on time. Keep in mind that sometimes checks will bounce, get lost in the mail, or simply be partial payments when you allow tenants to mail payments in. You can always reach out to Derryberry & Associates LLP if you are having trouble collecting rent from a tenant and need some legal advice.