With
the development of Internet and on-line banking, landlords have
more options to collect rent from tenants besides the traditional
mailing of the rent checks.
Here
are 3 possible ways for landlords to collect rent:
Option
I: Traditional Mail
Tenant mails a check to the landlord. It is best if landlord's
bank do not provide on-line banking service or you do not have
the ability to check balance on line.
Option
II: Bank Deposit
By
giving landlord's bank name and account number to the tenant,
tenant can write a check payable to the landlord and make a deposit
into landlord's account at the bank.
Option
III: On-line Bill Pay
Landlord gives a copy of the deposit slip to the tenant. With
bank's routine number and account number, tenant can set up an
automatic bill pay on line. This method is most popular amount
Internet savvy renters.
If
landlord has the ability to check bank balance on line, option
II and III provides the most convenience. It will prevent check
get lost in the mail.
It
will also save landlord a trip to the bank. This is especially
handy if the landlord is out of the country or traveling.
;)
;)
;)
I manage approx 100 high end rental properties and I provide 13 size 6 self-addressed envelopes with each lease packet for residents to mail in their rent. I remote scan rent once they are received so there is immediate credit to my client account and minimal collection efforts.
I also have an exorbitant late and notice fee so paying before the late fee date is charged is cost effective.
I've Re-blogged to the property management and landlord groups.