(SOLVED) How Do You Collect Money From Rent?

Direct Debit payments are the most reliable and secure way to collect rent from your tenants, but it can be tricky to set-up a Direct Debit yourself 😉 Any Direct Debit payment will require a mandate signed or approved by the tenant before it can be activated, and organising this yourself will be difficult 🙈 You can rely on third-party rental collection agencies to manage all aspects of the rent collection. You can rest assured that every month your rent is paid. [1]
One of the most comprehensive rent solutions I’ve come across is offered by the online letting agent LettingAProperty.com. They’re one of the few that actually “guarantee rent on time”, even if the tenant defaults on rent! Note, this isn’t the same as a RGI (Rent Guaranteed Insurance) policy, where you have to file a claim and then wait for the claim to get approved before receiving a payout. “Rent on time” literally means you will receive rent on the day you’re meant to, always. It’s not bad to rent your apartment on time. [2]
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Chaim gold from thebalancesmb.com For more information, please contact us. However, this process has its limitations. The envelope may be returned by the due date but the payment might not arrive until several days later. While the rent will not be considered late technically, you may not get it in time. You can also send the rent to the tenant if they only pay a part of the rent. This will give you a little extra time until they find out. A certificate of mailing can be obtained from the Post Office for a small amount. The certificate proves that mail was delivered when it is claimed by the tenant. It does not confirm the amount of the mail contained in the envelope. Modified by Esteban Komer, November 12, 2020 [3]
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Further reading can be found at portico.com, the software can also generate notifications and reminders to tenants when they’re due to pay rent online. That helps to overcome the number one landlord problem of late rental payments – either deliberate or through forgetfulness. The online process is much faster and does not require any delays to receive cheques or processing. In addition, rental funds are available in banks within hours or even minutes. This can help you avoid the problem of late rent payments. The National Multifamily Housing Council in the United States reported, “Online payment results in improved levels of recurring payments.” property management Firms found that 85 percent of those who pay bills online continue to pay their bills in subsequent months. Status reports give landlords a comprehensive picture of rent transactions. This helps them improve control over credit and manage risk. Some rent collection service programs are also available as part of a property management system — helping landlords assess the health and total cost of their properties. We are grateful to Carmilla Ashley, Buenos Aires (Argentina) for letting our know. [4]

Article references

  1. https://www.thehouseshop.com/property-blog/6-best-ways-to-collect-rent-from-tenants/16093/
  2. https://www.propertyinvestmentproject.co.uk/blog/whats-the-best-way-to-collect-rent/
  3. https://www.thebalancesmb.com/collecting-rent-from-tenants-2124980
  4. https://www.portico.com/blog/direct/rent-collection-service-how-does-it-work
Kelly-Anne Kidston

Written by Kelly-Anne Kidston

I am a writer of many words, from fiction to poetry to reviews. I am an avid reader and a lover of good books. I am currently writing my first novel and would love to find some beta readers who are interested in getting an early look.

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