PT and I married, we rented a townhome for a year. If you go this route, it may be wise to provide your tenant with pre-addressed and stamped envelopes to make the process as smooth as possible. Of course, timing becomes an issue (i.e., “the check is in the mail”). In certain situations, having your tenant mail the payment (check, money order, or cashier’s check) to an address each month may make sense. A friend of mine uses this method and hasn’t reported any issues.
This method would allow you to check up on the property condition (at least the outside) while not requiring a specific appointment to meet with the tenant. If you don’t need to collect your rent in person, place a drop box on the rental property and have your tenant put a check, money order, or cashier’s check in the box on the rent payment day. Joshua also stated that be wary of collecting a lot of cash rents in person, as you’ll become a target for thieves. If these aren’t a big deal for you, then it might not be necessary. Joshua went on to say that this is a tactic he would only recommend to landlords that might expect a high turnover or property damage with their unit. If you want to ensure the monthly inspection, you can write this into your lease - something like “rents will be collected in person at a monthly property inspection.” If you don’t have it written into your lease, the odds are pretty good that your tenants will likely invite you in. “Collecting in person via an appointment at the property will let you get a chance to see the condition of the property. I asked Joshua Dorkin, Founder and CEO of, to share his thoughts on rent collection, and this is what he said about collecting in person: Face-to-Face paymentsīelieve it or not, there are advantages to collecting rent in person.
Old Ways to Collect Rents from Tenants Property managerĮven if you didn’t use a property manager to vet your prospective tenants, you could still hire one to collect rents and manage maintenance requests for you.īy hiring a property manager, you take the stress of coming up with a rent collection method out of the equation. What rent collection options are available to landlords? Let’s take a look at some more traditional ways as well as newer online/app options.
Chase quickpay set up for free#
I collect rent payments via ACH for free using Avail - it’s convenient for tenants and property owners. You want a rental collection process that protects you as a landlord but is still convenient for tenants. Ultimately, because I am the landlord, whatever works best for me and my situation is the best way. It’s a part of the rental process that deserves much more attention than I gave it. Some worked out OK, and others were poor choices. In hindsight, I should have determined my policy for rent payment and informed the tenant during the vetting process or when I started considering ways to do real estate investing.īecause I left it ‘up in the air,’ I got several suggestions from my potential tenants.
What’s the best way to collect rent as landlord? When I decided to become a landlord, one of the areas that I gave the least amount of thought to was collecting rent. What’s the Best Way to Collect Rent as a Landlord? What’s the Best Way to Collect Rent as a Landlord?.If you’re not sure what to do, the best course of action is to contact your bank directly and ask. Some banks might make this process more straightforward than others, and some might not support it at all. You’ll likely have to access the Zelle option inside of the portal – just look for the Zelle transfer logo or tab.
Chase quickpay set up how to#
Most banks and credit unions are partnered with Zelle and offer this feature as a part of their apps.Īnd while most of these apps operate similarly, there’s no single step-by-step explanation on how to update your profile. You can also change your Zelle profile, including your name, on your bank’s account management app. Changing Your Name in Your Mobile Banking App
You can also change the email associated with the app, as well as other contact information. If your debit card expired, you could remove it. You can also update your Account information. Now when someone sends you money, they will see the name you’ve chosen.
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