I will be managing my parent's rental property. What they have done for decades is the tenant sends the check by mail. Over the years, there are "excuses" of "the check is in the mail," and sometimes, it honestly got lost.

Since this is 2015, are there modern cost effective ways to collect rent? I'm not a rental agency or big business.

Just wanted to know if there are other ways I've not heard or know about as far as rent payment goes.

On the reverse side, I would be interested to hear how you pay rent, today, if you rent from a non-agent or rental agency company.

TIA

 

I've used paypal to pay for vacation rentals. The places I've dealt with usually want the renter to put in a little extra to cover the paypal fee.

 

There are several well known rental payments websites out there.

 

Oh joy, let the fun begin!

 

My tenants give me 12 post dated checks at the beginning of the lease.

 

https://www.onradpad.com/

I've used to to pay rent, not collect though..

 

since my landlord lives 2 blocks away, I just pay rent the week before the 1st of the month by either going to her house or asking her to stop by. I am never late with rent unless she is gone out of town when it is due. In that case I pay her when she returns.

IMHO it is the RENTER'S RESPONSIBILITY to get the rent to you ON TIME, not the other way around.

 

 

My landlord has the same bank as me. I simply transfer to his account when I get paid. No fees and it's instant. I think bank offers bank to bank for free now.

 

you must be late on a lot of your payments lol

 

Your response did not address the OP's question in any way, shape, or form. Therefore, cool story bro and have a cookie.

 

To be fair, it is the tenant's responsibility to produce the monthly rent however the lease they signed outlines acceptable payment. "Lost in the mail" is potentially a truthful excuse, but it doesn't excuse a missed payment or agreed upon fees/penalties. I don't much like the idea of eating a 3% Paypal transaction fee if I am the landlord. (I'm going to assume rental payment companies charge some fee as well.)

I think it is very considerate of the OP to give his tenants options, but if he wants to put in the lease "payment must be delivered to my doorstep" and the tenant signs, then that is an equally valid option to consider.

 

I have rented out a house for 13 years now and have had just two minor issues that were resolved in days. Here's my trick:

1. add $50 to monthly rent price

2. give a $50 discount when rent is paid on 1st or first business day afterwards. This stuff is all clearly spelled out in the rental agreement as a rent discount.

My tenants will drive across town to drop off rent so I have never heard the 'check in the mail' excuse. I have received the rent after 5pm a few times but that's no biggee to me.

Bounced checks cause the $50 fee to kick in along with a bank fee. My only two problems involved bounced checks and that was over 10 years ago.

 

yes, it did, you just didn't see if but here I will help you out.

"IMHO it is the RENTER'S RESPONSIBILITY to get the rent to you ON TIME, not the other way around."

it is not his responsibility to make sure people pay on time, it's theirs

It's so easy to set up a monthly bill pay to auto pay your landlord (it even will mail the check out in time for it to arrive on the first).

easy as pie. people that don't pay their rent on time have issues that need to be addressed

 

Of course it is the renters responsibility to pay on time. He didn't ask if it was their responsibility to pay on time. He is looking for ways to make it easier.

Your suggestion in this post to set up an autopay check is a good one that you don't follow according to your own post. It's not something that he can directly implement -- but he can certainly suggest it to his tenants.

 

Care to recommend some?


There are so many. And since I don't know, never heard of them. If you have first hand experience, please share.


Example. Collect & Pay Rent Online with RentPayment

 

What are the terms? How much of your money do they want to help your tenant pay their rent?

 

if his tenants cannot pay rent, time for some new tenants...

how stupid can a person be not to have money to pay their rent every month?

 

Evictions and collections are not free services to landlords. It is good business to grease the skids for regular and timely rent payments.