One of the most important components of a successful rental business in Las Vegas, whether you have one property or many, is collecting rent payments on time. That's why it is essential to implement a proper rent collection plan that works both for you as well as your tenants.
In this blog post, we will highlight some of the different rent payment methods that you can choose from. The most effective method for you will depend on a number of factors, such as the number of rental units, your distance from the rental properties, your tech skills, and your desire to interact with your tenants. Let's get started.
Collet Rent In Person
Even in this age of technology, there is nothing wrong with personally collecting rental payments from all of your tenants. It is a means of getting your hands on your payment immediately and without the need for online payments, especially if you are not used to technology.
If you are paid in cash, it will allow you to count the money carefully and provide your tenants with a receipt of the transaction there and then. On the other hand, it can be both time-consuming and frustrating as you will need to coordinate times when your tenants will be at home.
Collect Rent Online
These days, there are many different online sites that offer payment services to landlords. Some of these include RentMatic, ERentPayment, and RentMerchant. You can also choose popular payment services such as Venmo, PayPal, and Zelle.
Keep in mind that there may be processing fees with these methods, and it may take a number of days before the payment has been processed. Still, it can be considered a more straightforward means of collecting rent than paying monthly visits to your rental property.
Property Management Company
The simplest and most convenient method for collecting rent is to outsource it to a property management company that will look after every aspect of rent collection. Not only that, but a property management company will deal with any issues that the tenants have, fill vacancies, and handle any maintenance issues that arise.
Drop-Off Location
Another method that your tenants may prefer is to have a drop-off location. This is a good option if you have a physical office nearby, for example. You may also wish to have your own home as your drop-off location if you are okay with your tenants having that information.
Always be careful that the drop-off method is safe and that there is no risk that your payment can be stolen before you have the chance to collect it. Collecting rent through the mail is another option for landlords
A Guide to Rent Collection in Las Vegas
The above information highlights some of the different rent payment collection methods that are available to landlords. If you are interested in partnering with a property management company in Las Vegas, your premier choice is Avalon Realty and Oaktree Management. Contact us today to learn more.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.