What is the best way to collect rent? - Landlord Forum thread 353874

What is the best way to collect rent? by D on August 16, 2017 @17:13

I have been just asking for checks to be mailed to me, but I want it to be reported to Credit bureau if they should happen to pay late, not pay or if I need to evict a tenant. I have been thinking about the service such as eRentpay or rentler or Paylease. I think a tenant has to opt in to for it to be credit reporting. Has anybody have any thoughts on the services or a better way to collect?

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Re: What is the best way to collect rent? by Garry (Iowa) on August 16, 2017 @20:07	[ Reply ]

The main reason for how you collect rents, should never be because they may get reported to Credit Bureaus. First, you should consider the easiest way for YOU to collect rents,--- mailed to you, you pick it up, they hand deliver it to you, electronic collections. Also, do you want cash, check, money order, direct deposit to your bank ? The 2nd thing you need to consider, is your individual tenant. Will/CAN they go along with the way you want to do it? Not all Ts have checking accounts, or have the knowledge to deposit electronic funds. Some lower income Ts may not have a car, or access to stamps from the PO. Elderly Ts may not trust electronic banking. Treat your Ts as your customers, which they are. Accommodate them as best you can. Treat the possibility of a ding on their credit report as a "side" affect, much like the side effects of prescription pills that we all take. If it happens, it happens---no big deal to you, since it's not going to be on your credit report. I have 20 Ts. Some hand deliver the rent to me, some, I go collect it in person. Others mail it to me. I don't do electronic banking. For me, it's whatever works the best between me and each individual T. Besides, if you go collect it, it "may" give you a chance to see how they are living and treating your property.

Re: What is the best way to collect rent? by lamac66 (ga) on August 17, 2017 @08:14	[ Reply ]

I would say make it as easy as possible within reason for everyone involved. Spell it out in your lease the forms and vehicle of payment you accept. We use electronic payment or accept money order by mail. I won't accept payment in person nor will I go collect in person. It's up to the tenant to pay on time and that includes allowing for mail travel if that is the payment vehicle chosen. You may emphasize in your screening criteria you do report to credit agencies regarding late pay(30days), which is problematic because being 30days late with rent then you're in eviction status anyways. I happen to like the various online methods.

Re: What is the best way to collect rent? by Bryant on August 17, 2017 @18:41	[ Reply ]

In order to be paid rent on time starts with proper screening of your applicants and providing multiple ways that a tenant can pay rent. It has nothing to do with what you want, but what the tenants need. You can provide a service that tenants can opt in to report rent payments, but that should not be a priority for you. We simply text every tenant with a short message that rent is due in three days prior to rent due date. Most tenants pay within a short period of time after getting the text. Works very well for us.

Re: What is the best way to collect rent? by anon (ca) on August 19, 2017 @20:41	[ Reply ]

I like the service on this LPA site; I've been using it for about three years. You can also opt to report to credit bureau or not. Look it up here. I can't remember the credit bureau part.