Re: What is the best way to collect rent? - Landlord Forum thread 353877

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

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.

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