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First, online rent collection services are a popular platform for landlords. Online options allow property managers to collect rent for free, or upgrade for premium payment processing features. Tenants can pay their rent in any form such as a debit, credit or eCheck. Additionally, tenants can receive payment reminders. With this advanced functionality in place, it is easy to streamline your payment flows. Of course, many online services allow for the scheduling of recurring payments. Landlords can also receive real-time updates on when payments have been made, cleared and put into the landlord’s account. Certainly, online rent collection services are a good fit for landlords who like to be paid easily and on time.
Online Services
First, online rent collection services are a popular platform for landlords. Online options allow property managers to collect rent for free, or upgrade for premium payment processing features. Tenants can pay their rent in any form such as a debit, credit or eCheck. Additionally, tenants can receive payment reminders. Of course, many online services allow for the scheduling of recurring payments. Landlords can also receive real-time updates on when payments have been made, cleared and put into the landlord’s account. Certainly, online rent collection services are a good fit for landlords who like to be paid easily and on time.
Debt Recovery Services
Next, debt recovery services are a reliable way for landlords to collect rent. Property managers must manage any late rent on their statements. Throughout the rental industry, debt recovery services collect past due rents using run credit report tools. The agencies approach tenants with empathy and ethics. They work with the tenant to pay past due rents. Especially for larger rental properties, recovery services can collect late rent faster than landlords. Certainly, debt recovery is a dependable rent collection service for multi-tenant buildings, apartment complexes and mobile home parks.
Property Management Services
Property management companies offer rent collection services for landlords. These property managers collect and deliver rent for you every month. Most property management services have years of experience in collecting rent, following up on late payments and keeping your rent income on track. Additionally, property managers will work with current residents to make sure they honor any signed rental agreement. Surely, this helps avoid delinquent tenants and bad debt. Of course these companies have other capabilities such as filling vacancies, dealing with tenant complaints and fixing maintenance problems. This is a good service for landlords who don’t have the time to collect and maintain rent payments every month.
Money Transfer Services
Another dependable way for landlords to collect rent is through money transfer services. Landlords should set up a transfer account with some of the most popular apps. These 3rd-party apps allow tenants to make payment directly from their PayPal business program or Venmo account. The funds are transferred directly to your account ID or email. Then you can withdraw the deposits to your traditional banking institution within 24-48 hours. Since these third party apps are accessible via computer, tablet and mobile devices, they an effective service to collect rent payments on time. Definitely, landlords should consider adding money transfer apps to their rent payment options.
Local Agency Services
Additionally, if the tenant leaves, landlords can receive rent through local collection agency services. Collection agencies are useful when tenants are being evicted. You can pay the agency a flat rate, but that doesn’t guarantee collection success. On the other hand, you can pay about 25% of the earnings collected. Plus, you don’t pay until the agency collects from the delinquent tenant. Additionally, the collection agency will call the tenant, mail notifications and appear at their front door to retrieve the rent. If needed, the collection agency will report the rent offenses to credit bureaus. With years of experience, collection agencies have a high recovery rate. Collection agency services are a great way to for landlords to collect delinquent rent.
There are many services for landlords to collect rent. Online services are the most popular way for property owners to collect rent. Many landlords rely on debt recovery services when there are delinquent tenants and refusal of payment. For landlords too busy to focus on collecting rent every month, property management services are a dependable option. Alternatively, landlords should consider money transfer services to collect rent. Additionally, local collection agency services use effective tactics to collect rent. To find the best rent collection services for your landlord needs, follow the points above.
