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Langee Realty Inc. (813) 333-5263

Serving Tampa bay area of Florida since 1996.

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We specialize in tenant rent collection.

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The Best Ways for Property Owners to Collect Rent From Tenants

As part of your lease agreement, a tenant will agree to pay rent each month in exchange for living in your property. It is our job as landlords to fully explain to our tenant the way we will accept rent payments and in what form. A tenant that fully understands the rent collection process will be able to pay in full and on time.

As the owner of a rental property, you can decide how your property is run and managed, as long as it stays within the law of course. Deciding how you would like to collect rent is your own personal choice. You may decide it suits you to only accept one method of rent payment, or you may be happy to accept many different types of payment.

The payment method you choose may depend on the amount of rental properties you own. If you own a single property, it could make sense to collect the rent personally in cash every month. If you own a large number of properties, collecting rent through digital methods might be more efficient.

If you are a new landlord or a busy person who does not want to deal with rent collection, it can make sense to hire a professional property management company to provide rent collection services on your behalf.

If you want to collect rent yourself, here are some of the most popular methods.

Collecting Rent Payments Online

A new method to collect rent payments is online and it is becoming increasingly popular as more and more people connect to the internet. There are websites that are specifically designed to collect rent, although they tend not to offer the security and peace of mind that a professional property management company does.

PayPal is another option for collecting rent payments online. While it is possible to use PayPal without fees, it is not very user friendly for the tenant and can be confusing. The tenant must follow exact instructions to ensure the payment is received as quickly as possible and without any fees. Itís important to remember that a PayPal payment can take several days to clear, and it can be difficult in that time to establish whether the tenant has made a payment on time or not.

If you choose to collect your rent online, you will usually have to make another method of paying rent available for those who do not have access to the internet.

Collecting Rent Payments through the Mail

Some landlords allow tenants to make rental payments through the mail. This can save you time by not having to collect the rent payments in person, however there can be certain problems with this method.

A tenant may send the rent payment in time and the envelope will be postmarked with the correct date, but due to delays in transit, you may not receive the payment for several days or weeks in extreme circumstances. Technically, the tenant has paid their rent late, but it still wouldnít be in your hands. If the tenant make an error in the payment amount or intentionally underpays, this will also give them a few extra days before you find out.

The major problem with allowing rent payments by mail is that the tenant can use the excuse that 'the check got lost in the mail'. You can require your tenants to send rent payments by registered post to prove that the rent was sent, but this still doesnít confirm they sent the correct amount.

Collecting Rent Payments at a Drop-Off Location

If you have an office or property investing business, you could ask tenants to drop-off rent at this location each month. Be careful about allowing tenants to drop off rent at your personal address. Although it can seem like a way to save time and money by having tenants bring rent directly to you, if there is ever any problems with the lease in the future and you have to evict the tenant, having the tenant know your personal address can open you up to problems.

Collect Rent Payments in Person

The traditional method of collecting rent is by cash in person. With this method, you can arrange to call at your property at a certain time each month and collect the rent payments in cash.

Although you can be sure you have been paid by this method and can bank the cash straight away, there can be a couple of problems. You might not want to walk around with large sums of cash that could be stolen or you might prefer to distance yourself from your tenant and collect rent payments through a more professional means.

Using a Property Management Company

The best method of collecting rent is to use the rent collection services of a professional property management company.

Outsourcing your rent collection to a property management company has many benefits to a landlord. Not only will a property management collect rent payments for you, but they can also handle any complaints and questions regarding the rent on your behalf.

Collecting rent in full and on time is crucial for the success of your property investment. Hiring a property management company is a win-win situation for both tenants and landlords. Tenants want a quick and easy way to pay rent and a professional contact that they can speak to with any questions they might have. Landlords want to ensure that rent payments are collected on time every month and that expenses are kept to a minimum to increase their returns. A property management company provides this for both parties.

A property management company can also collect and store security deposits on your behalf and provide tenants with receipts if required. From a landlordís point of view, everything will be handled on your behalf and you will receive a single payment every month with any fees deducted. If you are a new or busy landlord, collecting rent trough a property management company can reduce your stress and provide you with more free time.

We can provide complete rent collection services in the Tampa, Florida area.

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Langee Realty Inc. (813) 333-5263

3125 W Hillsborough Ave Tampa FL 33614

We are open Monday to Friday 10:00 to 6:00

Serving Tampa Bay Area since 1996

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