Rent Collection Services
At Forest City Property Management, we understand that receiving rent when it is due is the most important factor when managing property. We offer ways to make the rent payment process effortless for your rental community. Here’s what Landlords need to know about the best ways to collect rent from tenants.
Factors to consider when choosing a rent collection method:
- Whether you are managing just one or a couple of properties, and if you are operating a sizable business that collects rent from a large amount of tenants.
- What is the commute to stop by the rental properties you are managing?
- Whether or not you take pleasure in getting to know your tenants on a personal level, if you prefer to keep tenant interactions to a minimum. this is important to keep in mind.
- Your knowledge of the digital world will help you incorporate any online payment methods
What are traditional payment methods?
Traditional rental payment methods have a disadvantage compared to digital payment methods. In addition to being difficult to access, they are also difficult to document, making rental disputes harder to defend, if this became necessary.
When accepting a payment ensure to use a detailed record of all rent payments!
Cheques
We ensure that all cheques are certified when receiving payment. You should also consider the method in which you receive the cheque. Will you accept a cheque by mail or drop off box? You could also consider setting up an in-person appointment for cheque delivery.
Money Order
This is the most acceptable form of traditional payment. This transaction is the most secure form of traditional payment.
Electronic Payment Methods
Pre-authorized debits are the most secure and popular form of payment. We are happy to offer you help with setting up these services.
Should I accept one payment method or accept a variety of formats?
Here at Forest City Property Management, we suggest accepting a combination of payment methods, and we are always staying organized and keeping proper records.