Blog Post

Top 5 New Ways To Collect Rent From Your Tenants

Dustin Edwards • Sep 24, 2023

The beginning of every month is an essential day for tenants and landlords alike. While some tenants may not look forward to their rent’s due date, landlords must give their tenants as many options to pay. The more options you offer your tenant, the less likely you’ll receive late payments or have an issue collecting rent. 


The traditional cash or check payment may be reliable, though they must be more relevant when
collecting rent. Could you check local and state laws regarding rent collection methods? Additionally, some rent collection methods can involve several fees or transaction costs. Landlords should consider these when deciding on the best approach for rent collection, as you don’t want to upset a tenant with additional expenses.


There are more ways for you to collect your tenant’s rent. Today, we’ll go over five new methods used to collect rent.


Automatic Bank Withdrawal

When paying rent, bank transfers are nothing new, though having the payment done automatically can benefit both parties. Much like an online subscription, a landlord can set up an automatic monthly withdrawal from the tenant's bank account with the tenant's permission. This can ensure timely payments, give you peace of mind, and give your tenant one less payment they must manage.


Mobile Apps

A variety of apps are designed specifically to collect rent from tenants. Applications such as Avail and Zillow Rental Manager. While distinct, mobile rent-collecting apps allow tenants to pay their rent on time and have a comprehensive digital log of payments and receipts. Some apps also provide an easy way for tenants to report their on-time rent payments. This can help them to improve their credit score. Some fees may apply, though typically negligible and, in some cases, free.


Property Management Software

There are applications and software for more than just collecting rent. Property management software like Buildium or AppFolio frequently includes rent collection features, among other tools for landlords, such as maintenance requests and the ability to create a website for your property, among other systems. These apps aren’t one size fits all, though. For example, many reviews state that AppFolio is best suited for landlords with over 50 units, whereas Buildium caters to different sizes and types of rental portfolios.


Online Payment Platforms

Platforms such as PayPal, Venmo, Cash App, or Zelle are used daily by people for all sorts of expenses. Using these platforms to accept rent payments electronically has become incredibly popular. Usually, these apps have little to no fees associated with transactions. However, they’re only used to transfer money and offer very little to help with other aspects of managing your property. 


Property Management Companies

While not a new way to collect rent like the other services in this article, entire service property management companies need to be up to speed with how rent can be collected. And can collect rent on time to allow landlords to invest in other projects or live life. Landlords have hired professional property managers to collect rent and handle the process. These services typically include added benefits such as debt collection if rent is not paid or fees if rent is paid late. 


Collecting rent doesn’t need to be complicated. After all, it's a simple transaction for a service. If you need help collecting rent or setting up some of the methods described above, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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