Technology has advanced rent collection so much. The online payment system may come off as daunting for many landlords. Yet, online offers a load of benefits to both the landlord and the tenants, from flexibility to time-saving.
Benefits of Physical Rent Collection
Picking up physical rent may seem like a lot of work, but there are a few benefits to doing so as a property owner. Here are some benefits to collecting physical rent checks to help you decide which method is best for you.
- Tenant Rapport
- Picking up the rent at the same time every month from your tenants allows you to stop and talk to your tenants, hear any positive or negative feedback that they may have. Being involved and aware can make your renters feel good about where they’re staying.
- Property Inspection
- Going to the physical location also allows you to assess the property’s condition, look for damage, and see how your tenant is treating the space.
- Accountability
- Having a set time to come to the tenant’s place every month holds them accountable. They know when you’ll be by every month and when they need to have their rent ready.
Benefits of Digital Rent Collection
- Saves Time
- Utilizing an online rent collection tool via app or website saves time for both you and your tenants. This may be valuable for you as a busy landlord and your tenants who may not want to spend time meeting monthly for rent collection.
- Payment Method Flexibility + Fee Collection
- Unlike in-person collection, online transactions allow for more flexibility and, often, more convenience for tenants who don’t have checks or cash on hand. Additionally, it’s easier to charge and keep track of late fees.
- Communication
- Many digital rent collection tools allow for communication between tenants and landlords if there are any issues at all times. If you’re looking for a way to stay connected all the time, this is a great feature!
If you don’t want to handle being a landlord or collecting rent and checking on your property, you should seek a property manager. Our team at Wiscoturnkey handles all your tenant communication and rent collection, so you don’t have to. Sit back and enjoy your immediate passive income while we work for you! Schedule a call today to discuss your financial goals: https://wiscoturnkey.com/contact-us/
