Which Rent Payment Options Should Landlord Accept?
What’s up everybody. Matthew Whitaker again with “Questions Owners Ask.”
Today’s question is, how do tenants pay you rent? So there’s really three ways that tenants pay us rent.
The first way is by far the best, and that is through their tenant portal.
So each tenant is given a login ID and password when they move into one of our houses, and the whole goal for us is to get them to pay online.
It’s a much more efficient system for them paying rent. It’s certainly easier for them, and they can use their checking account, and that costs them literally nothing. So all they need is a routing number and an account number.
They can direct deposit into our account, and that posts directly into their system and also gives them a receipt. So if you’re a tenant and you’re listening to this, please pay online, it’s by far the best way to get it done.
The second way is, we get mailed money orders and checks. You know, obviously, that’s kind of the traditional way of people paying rent.
And we’re not, you know, we’re not upset about it, but obviously we would prefer them pay online, but they still mail us checks and money orders.
The last way people pay us rent is they pay us by bringing checks and money orders into our office.
And obviously that’s the least efficient way, because it takes them a lot of time, energy, and effort to get in here and hand us the money, but tenants still do that, and we have boxes here.
So that’s it, that’s how the tenants pay rent.
I’m Matthew Whitaker, with Gkhouses.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.
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