Whats the best way to collect rent?

[Paul Lombardi]

Hello-

Just wanted to take a survey of how best to collect rent.

I am trying to streamline the process.

Do most of the folks on BP recommend collecting rent the traditional way(in-person & mail)

or do folks find it easier to collect electronically? Please share what services you use and benefits of using them.

Thanks! -Paul

[Luke H.]

In business Cash is King... Plus, you can see how they are treating the house.  I usually collect in person for about 6 months, then if they maintain the property i give them the option to do online transfer or send a check via regular mail.  I still get many tenants that want to pay cash.

[Patrick Wheeler]

I personally would recommend collecting rent electronically, especially if you are looking to streamline the process. There are plenty of platforms to do it electronically and I'd rather take the time to train my tenants on how to use the platform than run around collecting checks.

[Mike Cumbie]

I tell them I accept cash, cash and all major forms of cash!

Just kidding... last thing I want is people knowing I am walking around with a bunch of  cash on the first of the month. Check or money order delivered to a P.O box by the EOB first day of the month. 

[Linda S.]

We do everything electronically, through Cozy.co, it works great and there's no stress!   People strongly prefer doing things online anyhow, it's 2017.    

[Rob Lane]

I have all tenants have checks in my mail slot by 6pm on the first of every month.  If they do this they immediately get $50 off their rent.  If they are past 6pm they pay full rent.  I call it the discount rent policy.  I started it as I was getting checks on the 1st, the 3rd, the 7th, etc. and was costing me so much time in making deposits, I come from sales and know that incentives drive people to do better.  This has really helped me.  I also give an additional $50 dollars off in December if they have been consistent the entire year.  You can see my contract at millionairemaintenanceman.com under forms.  See if that helps you.  Good luck