As a landlord in Houston, you know that rent is one of your most important sources of income. But it can also be frustrating and time-consuming to collect on time.
In this guide, we list and review popular methods on how to collect rent as a landlord. We cover everything from online payments to in-person collection methods.
By reading this guide, you will find a method that will most likely get on-time rent payments from your tenants. Read on to discover your best way to collect rent as a landlord!
In-Person Rent Collection
For some landlords, meeting face-to-face to collect rent is the best way to build a relationship with their tenants.
If you or your property manager live in the same building as your tenants, this can be especially convenient.
In-person rent collection methods can also be helpful if you have a problem tenant who is not responding to your attempts to collect rent online.
Drop Boxes or Mailboxes
If you have tenants who live in different locations or don't want to deal with collecting rent in person, you can use a drop box or mailbox.
With this method, you must provide your tenants with a self-addressed, stamped envelope. They can then drop their rent payment into the mailbox or drop box.
There are a few benefits to using this method:
- It's a straightforward way to collect rent
- It's less time-consuming than collecting rent in person
- It eliminates the need for you to meet with tenants in person
However, there are also a few drawbacks:
- Tenants may forget to drop their rent off in the mailbox or drop box
- The rent payment could get lost in the mail
- It takes a while to collect rent
Online Rent Payment
With the rise of technology, more and more landlords are collecting rent online. Online rent payment is a convenient way to collect rent from tenants, and it can also help you keep track of payments made by each tenant.
There are a few different ways to collect rent online:
- Use rental property management software or property management services that offer online rent payment
- Set up automatic payments through your bank account
- Use a service like PayPal, CashApp, or Venmo
Online payment applications are encrypted and secure. They can also help you keep track of your finances and ensure you are getting paid on time.
The Best Way to Collect Rent as a Landlord: Online Rent Payment
Landlords in Texas must adhere to the state's rent payment laws. Property managers must accept cash unless otherwise stated in the lease. We like to give tenants the option of using a dropbox or making online payments.
While there are several ways to collect rent from tenants, we believe that the best way to collect rent as a landlord is by using online rent payment methods.
Here at Houston Property Management, we use the best rent payment options to ensure our clients get the best possible service.
Contact us today for a free rental price analysis to learn more about how we can help you manage your properties with little hassle.