Here at The Rental Lister we are Las Vegas Property Managers and we understand the importance of collecting rent on time. It is the lifeblood of any rental business, and late payments can cause significant financial strain. That’s why it’s crucial to have the right rent collection methods in place, so paying rent is effortless for your tenants. In this article, I’ll discuss some of the best rent collection methods for Las Vegas landlords so that you can keep your real estate investment making you money.
Online Rent Collection
Online rent collection is becoming increasingly popular among landlords. It’s a convenient and secure way to collect rent from tenants. With online rent collection, tenants can pay their rent using a debit or credit card, or through online payment services like PayPal. This method eliminates the need for tenants to write and mail checks, which can be time-consuming and unreliable.
The best perk of allowing your tenants to pay online is their own convenience, nobody enjoys paying their rent, so making it as easy as possible makes an already unpleasant task, that much easier to accomplish.
There are several online rent collection services available, including:
The above online tools offer a lot more help with general property management outside of basic rent collection as well. These services typically charge a small fee for each transaction, but the convenience and security they provide are well worth the cost.
Automatic Bank Withdrawal
Automatic bank withdrawal is likely the most convenient rent collection method. With this method, tenants authorize the landlord to withdraw rent payments directly from their bank account on a specified date each month. This method eliminates the need for tenants to remember to make their rent payments, and it ensures that payments are made on time as long as the funds are available at the time of the draft.
To implement automatic bank withdrawal, landlords must first obtain authorization from their tenants. This can be done through a written agreement or through an online rent payment system, such as the ones that we detailed above, that allows tenants to set up automatic payments.
Pay Near Me
Pay Near Me is a rent collection service that allows tenants to pay their rent in cash at participating retailers. This method is ideal for tenants who do not have bank accounts or who prefer to pay in cash. Tenants can make payments at 7-Eleven, CVS, and other participating retailers.
To use Pay Near Me, landlords must first sign up for the service and provide their tenants with a unique payment code. Tenants then take the payment code to a participating retailer and make their cash payment. The payment is then credited to the landlord’s account.
While online rent collection and automatic bank withdrawal are becoming increasingly popular, traditional rent collection methods are still viable options. These methods include collecting rent in person, by mail, or through a drop box.
Collecting rent in person allows landlords to develop a personal relationship with their tenants and ensure that payments are made on time. Collecting rent by mail or through a drop box can be less convenient, but it can still be effective for tenants who prefer to pay with a physical check.
Late Payment Penalties
Regardless of the rent collection method used, landlords should have a late payment penalty in place to encourage on-time payments. Late payment penalties can be a percentage of the rent amount or a flat fee. They should be clearly outlined in the lease agreement and communicated to tenants when rent is due.
Las Vegas Property Management with The Rental Lister
As we have shown, there are several rent collection methods available to Las Vegas landlords. Instituting some of the rent collection methods we have detailed can make it hands off and painless; however, there will still be those problem tenants that will make collecting their rent like pulling teeth. It’s especially difficult when the tenants are nice people who are just trying to make ends meet but have difficulty paying their rent on-time.
However, in order for your rental to make money, you need to have your tenants pay their rent every month. This is why a lot of Las Vegas landlords will rely on an experienced property manager to take care of rent collection and more.
Here at The Rental Lister, we have over 25 years of experience managing Las Vegas rentals, and we make sure that trying our service is completely risk free. Our Guarantees ensure that we have the most competitive fees in the area as well.
Give us a call today!