BRRRR Investors Now is a Good Time to Rethink How You Collect Rent
Updated: Dec 2, 2021
Timely collection of rents is almost as essential as breathing when you are a landlord.
Recently the Postmaster General announced that first-class mail would take up to 5 days to be delivered. So if you are weary of the tired old "the checks in the mail" bit while your cash flow starts flowing backward, you may be ready to leave behind the stone-age practice of collecting paper checks. But, of course, there will always be people that would rather fight than switch. So for everyone else, it's time to look at rent payment apps.
There are many good reasons for providing your tenants the ability to pay online. First, they don't even need to own a computer. All of the newest apps allow payments to be set up and initiated on their cell phone.
Benefits for your tenant:
Choose between ACH and credit card payment
Set up automatic payments
Avoid late fees by making timely payments
Benefits for you, the landlord:
Accept full or partial payments
Notification of late or missed payments
Automatically apply and charge late fees
Improve your cash flow while saving time.
There are many online rent payment tools for you to research and choose from. Your tenants will appreciate the convenience and you will enjoy the boost to your cash flow.
Click here for a good place to start researching for the one that fits your business best.