Paying online is one of the best things about the 2000’s, and if you don’t have it yet, you’re missing out. While many landlords are still accepting checks and cash in lieu of quick digital payments, both you and your tenants will greatly benefit from the convenience of accepting digital payments online. Not only do you not have to worry about collecting money, they won’t have to go to your office, the post office, the bank, or worry about something going wrong with the check. Just one quick and easy payment. Whether you want to hire a local Woodinville property management company to
Accept Bank Transfers
Many banks now offer eChecks and digital bill payments, and you can set yours up to accept these payments. It is important that you have a business account for this, but it means that all of your rent money will show up directly in your bank account. No collection needed. Plus, because rent will show up more quickly, you can set a one week period during which time your tenants have to pay the rent, and if you haven’t received a payment notification within 4 business days after that week, you can contact them. The whole process becomes significantly easier. This method is only really ideal for smaller rental units, where it is manageable to easily track payments directly to your bank. If you don’t want to use your bank, you can use PayPal, but keep in mind that PayPal has a service charge.
There are multiple software programs that allow you to accept payments online, and many of them actually send the money directly to your bank or PayPal. These tend to cost a lot of money per month, but can be very convenient in terms of tracking users, sending payment reminders to tenants, and allowing you to keep track of who has paid, without creating extensive and complex logistics. Most of these options are geared towards people with 40 or more units, which means that they do not work if you only have a few.
Hire a Property Manager
If you want an easy way to have money sent right to your bank account, then hiring a Woodinville property management company is the ideal way to go. While not all property management companies allow you to accept online payments, the good ones offer online tenant portals, where tenants can log in to handle almost everything they need, including paying the bills. This is the most convenient option if you’re not sure about handling the paperwork and keeping track of who has paid and who has yet to pay, or who is late.
Online bill pay is just one way to make property management more convenient, but if you want to take it a step further, then a property management company is still the best way to go. A good one like Sterling Johnston & Associates will not charge until your units are rented, will handle everything with your tenants, will handle maintenance and repairs, and will make sure that your rent money goes straight to your bank account.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.