Rent collection is one of your most important jobs as a San Diego landlord.
The best way to ensure that your rent gets paid on time every month is by providing a few good options for tenants when it comes to how they pay. When you offer a variety of ways to pay, they can choose the method that works best for them, and you’re more likely to get your rent paid on time. You can accept checks, credit cards, money orders, and bank transfers. You can even use PayPal or Venmo. There are creative ways to let tenants pay in cash.
Collecting rent starts with a strong lease that includes a consistent and sensible rent collection policy. As a landlord in San Diego, you’ll have to communicate that policy to your residents.
Establish a Consistent Rent Collection Policy
Your rent collection policy needs to be clear, consistent, and well-enforced. This starts with your lease agreement.
In your lease, you can include a section that indicates the following:
- How much rent is due
- When the rent should be paid
- Whether there’s a grace period
- What the late fees and other consequences will be if rent is late or unpaid
- How to pay the rent
That last point is especially important. Your tenants need to know how to pay the rent. Don’t leave them unsure about this, or you may have a tenant who tries to pay in cash when you don’t accept cash.
Online San Diego Rental Payments
Nearly everything can be paid for online, and that includes rent. Most San Diego property management companies have been collecting rent online for years, and we have found that tenants appreciate it because it’s easy, secure, and can be done from the comfort of their own homes.
Today, most tenants are going to expect some sort of online rental payment system. They’re not going to want to write out a check and mail it to you. We highly recommend that you offer online rent payment as an option. This may be difficult if you’re managing on your own and you don’t have access to a sophisticated property management software platform like those available to professional managers. However, you can set up a system for your tenants to use an online payment system that already exists. You can have money transferred from their bank to yours as well.
Paying Rent with Paper
Electronic or online payments are often the preferred way to pay.
But, that’s not the only way. Some of your residents may be less comfortable with technology, so give them other options when it comes to paying rent. Let tenants pay with a check or a money order if they’d prefer. There are programs you can join where a tenant can pay at 7-11 or a convenience store. As long as your tenants have options, they’re likely to meet their rent payment obligations.
It’s in your best interests to make rental payments as simple and stress-free for your San Diego tenants as possible. If you have any questions about how to collect rent or you’d like to talk about the online rental payment systems we use, please contact us at Mercer Properties.