How do your clients (landlord) accept rental payments?

My landlord client keeps misplacing rental payment of his different tenants. Last week he misplaced an apartment rent check for a month and then did the same with a commercial tenant's check. Most tenants mail in their checks as per their lease. He, his wife and son also accept a dozen or so checks from tenants who deliver them in person. Do you advise clients to bill their tenants each month with a self-addressed envelope to return payment via check?
In Property Management - Asked by Peter M. - Dec 29, 2016
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Answer(s)

Harry G.
Broker/Agent
Little Ferry, NJ

Our tenants drop off or mail rental payments. We have e-voice capabilities but not e-payment for our industrial properties.

Dec 29, 2016
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Matt M.
Owner/Investor
Schiller Park, IL

Good morning,
A few of my tenant's use electronic transfer (Venmo app or Bank to bank). That's the best as it leaves an electronic trail. For all other tenants, I use a P.O. Box for checks & money orders. With that method I state in the lease that late fines are determined by the Post Mark date. That eliminates any issues as to when the fines start. It's worked for eight years.

Dec 29, 2016
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Jient L.
Tarzana, CA

I am a Landlord without Agent, unlike you with Client Landlord; similarly, our monthly rent collection seemed and sounded the same. I wish every Tenant is as cooperative as what is written on stone; my opinion is so long as these people pay, I'm all for it! Your problem is you also have your Client Landlord and members of his family collecting the Rents. You've to let your Client Landlord know that you're in charge in Rent collection; and, if any of the Rent delivered in his direction, you need to know. Good luck!

Dec 29, 2016
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Jim D.
Corporate Investor
Bardonia, NY

We own and internally manage about 50+ rental properties. Getting tenants to pay timely is one of the biggest challenges we face.
Billing tenants monthly is an absolute and the bills should be mailed around the 22nd of each month in order to help remind tenants that the rent is due on the 1st.
We accept payments in whatever manner makes it easiest for the tenant to pay us. Checks can be mailed but we tell them to remember the late charge for lost or delayed payments. We take credit and debit cards with a small fee to the tenant but less than the late fee and also "checks by phone" or electronic payments.
Remind your client that there is no point is owning rental properties unless the tenants rents get collected.
Also remind your client that the lease must clearly state that the late charges, bounced check fees, ect. are
"additional rent" or they will not be collectible in NJ LT Court actions. Good Luck!

Dec 29, 2016
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Joan V.
Broker/Agent
Ship Bottom, NJ

Check your lease - it will usually determine how payments are made. Some landlords want a check sent or dropped off - others prefer monthly transfer.

Jan 2, 2017
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WC Equity Group (.
Owner/Investor
Tampa, FL

Our tenants can make payments via our online portal -- which is our preferred method. Alternate methods are direct mail, drop-box at office, automatic/recurring payments (via their online banking). If you're using a management software program (Buildium, Appfolio, etc), they will also have a payment portal built-in.

Jan 10, 2017
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