With the development of Internet and on-line banking, landlords have more options to collect rent from tenants besides the traditional mailing of the rent checks.
Here are 3 possible ways for landlords to collect rent:
Option I: Traditional Mail
Tenant mails a check to the landlord. It is best if landlord's bank do not provide on-line banking service or you do not have the ability to check balance on line.Option II: Bank Deposit
By giving landlord's bank name and account number to the tenant, tenant can write a check payable to the landlord and make a deposit into landlord's account at the bank.Option III: On-line Bill Pay
Landlord gives a copy of the deposit slip to the tenant. With bank's routine number and account number, tenant can set up an automatic bill pay on line. This method is most popular amount Internet savvy renters.If landlord has the ability to check bank balance on line, option II and III provides the most convenience. It will prevent check get lost in the mail.
It will also save landlord a trip to the bank. This is especially handy if the landlord is out of the country or traveling.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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I think on line bill pay is the way to go as most younger renters would use it
Joe * I have many renters who set it up that way; however, I have some older residents who insist on bring it to my office and slipping their envelope under my office door.