Collecting rent is the most crucial step of managing rental property in Baltimore.
But it’s also the most significant issue faced by many landlords or property management companies in Baltimore because many tenants need reminders for rent payment, some make a partial payment, and there are some who simply fail to pay rent on time.
Dealing with such a situation can be very difficult or challenging for landlords.
Hence, they look for other options that will streamline the entire rent collection process.
Any method that can help landlords to collect rent on time from tenants, will save them a ton of stress.
Traditionally the rent collection method is sending a check to the landlord by tenants, but sometimes the check bounces. And if not this, the check will take a few business days to transfer the cash to your bank account.
This means, even if the tenant will pay rent on time by check, it will take a few more business days to clear. The cash you will be needing immediately will take more time to be credited to your bank account.
Due to such reasons, 6 out of 10 landlords have started collecting online rent for their Baltimore rental properties.
The digital payment method makes your work a lot easier and also streamlines the entire property management process.
There are a lot of benefits of collecting rent online. You can easily set up a schedule to collect rent online and also accept payment from debit cards and credit cards.
Also, this will make it easier for the tenants to pay rent on time through credit cards if they are running out of cash. There’s no need to keep a record, as you can see the payment history online.
Collecting rent online is beneficial for both landlords and tenants. Hence, most landlords prefer this over collecting rent manually.
Here you will find the reasons why collecting rent online is beneficial for both the landlord and tenants.
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Collecting rent online has become common for most landlords in Baltimore since the outbreak of Coronavirus. During the pandemic, this has helped many landlords to receive payment without having any physical contact. But, now this has made the process of collecting rent a lot easier for the landlords. Not only the tenants can make payments using debit or credit cards but the landlords can also collect them easily without visiting the rental property.
If you have multiple rental homes in Baltimore then you will have to go to each unit to collect the rent and if you then your property manager will go and collect the rent on the due date. You will have to go to the tenants to collect the checks and then off to the bank to cash them. Even when you deposit the checks, it will take a few more days to clear. But, with digital payments, you don’t have to face such things. The cash will immediately be credited to your bank account.
Usually, tenants forget to pay the rent on the due date and need a reminder. But, with using online rental payment apps you don’t have to send them any reminders. The apps automatically notify or send reminders to tenants every month if they haven’t paid the rent on time.
Tenants know that they have to pay the rent every month on a particular date. So, they also prefer scheduling recurring payments. This way they can ensure they will not miss the due date of depositing the rent due to forgetfulness. And the landlords will easily receive the payment on time.
Read: Reasons Why Most Landlords Prefer to Collect Rent Online
When you have more than one rental unit in Baltimore or managing a multifamily apartment in Baltimore then it becomes really tough for you to keep the records of the rental payment. It is not easy to remember who has already paid, etc. But, with online rent collection apps, you can easily keep the track of rental property payments.
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You must be thinking about how does collecting rent online can improve tenant and landlord relationships, right? Well, that’s because this helps them avoid any confrontation. The landlord does not have to send any reminders because the online app does it automatically and calculates the late fees. Everything will be done online so you don’t have to confront tenants who pay rent late.
So, even if you have no property manager to manage your rental homes in Baltimore you can do it yourself. By using any online rental payment apps you can easily save your time and receive the payment on time and this helps you to manage your Baltimore rental properties efficiently.
