A lot of people are looking for 3 tips to collect money from renters. Landlords across the nation want to know more about this interesting topic as well. We are going to let you know more about this here with our top 3 Tips to Collect Money from Renters
Making the payment that you get from your rents an automatic operation is always a good idea. This auto-deduct or auto pay system will allow you to avoid a lot of headaches in the future as well. This is probably the best thing you can do to collect rent these days. You can take advantage of the wide array of systems that can be found out there. These systems make it easy for you to get the money in your bank account automatically.
Choosing Tenants Wisely
Picking up the right tenants might not be so easy these days. Set your criteria of selection and trust your guts. If you see that a prospective renter has too much debt, this should raise a red flag right away in your mind. Your renter`s regular income should be at least 3 times the amount of the rent or even more. Talk to his or her previous landlords so you can check the payment history of that person.
Don’t accept cash as a means of payment. The reasons seem to be obvious, but you need to refresh your mind from time to time. Cash can be easily lost leaving no trail at all. This is a dangerous situation if your tenant just disappears down the road. If your tenant is involved in any kind of illegal activity, this might a real problem for you. So you should not accept cash as payment for your rent.
As you can see, these 3 tips to collect money from renters will be very helpful to you down the road. Remember that you need to be very picky when it comes to selecting a renter for your property these days as well.