As a landlord, one of the most important questions on your mind is probably, “how do I get paid?” Making a profit is the whole reason people rent out their properties, so landlords want to be 100% sure that they’ll be paid securely and on time.
Payment Types That We Accept for Rent
Here at Douglas Realty Property Management in Southwest Florida, we know how important it is to clearly explain to tenants exactly how, when, and where rent should be paid. We have and enforce strict rules on which payment types we will accept for the properties that we manage. Currently, we only accept:
- Certified checks
- Money orders
- Cashier’s checks
- Personal checks*
*Personal checks are only accepted after one month of occupancy. The first month’s rent, plus any deposits, cannot be paid by personal check.
Payment Types That We DO NOT Accept for Rent
It’s also important to let tenants know which payment types you will not accept. While we try to be accommodating of every person’s needs, we are not able to accept the following payment types for rent:
- Debit cards
- Credit cards
- Direct deposit
- Apps (i.e. Venmo, Cash App, etc.)
We hope to have an online solution for rent payments in the future that would allow tenants more flexibility in choosing how they pay their rent.
Documentation is Essential
No matter what type of rent payments you choose to accept, documenting the date, the address, exactly how much is paid, how the rent was paid, and who paid the rent is crucial. We recommend using a carbon copy paper receipt book designed for rent payments. Fill out the receipt with the relevant information, sign it, and then have the payee sign as well. If you do not know the person paying the rent, feel free to ask for some type of identification to verify that they are who they say. Make a copy or take a photo of the ID for your records. Keep all receipts for rent, deposits, repairs, and everything else, sorted by address, in a secure and fireproof location. You’ll need these receipts for your taxes and if any disputes come up about payments.
Get Timely Rent Payments for Your Southwest Florida Properties
If you own rental property in Cape Coral, Ft. Myers, Lehigh Acres, Port Charlotte, Punta Gorda, San Carlos, or North Point, stop stressing over late or unreliable rent payments. Instead, let the property management experts at Douglas Realty Property Management handle all aspects of managing your properties, from marketing to tenant screening to collecting rent. Call (239) 542-6906 or contact us online for more information today!