Are you using an online rent collection service yet?
In case you are still on the fence about signing up with a service, here's an important statistic. According to a study of over 135,000 renters by Rentec Direct, 57% of tenants without access to an online rent collection service paid rent late! A much higher rate than those with online rent collection.
One of the biggest fears of new landlords is having a tenant miss a payment and trying to cover the mortgage until the tenant pays. You can avoid this by encouraging your tenants to sign up with an online rent collection service.
I recommend Cozy because it is totally free which makes it much easier to get them to sign up.
If you choose to, you can include a lease clause that requires all tenants to sign up with Cozy to use its maintenance tracking system for any non-emergency maintenance requirements.
If you live in a state where you are not allowed to require your tenants to pay you via online rent collection, then you can use this to get them to sign up and then encourage them to use the ACH rent collection service.
Once they sign up, remind them of the benefits of using the rent collection feature. No more late fees. No more putting a check in the mail. No more stamps or checks to buy. And it's totally free if they use the ACH transfer option!
If all else fails, you could give your tenant a financial incentive to sign up. Offer to take $5 or $10 off the monthly rent if they use online rent collection and are never late with the payment all year.
All information provided here is courtesy of accidentalrental.com