Rent collection is a major part of property management in Chicago and condo management. It’s what reels in your return on investment from the property you buy. However, collecting rent from tenants can be particularly challenging for property owners and managers.
If you’ve struggled with a problem like this, it’s understandable. The average rent in Chicago is around $2000, which puts much money at risk without the right collection methods.
New landlords and property managers don’t necessarily know the best tools for rent collection. Therefore, we are here to help. With the inclusion of the latest technology in real estate, property owners have more options for rent collection.
There’s a variety of tools you can employ to allow tenants to pay rent. To help you, we have listed down some of the most popular tools you can use.
Auto transactions via debit and credit cards are probably the most popular option for condominium management in Chicago. The tenants can easily set an automatic payment method and confirm it with a legal agreement.
You can fix the rent payment date and amount, and the transaction completes from the tenant’s account automatically. Both renters and landlords complete their responsibilities on time, ensuring a consistent cash flow. However, the credit cards are linked to your bank account, so be careful who you share the info with.
PayPal is the next most popular tool for rent collection, as all you need is an account. The landlord and tenants can create their respective accounts for transactions. You can link your bank account to the PayPal account and continue with transactions easily.
You can also set up payment reminders, view invoices and do much more with PayPal. You can think of it as a payment management platform allowing users to make transactions within minutes.
The best part is that PayPal has a minimal fee, which is nothing compared to the ease it provides. We recommend using PayPal, especially if you have young tenants, as PayPal is popular with these younger groups.
CashApp is another great option for getting your rent payments on time. CashApp focuses on rental assistance for both tenants and property owners. You don’t have to pay extra charges for the transactions you make.
CashApp is an international platform allowing users to send their money worldwide. You can still use the method if you plan to move out of the location of your property. CashApp is also pretty convenient to set up, making it equally convenient for seniors. You can also create a formal account as a landlord and confirm all transactions.
The right payment tools for rent can make your condo association management simpler and easier. Using any of the tools on this list ensures you have a pleasant experience with the rent collection. If you are still unsure, contact Connected Management today!