There are almost 50 million housing rental units in the United States. Real estate is a good investment but can be competitive. Property owners are always looking for ways to make rental units more attractive. They also want to make management of the property, including rent collection, easier.
Digital rent collection is one of these tools. It can offer a level of convenience and reliability for both tenants and landlords.
If you are one of these, you may be wondering if rent collection is possible in Bellevue, WA? The answer to that question is very complicated. It involves understanding the laws where you live.
Once you understand these parameters, you can determine if digital rent collection is the right move for your real estate business. This article tells you all the information you need, so you can make a more informed decision. Keep reading to learn more.
What Is Digital Rent Collection?
Digital rent collection involves enrolling tenants in an online program that allows automatic collection of rent. This can usually be set up for any specific day of the month. It is similar to many other automated payment programs, including those set up for mortgages.
This makes rent collection easy for both parties. It keeps renters from having to remember to pay rent and landlords from having to seek it out. It also helps renters avoid accruing fees for late payments.
There are many different software and programs available for digital rent payment. Prominent ones are extremely secure and easy to use. Many property managers make digital rent collection an option when using their services.
What if Tenants Do Not Want to Enroll in Digital Rent Collection?
It is important to understand the laws where you live. In Washington state, for instance, as of June 2022, landlords cannot require tenants to pay their rent electronically. They must accept personal checks and money orders as a form of payment.
Sometimes renters have concerns about security or the complexity of online payment platforms. Most reputable payment software programs are very secure, including protecting personal and financial information.
They also are quite easy to use. Again, while you cannot require tenants to enroll, you may be able to alleviate some of their fears and concerns.
On the flip side, some landlords balk at the idea of rent collection online. They might believe that it might deter tenants who would rather pay using traditional methods. These concerns can be assuaged by ensuring that, when marketing your property, prospective tenants know that digital rent collection is not required.
Learn More About Digital Rent Collection
Now that you understand the basics of digital rent collection and whether it is permissible, you can decide if it is something you want to offer. It can offer a level of security and convenience that both you and your tenants can enjoy.
Brink Property Management is committed to protecting clients' real estate investment and long-term profitability, while providing quality housing services for tenants. We offer a variety of services, from grounds maintenance to tenant screening, rent collection, bookkeeping, and more. Contact us today to set up a free consultation.