Should landlords accept more than checks and cash?
In a digital world, landlords and property managers need to become more tech savvy
Property managers and landlords may have to navigate payments from a lot of different tenants and condo owners when it comes to collecting rent and assessments. Using accounting online rental payment services like PayScale or PayPal Business probably makes sense initially — unless you’re dealing with a Millennial or Generation Z, who is hung up on the processing fee.
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And for property managers or landlords who still insist on cash (with receipt) or checks, this is a recipe for record-keeping disaster, on top of relying on an unpredictable postal system. I don’t know about you, but I cannot remember the last time I wrote a check to anyone this entire year. Landlords or property managers who only accept payments in these forms make me want to break out the old fax machine or rotary phone for fun.
Recommended Read: “Use the Wave app for simple invoicing ~ Perfect record-keeping website and mobile app for self-managed condo associations and small businessowners”
Even when taking electronic payments, there are some property owners and managers who still get it wrong. One of the most peculiar issues I ran into with a recent property manager was stating that she would only take recurring payments if they were deducted on the first of the month. This is just flat-out wrong and a matter of preference, not necessity. How do I know this? Because the property manager that the condo board hired before this company also used a similar accounting software. And those payments automatically came out on the 10th of each month.
If condo boards and landlords are adamant about grace periods to make payments (before late fees kick in) or want to keep a consistent deduction date, they must be more firm with the property management company. (Bare minimum: In the property management contract, state the day that the landlord or condo association wants funds collected, not the other way around where the property manager tells you. You, as a landlord or condo association, are paying them to implement your bylaws and Rules and Regulations. Always remember that.)