Hello. There are several methods through which you can understand how to collect money from tenants. I have a couple of properties which are on rent. I collect rent through direct deposits from the two tenants. However, there are more methods you can use to collect rent and maintain the record of the collection easily. Let me share the below.
How to Get Rent Money from Tenant?
Here are some easy ways for rent collection from your tenants;
Direct Deposit: You can choose the option of direct deposit. Tenants can set the automatic monthly debits in their accounts so that the process becomes simple and convenient for both of you.
Bank Deposit Slip: I know a few friends who have set up a separate bank account for every property they own. They ask tenants to make deposits into this account. Tenants then provide a copy of the deposit slip as a payment proof. You can choose this method as an option to keep your accounts well-documented.
UPI/Net Banking: You can also opt for internet banking or UPI payments for the rent. You can download the bank statement to keep a tab of the payments made by the tenant.
This is how to get money owed from tenant. I hope you find this information useful.
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Hi Buddy,
That's an excellent question you asked. I live in Chennai and I have rented out a property in Bangalore. So, I cannot come every month and ask the tenants to pay the rent physically. Well, you can ask your tenants to pay the money online. There are options such as Phonepe, Paytm, NEFT, RTGS. But I personally opted for the NoBroker rent payment service since it has all the details and history about rent.
Pay rent hassle-free with just a few taps! Pay your utility bills online and earn rewards and cashback instantly!
How to Collect the Money from Tenants?
Rupamshaurya123@gmail.com
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2022-06-05T11:58:56+00:00 2024-11-29T16:18:51+00:00Comment
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