How to Collect Rent Online and Avoid Late Rent Payments | Landlording Tips

Want to get paid on time every time? Real estate investor and founder of Lattes and Leases, Soli Cayetano, gives her expert advice on collecting rent from tenants and avoiding late rent payments.
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Timestamps
00:27: Collecting Rent Online
02:00: 7 Ways to Encourage On-Time Payments
06:57: What to do When a Tenant’s Rent Is Late
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Making rent collection simple is a great way to ensure you’re paid on time. To start off on the right foot, Soli Cayetano offers the following advice on how to collect rent payments:
Collecting cash or checks for rent has many disadvantages. Rent would need to be collected by mail or in person, you’ll need to travel to the bank to deposit it, and it can be hard to keep this system organized.
Rent collection apps can be more convenient for all parties. Schedule upcoming payments, set up automated rent reminders, and let tenants report their on-time payments to credit bureaus.
Soli also shares seven ways that you can encourage on-time rent payments from tenants:
- Make paying rent convenient
- Choose tenants carefully
- Inform tenants on how you collect rent
- Offer incentives for paying on time
- Discuss any late payments
- Enforce a late fee
- Stick to your rental lease terms
Finally, Soli outlines what to do when a tenant does pay rent late:
Consider when the payment was initiated, when it was withdrawn, when it was received, and when it has cleared to determine whether a payment is late.
Be familiar with the local landlord-tenant laws regarding grace periods in your state.
Remember that late rent payments are a lease violation, and remind tenants that consistently missing the rent due date could lead to eviction.
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Avail (part of Realtor.com®) provides landlords and their tenants the rental experience they deserve. Avail property management software provides automation tools that make it easy to self-manage rental properties. Use Avail to advertise your rental, screen tenants, collect rent online, access lawyer-reviewed lease templates, e-sign leases, streamline rental property accounting, and more - all online.
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[@Nancism]

Can tenants pay weekly through the app?

[@AvailCo]

Hello! Monthly rent payments are the default setting, but landlords can set up weekly payments manually.

[@Nancism]

@@AvailCo Thank you!