Rent Collection Whangarei

This method says a lot about the tenant you have. That they are comfortable carrying large sums of cash around or they are not fond of banks or using credit. But it may also have something to do with their profession, which they get paid with cash for business transactions and services. With cash payments, the landlord can issue an invoice straight away. But after collecting the rent, the landlord will be stuck with the errand of taking the money to the bank.

In today’s fully-automated world, payments are deducted directly from a tenant’s account. Of course, all the necessary paperwork and bank authorisations have been done during the tenancy agreement signing. This is the easiest way to collect rent on time.

It also has less room for error, no missing denominations and there’s a digital trail to trace the transaction history. With autopay methods, there is no way your tenant will forget about paying rent and the rent collection goes straight to your designated bank account. You will also be able to quickly check whether your payments have been received, and if necessary can then give them a quick call to make the payment.

Some landlords still use the old method of post-dated checks for rent collection. This system will require 12 post-dated checks from the tenant specifically one for each month of the tenancy contract. Here the landlord will need to deposit the checks on the first day of every month where it will clear in a matter of days and the landlord gets the rental payment. This is no longer common and with banks removing cheques from circulation its unlikely to work for you!