How My Rent Collection Process Has Evolved Over the Years

TurboTenant for the Win

Having a system in place for rent collection through a software like TurboTenant completely eliminates the classic excuse of “I forgot to pay rent.” After setting up a rent collection system, you want to make sure the funds go into your bank account. Since TurboTenant is online, gone are the days of running to the bank to deposit checks. 

After a tenant has paid rent, you need to have accurate bookkeeping to show they paid. This ensures you have documentation about their payment history, which will be important for your tenant if they move into another rental. 

Most landlords look at rental history, and paying regularly and on time is a huge green flag. Some states even require that landlords provide tenants with a receipt of their rental payment. TurboTenant makes this easy, as it documents tenant payment history in real time, and the payment will show up directly in your dashboard and on your tenants’ portal.

After you have everything documented, you need to include this for your own bookkeeping purposes and track money coming in and out for specific properties. TurboTenant also has functionality that fully integrates with your bookkeeping system, which makes this a full-service property management software. You have a one-stop shop for all rent bookkeeping tasks.

Final Thoughts

It took me years of trial and error to find the right system. I wanted to self-manage my properties, but I didn’t want to commit to more work. 

Setting up automations for rent collection has made my life easier and rent collection way more convenient for both my tenants and me. Who wants to write a check, buy a stamp, and mail out a rent check every month? More importantly, who wants to keep track of all of those checks and make monthly runs to the bank to deposit them?

If you need help getting started or taking control of your rent collection and want to be more efficient with your methods, start with software that already has systems and processes built in for you. TurboTenant will save you so much time and make you a better, more organized landlord.