What Are Your Options For Paying Rent?
Being a landlord isn`t easy, but the same goes for being a tenant. Both sides need to have a good relationship while being prepared for compromises. The main thing that both need to take care of is rent and finding a suitable way to pay rent. In any case, finding a good landlord and a good tenant isn`t easy, especially in today`s time where people aren`t really in the mood to take other opinions into consideration. However, it is common for landlords and tenants that they are having issues when considering options for paying rent.
Some prefer cash, other checks, or cards, but it can be very confusing to decide on the best possible option for both sides. With so many options, we understand that it might be hard for you to distinguish the best one, but don`t worry, because we`ll gladly help. So, if you want to read about what are your options for paying rent, check out the following text below.
We`ll start with the most traditional option as it was used in our most recent history. Although most people think that cash is the best option for rent payments, in reality, it`s among the worst. Now, we understand that you`re tempted to use cash for rent payments, but there are certain downsides that might change your opinion. So, let`s talk about them:
- If you choose to use cash, you need to be aware that this way, there will be no proof of payment, which in most cases won`t lead to any problems. However, the truth is that it still happens to some people, and it would be best to avoid even being in a risky zone.
- The risk of being frauded exists for both sides, meaning that it doesn`t matter if you are a landlord or a tenant; in both cases, we highly recommend avoiding using cash as prevention is the best protection.
Speaking about bad options, we must talk about all types of checks, and this option is the worst for the landlord. How so? Well, you won`t know for sure if the check is valid before you go to the bank and try to deposit it. You`d be surprised how often landlords take checks and realize that there is nothing they can claim.
Checks can get lost in transport, especially in big cities where there is a lot of mail.
Both cash and checks are old-fashioned options for paying rent, and we highly recommend staying away from them. If the landlord or the tenant insists on using these options, you might want to take a look at another apartment. The last thing you need is to realize you`ve been frauded and have to pay another rent for the same month. So, to lower the risk of fraud, we highly recommend staying away from cash and checks.
One of the most common and most solid options for paying rent is directly transferring the money from your bank account, credit, or debit card. Even though this option might seem complicated, in reality, all you need to do is your bank app which is specifically designed to be very easy to use. In addition, you can even use other apps, but you need to connect your data to the chosen app.
If you are having trouble understanding how the system works, we recommend contacting your bank. Ask them any possible questions you might have. Make sure to ask about the fee for transferring the expected amount of money. Unfortunately, in some banks, the fees are huge. Considering the summed amount at the end of the year, you might want to try other options. Particularly if you are trying to save up money. So, let`s proceed with the next option when it comes to paying rent.
The most common option when it comes to paying rent in the cheapest possible manner is by using numerous apps created for the cause. However, there are numerous apps to choose from. You should explore all available options before making a final decision. So, what do you need to look out for in order to get the maximum out of your payment and save up as much money as possible?
- Get informed whether the app you plan on using has a subscription fee. Although in some cases, the subscription fee can be really small, in others, it can cause enormous expenses. So, make sure to have a couple of options before making a final decision.
- Furthermore, look at the fee the app charges for transactions. Calculate the summed fee at the end of the year.
- If you have time, we recommend taking a couple of days to explore several apps. Some apps have no subscription fee and no transaction fee, making it an ideal (and cheap) solution.
- Some apps will send you a notification when the payment is finalized, while others won`t.
- Some apps allow landlords to automatically calculate late rent payment fees, which makes the process way easier.
Whichever option you choose, make sure to think about safety. Your choice should be secure enough to prevent any risk of fraudulent activities. We recommend exploring all available options out there. Think carefully about the preferred rent payment option before making the final decision. In any case, remember that a little goes a long way. If you`re a landlord, try to explain to your tenants the benefits of using apps. If you`re a tenant, try to make a deal with the landlord and prepare for a compromise.
Another option is finding an apartment for rent Brooklyn through an apartment rental Brooklyn agency. Then you can pay rent through their system. This is a safe choice since professionals will manage your rent, so you wouldn't have to worry about it.