So, you want to own or buy a Rental Property? Join Upper Edge Property Management where, in the next installment of this Guide to Real Estate Wealth, Garret Wong suggests the best ways to collect your monthly rent.

To start, let’s talk about the different payment types. Your tenant could pay with: Cash, E-transfer, Debit/POS machine, Online bill payment, Cheques, Money order, Automatic bank withdrawal, Post dated cheques. Many people might choose E-transfers. But depending if you are a single operator, or a larger company, e-transfers can be subject to fraud.

There are a few things to consider:
(1) The Regulations: Check with the rules of your local Tenancy Branch. Many people don’t know this, but here in Manitoba, it is actually against the Act to force a tenant to pay with a certain type of payment.

(2) Security: Cash is King, as they say, but you don’t want to walk from your property to your car with thousands of dollars in cash in your pocket, do you? If you have a few rental properties in the neighborhood, just be aware if people know you collect rent on a certain day or pattern, you could be tracked and eventually assaulted.

(3) Give multiple options. Here at Upper Edge, we actually deploy almost all of these payment types. Our thought process is, the more options we provide, the better odds it will be we will collect our full rent.

Upper Edge Property Management, located in Winnipeg, Manitoba, Canada, has been successfully managing rental property for their investors since 1999, and chooses to specialize in the management of single family homes, condominiums and smaller multiplex buildings and apartment blocks.

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