Q: Is there a standard method for the collection of rent?

Chris Tan of Chur Associates answers: There are many different ways that landlords can collect rent from their respective tenants. Rent payment methods range from direct credit and standing orders to credit and debit card payment processing and online payment processing via Telegraphic Transfer. Tenants can also pay their rent commitments in cash or by postal order or cheque if this is has been agreed between both parties.

Do keep in mind to discuss and negotiate all these terms and conditions of the payment and collection of rent with your tenant and once it has been agreed between both parties, include these terms and conditions into the Tenancy Agreement to make sure that all is in order. Besides, rent collection is the key source of passive income that comes from being a landlord.