Property owners will sometimes come to Florida Management & Consulting Group with a problem: they’ve given their tenants deposit slips so they can make rent payments directly into their bank account, and suddenly the tenants are not making the deposits the way they’re supposed to. So today, we’re talking about whether it’s a good idea.
This has rarely ever worked out. You should absolutely not give tenants deposit slips. The tenant’s job is to pay the rent. Your job is to do the banking. Whether the tenant pays you rent directly or they pay your property management company, you should never let a tenant have your bank account deposit slips. You’ll lose control of the process, you won’t be sure the rent payment was made, and by the time you figure it out, the tenants will be several months in arrears and you’ll be sorry.
There’s something else that might happen. Let’s say you serve your tenant a 3 Day Notice because he owes you $2,000 in unpaid rent. If that tenant puts $10 into your account because he has your deposit slip, that will stop the process of Should I Give my Tenant Deposit Slips to Use for Rent Payments? South Florida Property Managementthat 3 Day Notice and you will need to serve them a new 3 day notice and start all over again.
Giving a tenant deposit slips is not a good idea. You might have to close your bank account and it could be a complete nightmare for you. If you have any questions, or you’d like to talk more about this topic, please contact us at Florida Management & Consulting Group in Coral Springs.
Military: David Harper is a retired United States Air Force Lieutenant Colonel. As a Lieutenant he served in Southeast Asia during the Vietnam War (1968-1969) where he was a Casualty Staging Officer ( Aeromedical Evacuation). He was tasked with moving wounded Soldiers and Marines from Vietnam to various military hospitals in the theatre and eventually Stateside. After serving in several Air Force Reserve Units he was “called up” to serve in Desert Shield/Desert Storm (1990-1991) Where he was Chief Planner on the Central Command Staff for the Aeromedical Evacuation of all US Casualties during the pre-invasion and post-invasion phases. He retired from the Air Force Reserve in 1993. Currently he is the President of the Broward County Chapter of the Military Officer’s Association of America.
South Florida Property Manager Roger Schalk is a member of the National Association of Residential Property Managers (NARPM), and the Florida Association of Property Managers (FARPM). A real estate professional for 18 years he has spent his entire professional career managing and developing company’s and their employees in customer facing roles and has successfully established himself in Property Management.