Secure Your Rent Payments
All property managers are responsible for collecting rent and distributing it appropriately to property owners. However, every property office needs a secure place for tenants to deposit rent when the office is closed.
Tom, a property manager, encountered a significant problem. He maintained a small office where he received rent payments and handled other property business. For several years, tenants used a mail slot in his door when the office was closed to submit rent checks. Checks dropped on the floor inside and were easily seen from the glass window in the door. Unfortunately, on a Sunday night just before rent was due, somebody kicked in the door, scooped up the checks which he clearly saw through the window, and started forging signatures to successfully cash several checks.
While the banks were responsible for check fraud, Tom had the impossible job of trying to figure out who had paid rent and who had not. About 30 checks had been dropped through the slot. Tom had to ask tenants to stop payment and write new checks. Any property manager could appreciate that this was a big headache! Then, Tom had to deal with tenants who were late paying rent, wondering if renters took the theft as an excuse to delay their payments without penalty. An additional consequence meant that property owners were late receiving checks. It was a headache for everyone.
In today’s environment with spiking crime rates in many areas, criminals look for easy ways to steal money. The person who robbed Tom’s checks also stole money from the property managers, believing he’d found an easy source for more money.
Don’t allow yourself to become an easy victim in your property management business. Covenant Security Equipment has secure drop boxes which allows customers to submit rent securely when you’re out of the office.
The secure drop boxes are available in several options. One allows you to install the box in a current wall. Deposited checks go directly into a solid and securely locked receptacle. Another option is a standalone which can be bolted to concrete. Tenants can walk up and drop their check into a secure box outside of your facility. This option may be helpful if your office is located inside a building which is locked at night or on weekends. This keeps tenants from having to drop off their checks during hours when the building is open.
Talk to your Covenant Security Equipment adviser to determine the most effective and cost-effective solutions to protect rent checks.