See the USPS press release here.
For managers and landlords who are currently getting many of their rent checks via snail mail, this is terrible news. On average, it is said that standard first class mail will be delayed by 1-2 days, depending on the proximity of the delivery and time of receipt. However, the delay is likely to be much worse than this since Saturday deliveries are being cut as well.
So, a letter mailed out on Friday, in a close proximity location, will be slated for a 2 day delivery. It’s most probable that the first day counted in this piece would be Monday. This would put the delivery of a local piece on Tuesday or even possibly Wednesday. All in all, that counts for a 5-6 day local delivery.
Now, this is the worst of scenarios for a local delivery, but it will happen, and probably quite often. Managers are likely to see tenants take advantage of this delay, particularly since many receive their wage checks on Fridays. Some managers require that rent checks be received by the due date and this works well currently. However, with these new delays, the predictability of delivery will be much more difficult, the common 5-day grace period won’t be as sufficient, and the affects are likely to be pretty obvious.
So, since RentPost is in the business of online rent collection, we can’t help but do some shameless self-promotion here. With online rent collection, tenants are able to submit payments instantly online, allowing for managers to have instant notifications of receipt of payment. And, with the ACH processing times, the receipt of the funds many times will be faster than checks received via snail mail. Not to mention, online processing saves mangers a trip to the bank as well as check recording efforts; tenants, the cost of a stamp, envelope, check, and a trip to the mailbox or post office.
The benefits are pretty obvious really. If your company isn’t currently accepting, or even requiring, online rental payments, we suggest giving it another hard look. The cost and time savings are much greater than many estimate. Get started collecting rent online with your company for as little as $29/mo, including many other management features!