Imagine this: A potential resident walks into a leasing office excited and prepared to sign a new lease, only they don’t have their checkbook on them. The property manager replies, “Not to worry! We’re now accepting your gold! Do you have any watches, rings or necklaces you want to part with?”
Hard to imagine? Well it’s true! Donald Trump recently decided to begin accepting solid gold in lieu of normal rent payment transactions. One of Trump’s new residents, Apmex, recently paid their security deposit for a new office space at Trump’s 40 Wall Street building, with 3 large gold bars worth approximately $176,000. Everyone knows Trump loves gold, but accepting gold instead of some form of money that can be deposited into a bank account seems outlandish. Maybe he’s planning on melting it down to make another gold covered apartment?
Luckily for property managers, there’s no need to worry about the burden of accepting solid gold for rent payments. With RentPayment property managers can accept credit cards, debit cards and eChecks, an electronic version of a paper check, for rental payments. Also, when potential residents are ready to sign a lease, properties utilizing RentPayment can accept a resident’s credit card as payment for a security deposit and application fee. This helps property managers close leases on the spot instead of waiting for the prospects to go home and get their checkbook.
What would your business do with solid gold anyways? It’s likely your staff won’t think too highly of you if you attempt to give them solid gold instead of their paychecks. If you use RentPayment to facilitate your payments, you won’t have to worry about the accounting nightmare of depositing a gold bar at the bank; we’ll leave that to Mr. Trump.
To hear more about how your property can benefit from RentPayment please click here.