Auto pay for commercial tenants
Can anyone advise on an auto pay platform for commercial tenants where the landlord has control of making changes. Need the ability to adjust rent escalations, NNN expenses etc on an ongoing basis without chasing tenants to make updates.
#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
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#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
I have never used, but the retail landlord I used to work for uses DashComm to allow their tenants to pay rent and report sales.
https://www.phillipsedison.com/neighbors/dashcomm
Again, this was not rolled out when I worked there many years ago, but I know a vast majority of their tenants have escalation clauses, NNN's, some properties have utility pass throughs that vary each month, etc.
I will also say, for what it is worth, they had a full AR department that would mail out statements every month to every tenant. Granted, I left there in 2013, but those monthly reminders, with any past dues, utility charges, base rent and NNNs, meant a vast majority of tenants paid each month. I know this isn't auto-pay, but was an internal system that caused most of the roughly 5,000 tenants to pay their bills each month without much manual work (other than printing and stuffing envelopes).
Thanks for the recommendation. I found one vendor called Rent Manager. It's about $200 a month, but it gives you full control over the tenants banking information so that if you need to bill them, make rent escalations etc you will have full control of doing that by taking the money right out of their account. This way you don't need to chase the tenant for bills or wait for the tenant to take some kind of action. Last thing you want is a system where the tenant controls turning off autopay without your permission or explanation.
