Collecting Rent Payment in the 21st Century. How?

Question

I'm old school and so are most of my tenants in 5 of my 6 properties but I want to start moving towards the future and quit walking to the mailbox.  What are the modern ways to accept rent payments?  Send tenants reminders of rent due?  Send statements of late rent?

What else is possible in paving the way for future tenants and setting them up day one with these above features?

Drag me into the future...please.

Thanks in advance for your replies.

John D.

John Underwood · Answer

I have never collected rent. Mainly have tenants deposit rent directly into my bank account. After all no matter how you accept it, that's were you want it to end up. The tenant gets a receipt. Any bank teller at my bank accepts my rent with no fees.

I have also started accepting Zelle. This is supported by the major banks and has no fees.

Corby Goade · Answer

We use Cozy.co and have for a few years. It's free and has been seamless for us. Since we've started using it, I have not had to knock on a single door for rent or argue over a late payment. It has been a game changer for us.

John D. · Answer

This gets me going in the right direction.  All of these solutions answer my needs and provide solutions for problems I didn't know I had yet.  We're looking to pick up a few properties around certain Georgia universities and focus on student housing.  The apartment industry is robbing these kids and we think we can do better by offering single family condos at a better price with a focus on converting them to long-term tenants.  So being modern in our approach to tenant management and communication will be an upsell.  I greatly appreciate your responses and time gentlemen.

Collecting Rent Payment in the 21st Century. How?

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