What are the best ways to automate collecting rent from tenants that is on automatic payment and sends notification to tenants that rent is due? Tired of telling them that rent is coming up.
Real Estate Broker/Owner & Property Manager · Sugar Land, TX · Member since 2013 · 660 posts · 459 votes
8y
@Margot Tejera We use TenantCloud which is great landlord cloud based system. They can pay online or set up auto payment and it will send invoice and reminders as well and much more. Check it out.
I also researching cozy.co is another tool many landlords where suggesting. Check it out.
Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
8y
I have never told a tenant that rent was coming up. They're living there, they know rent is due. Having said that, I do use an electronic payment system (eRent) now and we can set it to send a reminder a few days before rent is due and a late notice after x days.
If we don't have rent by our company's deadline, they get a pay-or-quit notice on the door. If it's a long-term tenant that hasn't given us any trouble before they might get a text before I post them, otherwise, they need to learn to pay the rent like big grown-up people who have signed a lease and accepted a legal obligation.
Real Estate Broker/Owner & Property Manager · Sugar Land, TX · Member since 2013 · 660 posts · 459 votes
8y
@Margot Tejera We use TenantCloud which is great landlord cloud based system. They can pay online or set up auto payment and it will send invoice and reminders as well and much more. Check it out.
I also researching cozy.co is another tool many landlords where suggesting. Check it out.
Specialist · Fayetteville, AR · Member since 2018 · 17 posts · 20 votes
8y
We use Cozy and found it to work well for our needs. The only drag is that the processing time to get payments into our checking account can take up to a week. However, you can turn that into 2-3 days if you upgrade from the free version. We stick with the free version :)
Cozy also helps with managIng tracking of expenses and listings. Overall good tool for the smaller investor.
Folsom, CA · Member since 2018 · 10 posts · 7 votes
8y
Hi Margot,
We use AppFolio to collect rents from our tenants. If they don't pay on time we give a courtesy call to find out what the situation is and try to set a date that we will receive rent. Depending on the situation we either post a 3day, or work something out. Sometimes a little compassion goes a long way. Remember these tenants can rate you on any social media site just as easy as an owner could. And bad reviews are hard to overcome.