What is your favorite way to accept rent from tenants?

165 Replies

@Ryan Kurth I really like that idea. This is what I do, if you don’t like it you can go somewhere else.

Have a bank account in the town renters deposit themself.  Small town living :)  

@Jess White Cash, money deposits and one tenant who wants to use Zelle. As long as they pay not a problem on my end
@Jess White Paypal. I use TenantCloud for my property management and it emails my tenants 5 days prior & on the 1st of each to month to remind them that the rent is due. It includes a link for accepting online payments which I love!
Originally posted by @Carlos Toussaint :
@Cody L. What Property Manager software do you use??

 I still used Buildium. They were one of the first to be web based. Online payments. Intergrated accounting. Tenant portals. Etc. 

It was perfect when I had my first 8 unit and started growing. Now that I’m closing in on 1500 units there are some issues that would cause me to switch to a higher end solution if it wasn’t so disruptive. 

@Cody L. What Property management software would you recommend? I'm looking for a way to collect rent in a more automated way, but also keep track of the information of who has paid and when (While keeping in mind my tenants are C/D tenants). 

Originally posted by @David Shelton :
@Mary Mitchell has anyone ever done a stop payment on your ach?

 Yes. A tenant I inherited from the seller. They moved out a couple days later if I recall. 

Other than that besides a few bounces it has worked great. 

With bounces I just contact tenant and resubmit. Never had any issues with it going thru the second time. But i have not had a bounce in about a year (knock on wood) 

Originally posted by @Sidney Johnson :

@Cody L. What Property management software would you recommend? I'm looking for a way to collect rent in a more automated way, but also keep track of the information of who has paid and when (While keeping in mind my tenants are C/D tenants). 

 I'd recommend buildium.  Someone else asked that.  This was my reply:  "I still used Buildium. They were one of the first to be web based. Online payments. Integrated accounting. Tenant portals. Etc.

It was perfect when I had my first 8 unit and started growing. Now that I’m closing in on 1500 units there are some issues that would cause me to switch to a higher end solution if it wasn’t so disruptive." 

@Eric D. I only have one property so far but I too like cozy.co. Have also used their screening services.
@Jess White I use zelle, easy and fast payment. I do have some tenants that prefer writing a check every month.
@Eric D. I use cozy too and love it. Automatic payments set up by my tenants to pay on time every month! How can you beat that?!

Only have 2 units...had 3 for several years..... I do everything electronic......Zelle for my current 2....works great, $$ is in account very quickly.

I'm not going to drive around and collect rent or go to the bank to make a deposit. It's 2018 now...... get with the times people

As for cash....feels good but not very safe, plus its easier for a tenant to claim that they paid you when they didn't because there is very little paper trail to prove anything.

@Jess White Used PayPal, money orders/checks, and here one I have not seen mentioned yet, Walmart-to-Walmart. I like the Walmart-to-Walmart. It is perferred way. Cash in your hand as soon as it is paid. And there everywhere. 8 bucks for any amount over 50.00. PayPal is good, but it can get expensive unless u use the friends and family option. For money order/checks, u have to pick up or wait for it to get lost in the mail. I am sure everyone has had that happen a time or 2.

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