Rent payment in today's technology?

Question

What is the most efficient way to have your tenants pay their rent using today's technology?  My business account is with Wells Fargo. I manage about 50+ units so I need a way to track them.

Kenny Dahill · Answer

Hi @Patricia Lee.

There are several options for rent collection now.  Some with total free membership and others that charge additional membership fees.  Those membership fees vary from a flat-rate to per unit.

Each have unique offerings but a lot of similarities.  The gist behind each is similar technology that allows tenants to connect their bank accounts to pay you directly.  Almost all also offer the tenant an opportunity to pay by debit or credit card, plus a fee.

As a PM, I believe most target self-managers and I not aware of any that have a 'landlord-portal' to share updates to your clients.  However, if you're okay without the landlord portal they could be an affordable option.

Typically these work for your range of units.  The next tier become more financially beneficial around the 75-100+ range, which includes the landlord portals.

Hal Fitzgerald · Answer

I use online platform to manage rent collection. My tenants pay me through it and then the app can track ledger of all my properties and generate reports. When I want to search something of my property and rent payment, I just open the app to check that. Really convenient! Time to enjoy the technology!