I newly purchased a Multi-family property and managing it myself.I am looking for help to set up the collecting rental payment online, but don't know where to go.Anyone here is doing that ? Please help me to find one and advise on the issue.Any advice will be appreciated.Thanks in advance.
Lots of options, some free softwares out there as well. Cozy..com is one
Hello @Toan Le
I discovered Turbo Tenant, which allows for the owner/tenants to make payments online.
@Toan Le I use PayPal. Free, easy, and just about everybody already has it. But I've heard good things about Cozy from people on BP. Also, PayPal does take about 5 business days for the first deposit, but then it will be deposited in 1 business day after that.
Highly suggest using the search function. Literally hundreds of threads on this topic.
Hi @Toan Le , congrats on the new units!
There are several options for you to consider, they practically all offer the same tools. Software companies like Burbz, Cozy, TenantTurbo, Tenant Cloud will provide tools for Rent Collecting, Leasing and Maintenance Requests. Here are some tips to find a program that works best for you:
Rent Collection: Everybody offers this feature so tenants can make direct deposits to your bank account. Your tenants can only pay through ACH or credit/debit cards typically. To my knowledge, no software allows PayPal or Venmo which are common alternatives.
Leasing: A nice feature is allowing you to easily upload your Rental Listing to popular real estate sites like Zillow. Most offer about 10 popular sites, a few have 40+ which is a little excessive to me. Cozy only has 2-3 sites, Zillow not being one of them. Facebook Marketplace is another popular option.
Screening Reports: There are only 3 major credit bureau's that we all use as an affiliate program. Regardless of the software, reports should generally be the same. We've decided to partner with RentPrep because they provide an additional handchecking on reports to verify no errors.
Maintenance Request: Most of the software companies allow you to submit/receive maintenance requests. There are a few that have marketplace of vendors as well (ours will be in 2020), some have access to vendors but they partner with only 1-2 per trade in each market. If you plan to hire vendors you can either use the internal marketplaces or need to find another source of vendors.
Accounting: From my knowledge, TenantCloud has the most accounting features available. Some people really like reports, most people only need the basic rent rolls and Profit/Loss statements. If you want to sync with Quicken or Quickbooks you will need to research the companies that export.
Fees: There are a few sites that are free and others that charge membership fees. Our approach is free with an a la carte approach to pay for only the extra's you need. Sites that have a membership charge either per unit or tiers of units.
I typically like to know what your goals and strategy for investing. If you fully intend to always self-manage every little tasks then every site works, but if you want the capability to delegate certain tasks that really narrows down your options.
Thank you all for your precious advices!
Cozy has been working out great for me, takes a little longer to get the money transferred but I’m ok with that!
Disclaimer: I only have one property so far. I am not affiliated with any sites mentioned.
I use Cozy.co for background checks and collecting rent. I don't use the other features they offer (application, maintenance requests, document sharing, listing syndication). I wrote a detailed post about it here:
Using Tellus now as well and everything goes well. I can always track my incomes in the app any time.