Whats the best Rent collection app
What is the best and easiest way to collect rent. Dose anyone have a favorite app?
@Mark Perea
You’ll get many different answers. It’s been asked and answered many times on BP. Your best bet is to google it and experiment. It depends on how many units you have.
I use PayPal. Free and fast. Many others use Cozy, Zelle, ACH deposit, cash (don’t do this), and many others. I also allow checks to be mailed to PO Box, but will be stopping that.
Is it Cozy.co? Don't know if it's an app.
What level of complexity do you need? If you just want to transfer money, Venmo works fine. I'd guess there are options that integrate with accounting systems if that's the kind of thing you want.
@Mark Perea, lots of options here to choose. We're all pretty similar in what we provide and how it operates.
With that said, what's important to you? Do you care about tenant screening, maintenance ticketing, accounting features, etc. If it's only rent collection, it's hard to go wrong with any choice.
Here is a list you can check out for more options.
https://www.biggerpockets.com/rei/pay-rent-online-payment-tools/
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@Mark Perea if you are just starting out with a small number of units then I would recommend using venmo, pay pal, google pay, chase quick pay, or zelle. The advantage to most of these is that they get the cash to you very quickly for free. The issue you have as you scale is that these are not designed for business use, and if they flag you as a business they will shut you down pretty quickly.
I switched to cozy.co last year, and currently am managing 29 units in the Berwyn/Lyons, IL area with just cozy. I like it on the whole, although I do not like how slowly the money hits my account. This is the downside of having it for "free". If a tenant initiates payment on the 5th, I will receive it around the 12th. If the payment bounces, I won't find out for about that full week!
On the whole, I will probably be sticking with cozy.co for now. The benefits greatly out weight he downsides.
The best one is the one you use. What works for me may not work for you.
Right now your only "problem" is that you want to collect rent online. Cozy is capable of doing that and is highly recommended by many private Landlords. Sign up and your problem is solved.
After using Cozy for a while, you may determine it doesn't quite do what you want it to do. After identifying those flaws, then you'll have the knowledge and experience necessary to research other systems and find one that better solves the specific problems you're experiencing.
Hi Mark, there are definitely a lot of helpful tools out there and it is a good idea to consider an option which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like Tellus), but you can easily keep track of who paid what and on which date with a tool that is reliable and processes payments faster. Definitely can help to make the process as painless as possible and more efficient for both parties (landlord + tenant), and also offers digital leases. Again, you may run into transfer limits with some of those other apps which aren't necessarily designed for the purpose of rent collection but the right landlord software can make this seamless for you. Would love to learn about any additional needs; definitely helps to keep landlord solution providers on their toes! @Mark Perea
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Here's a thought...talk to your renters and get their input.
Speaking of app, I will say Tellus app since they are mobile-first. I know Cozy but it seems they don't have an app version. Personally, I like to manage my property just using my phone and it can also collect rent online. Check it out if you are interested in using an app as well.