Rent collection challenges in COVID-19 times !

[Marita Jojo]

Hope everyone is staying safe and helping others stay safe too. My challenge right now is when you have stay home orders you don’t want to unnecessarily go out to get rent. I am trying to use cozy now but most of the tenants are saying they don’t have a bank account and they don’t want to pay the fee for using a debit or credit card. How do you handle cash paying tenants ? Can we ask them to deposit the money in the bank ? Any other creative ideas please.

[John Underwood]

I have tenants that likely have no bank acconts either.

I offer 3 choices.

1. ACH - auto bank transfer from their account to mine

2. Zelle - It is free, fast and supported by all the major banks and is likely already a part of your bank app.

3. Deposit into my account at any local bank branch - I use this the most. I put my account number on the lease where they are expected to make the deposit. You give this info out every time you write a check so no big deal. Your tenants can not with draw money with a bank account. They get a receipt and you can check online to see who has paid. I create a unique rent amount for each property and they write their name or address on the bottom of the deposit slip.

I do not chase rent. I have better things to do with my time. I train them to pay the rent like an adult or there will be consequences.