For your reference, I was going through this post. I started putting together a spreadsheet to perform a side by side comparison. However, this is over-whelmingly large number of service providers. Thought I should crowd source this one. Thank you in advance!
@Ketan Pandya I use cozy to manage 32 apartments in Berwyn and Cicero areas. I would recommend cozy if you are growing a traditional rental portfolio.
@Ketan Pandya There are a lot of ones on that list that I’ve never even heard of. I noticed the disclaimer at the top about them being affiliate links though, so perhaps the idea was to just list as many as possible?
Anyway, you don’t mention what type/size portfolio you have, so I’ll just say - in general - that Cozy is very popular with landlords on this site. Like @John Warren , I also use it. It’s free and easy to use. I also like that it’s automated so once you and the tenant set it up initially, you don’t have to do anything each subsequent month. It just automatically transfers the rent from the tenant’s bank account to yours.
Lastly, one of the other names I recognized on that list was erentpayment. I’d caution you to do your research on that one as they had quite a few problems a while back. Here’s an example of just one of the posts here on BP about the issues with them:
Thank you @Kyle J. @John Warren
I appreciate the quick responses. I actually took the hard route. I went and created a trial account on around a dozen sites and apps today. I am putting together a side-by-side comparison of all the features that these solutions provide. Please see attached picture.
Just for reference: Here are the list of features where several of these apps including Cozy didn't meet the bar for me:
Ability to charge auto non-sufficient funds fee?
Ability to split roommate payments?
Ability to setup automated reminder notifications?
Ability for landlord to process the rent payment?
Ability to automate rent payments?
Auto confirmations upon successful transaction.
Report Rent History to Experian?
Report Rent History to TransUnion?
Report Rent History to Equifax?
How does tenant pay for credit reporting?
Can tenant opt-in/opt-out credit rpting as desired?
Do late payments automatically get reported?
Can landlord stop late payment being reported?
Can roommates benefit from credit reporting?
Can tenant dispute landlord report late rent?
Ability to restrict partial rent payments?
Ability for landlord to rvw+accept or deny?
Ability to split fees with the tenant?
I couldn't do the trial on all of them. And I have scheduled a demo next week. In any case, long story short; I found "Avail" and "eRentPayment" to be the closest to what I am looking for. Thank you for confirming that eRentPayment might not be the best company to partner with. Integrity and Ethics are intangibles and lack there of, does not justify any business success. Thank you again! Maybe, I can share my findings next week, once I have talked to all of these companies.
We always say "trust, but verify". I would implore anyone considering eRentPayment to do some simple "google" searches (and this site might even be a good place to start) to get more information.
While I agree that their systems were pretty full featured, the fact that I got caught in their action (rather inaction) and didnt have a viable option to get our funds speaks far louder than features that a provider can offer. I think the effort is fantastic so far as "who offers what" and should be applauded... I might suggest a bit more research in asking each provider some TOUGH questions as to HOW ACH and CC transactions are processed.
In addition to trust but verify, my second favorite is "follow the money". Its always a good thing to know who your financial partners are.
@Matt Avila Thank you for your response. I appreciate your candid response. I agree with everything you said. It is hard to document intangibles without having experience with those companies.
Curious which solution do you use now? And since how long have you been using that solution? thank you!
@Ketan Pandya - Im currently using "RentecDirect". We have a dozen doors and it works great for what we need. I was originally attracted as they used to have a hook into Quickbooks (desktop version)... Im not a big proponent of cloud based services as you simply dont have control of YOUR data (and Rentec is cloud). Ive kept our bookkeeping local in our facilities and have been looking at a couple of packages that are NOT cloud (there are only a couple Im aware of)... Ill look more seriously when we expand in the near future. As I relocated Im now a long-distance owner / operator and we are getting that under our belt first (in addition to another couple of moves and building a new home).
Ive been on Renttec for almost two years now - its really priced right and screening is super fast.