Easier rent collection

Real Estate Agent · Port Washington, WI · Member since 2019 · 10 posts · 11 votes

Hey Everyone. I'm currently collecting rent by meeting with tenants at the property or a neutral location. What is the best and easiest way to put this online? I see a lot of websites out there. Does anyone have experience with that?

8 Reply

142 views

Most Popular Reply

Bill HamptonBusiness Member

Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes

Try www.cozy.co

Tenants can have the rent drafted from their bank account or pay by credit card. Its free for you and the tenant, unless they pay by credit card.

You can also add late fees, offer renters insurance, upload documents, track expenses and receive maintenance requests.

404-482-3170

Hampton Tax and Financial Services LLC4.7106 Reviews

Website View Page

6 Reply

See this reply in the discussion

50 Replies

Jump to latestLatest

Sort by

Moises R Cosme
Flipper/Rehabber · Leominster, MA · Member since 2020 · 667 posts · 384 votes
6y
@John Lanser try RentRedi. Potential tenants can apply on the app, they can submit their docs & they can pay right from their phones - money is deposited into our account directly. Tool is amazing!!!
5 Reply
Bill HamptonBusiness Member
Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
6y
Try www.cozy.co
Tenants can have the rent drafted from their bank account or pay by credit card. Its free for you and the tenant, unless they pay by credit card.
You can also add late fees, offer renters insurance, upload documents, track expenses and receive maintenance requests.
404-482-3170
Hampton Tax and Financial Services LLC4.7106 Reviews
Website View Page
6 Reply
John Lanser
OP
Real Estate Agent · Port Washington, WI · Member since 2019 · 10 posts · 11 votes
6y
Thanks guys for the initial input
1 Reply
Josue Vargas
Real Estate Agent · San Antonio, TX · Member since 2017 · 814 posts · 466 votes
6y
There are a lot of companies out there. I use cozy.co. Transfers via ACH no-cost to tenants, no cost to you. Option for them to pay with credit card for a small % fee (that goes directly to the company-site, not you). Downside is it takes about 6-7 days to reflect in your account, unless you pay I think $3 for a faster transfer (3-5 days?). Regardless, notifications and statuses are up-to-date when tenant has initiated the transfer, etc. It works pretty good for me because I don't need the cash right away.
2 Reply
Ganessan P.
Investor · Member since 2019 · 82 posts · 29 votes
6y
@John Lanser

3 options which i know .
- You can try zillow rental manager, where tenant can do the ACH for free of cost (to both the tenant and the landlord) . Only thing i hate is it takes 7 days to receive the rent amount in my account.
- If tenant has premium checking account in their banks, bank can do unlimited same day wire transfer.
- Other option is Zelle which you can receive the money right away, but only downside is $1000 per day.
0 Reply
Zachary Ray
Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes
6y
How many units?
0 Reply
John Lanser
OP
Real Estate Agent · Port Washington, WI · Member since 2019 · 10 posts · 11 votes
6y
I only have 2 doors currently but am in the process of 2 more. I know once I have more I won’t want to keep doing it like I am now.
1 Reply
Account Closed
Flipper/Rehabber · Cincinnati, OH · Member since 2020 · 300 posts · 417 votes
6y
We use Innago, which is free for landlords/property managers, and we love it! A simple Google search for "free property management software" will bring up some of the several options out there. One thing I would consider is if you only want rent collection services, or if you also want online lease signing and some of the other features out there. That can help you narrow now what software you choose, because they're all slightly different.
3 Reply
Stefanie Jensen
Real Estate Agent · Ogden, UT · Member since 2017 · 57 posts · 165 votes
6y
@John Lanser
In Utah, I’m using Rentler. This site has been amazing for me. It’s almost the main site most locals use to find rentals, so I advertise listings on the site too. Potential tenants fill out the application on the site, get credit and background checks through the site, then collects rent through the site! It has streamlined all of it for me. Automated rent collection is the only way to go. I’ve never had to charge a late fee, but the Rentler site will automatically add them if rent comes in after the grace period. I’ve heard Cozy is good too, but my local market is perfect for a Rentler. Definitely worth checking out if they are in your area.
3 Reply
William Buckingham
New to Real Estate · San Luis Obispo, CA · Member since 2019 · 5 posts · 2 votes
6y
@John Lanser I have used Zelle and RentRedi. Zelle is nothing but money transferring - straight and simple. RentRedi is built for property management and has other features. I guess a key questions would be: is rent the only thing you are trying to take online? If so, Zelle is a great option - nothing more or less than you want. If you want to take other aspects of Property Management and Tenant interaction online, I would look into RentRedi. If you choose RentRedi, you will find the promo code "BP"(like BiggerPockets, "BP") for 20% off. I really like both apps and think there are likely some benefits of RentRedi which someone in your shoes may enjoy.
0 Reply
Aigo Pyles
Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes
6y
paypal, zelle, cozy.
0 Reply
Randall AlanPro Member
Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
6y
I would recommend checking out Rentec Direct. It’s way more than just collecting rent... everything from marketing your properties, collecting your rent, screening tenants, web portal for tenants to pay rent and report maintenance issues, etc. generates websites for your properties, maintains leases just to name a few things. Best part, no fee for ACH Transactions and they fund the following business day. It costs about $3-4/ door per month. We have 40 Units and it runs us around $140 a month. So worth it!
2 Reply
Peter Philando
Rental Property Investor · Hollywood, FL · Member since 2015 · 156 posts · 93 votes
6y
All of the different property management software mentioned are great. I used TENANT CLOUD. Although, its only 2 units I think its best to invest some time in one of these digital options, so you can easily add your 3rd, 4th, etc.
1 Reply
Lawrence Zhou
Lender · Hoboken, NJ · Member since 2016 · 70 posts · 25 votes
6y
@John Lanser Collect post dated checks for the term of the lease and deposit them on the first of every month via online banking on your phone.
0 Reply
Jaquetta T Ragland
Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
6y
@John Lanser thanks for this post. Which option has less fees?
0 Reply
Michael Coates
Rental Property Investor · Clinton pa · Member since 2019 · 20 posts · 15 votes
6y
@John Lanser I use Zelle to collect about 90% of my rent
1 Reply
Patrick McGrath
Rental Property Investor · Westminster, MD · Member since 2014 · 165 posts · 221 votes
6y
@John Lanser
Venmo! We have 6 units currently and everyone pays via Venmo.
3 Reply
Tyler Bell
New to Real Estate · Crystal Lake, IL (60014) · Member since 2020 · 8 posts · 0 votes
6y
@John Lanser Smartmove is another one and they offer the background checks as well.
0 Reply
Anthony Wick
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y
I use either PayPal or Venmo. I charge tenants a $25 convenience fee if they want to pay by cash, or I have to physically collect rent. I do have one tenant that goes to my bank and deposits cash directly into my account.
0 Reply
Jim Spatzenfeld
Investor · NorCal · Member since 2015 · 281 posts · 240 votes
6y
Originally posted by :
...Other option is Zelle which you can receive the money right away, but only downside is $1000 per day.
That is not correct. The daily Zelle limit depends on the tenant and his bank. I have some tenants that send me well over $1,000 in one shot via Zelle, while some others have a limit of $1,000 and one tenant even only $500/day
0 Reply
Jill F.
Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
6y
We started with plans to scale up quickly and one of the best decisions that we made was at the very beginning, selecting Buildium a more premium, full-featured, solution for property management software. The sofware includes online rent payments, cash rent payments via paynearme locations as well as online applications including background checks, eleasing, maintenance work order system, vendor payments, and a full accounting package. The software allowed us early on to focus on implementing processes that work and team building rather thanfocusing on the nuts and bolts of how to accomplish common property management tasks. It's not the cheapest software but compared to hiring a property manager it is VERY inexpensive. lol, I sound like an advertisement but my only affiliation is as a customer (with 59 units in 45 months)
0 Reply
Andy Crawford
Rental Property Investor · Cincinnati, OH · Member since 2020 · 62 posts · 64 votes
6y
@John Lanser I am currently using Innago (www.innago.com). They have great customer service with quick response times.
1 Reply
Jason Duryea
Greenville, SC · Member since 2018 · 32 posts · 18 votes
6y
@John Lanser Cozy is pretty popular because it’s simple to use, free (for basic services) and is overall great tool. Keep in mind that it was purchased by CoStar and is in the process of being moved into the apartments.com platform.
For a very similar service, I’ve been checking out Rentler and so far it seems very comparable.
2 Reply
Nick Paquet
Member since 2018 · 10 posts · 4 votes
6y
@John Lanser
I highly recommend TenantCloud, especially if you plan to grow. $9/mo (for the standard package) is totally worth all the features it provides.
It directly deposits money to your bank and even will disperse payments if you have partners with equity. Easy to use for tenants. Easy to adjust rent payments or add in fees for pets, damage, etc.
The best part to me, is tenants can esign the leases. No need for docusign (Who has a printer these days)!
0 Reply
Tanvir Sattar
Rental Property Investor · Cincinnati, OH · Member since 2020 · 380 posts · 588 votes
6y
@John Lanser If you want your money the fastest I'd recommend Innago. They send funds the next business day.
3 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.