Collecting automated monthly rent from tenant

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Collecting automated monthly rent from tenant

Nick Naik
Member since 2019 · 20 posts · 2 votes

Could someone please advise a way to collect rent every month from my tenant. I want the tenant to schedule a monthly recurring bill pay and something that would work regardless of the tenant bank. Please advise.

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Lynnette E.
Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
5y

I use cozy, but for my non-technical renters they have the bank account number and they stop by my bank and deposit the money into my account.

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  • Kyle J.
    Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    5y

    I use several different electronic methods (e.g. Cozy, Venmo, Zelle) to collect rent. However, Cozy sounds closest to what you’re looking for. 

    Once you set it up, it just auto deducts the rent from the tenant’s bank account each month and transfers it to yours with no further work/input on your part. Totally automated and super simple. Works with all the banks too. 

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  • Lynnette E.
    Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
    5y

    I use cozy, but for my non-technical renters they have the bank account number and they stop by my bank and deposit the money into my account.

    1Reply
  • Account Closed
    Flipper/Rehabber · Cincinnati, OH · Member since 2020 · 300 posts · 417 votes
    5y

    Like others have mentioned, online property management software is a really great way to do this. You would set up a landlord account, and then invite a tenant to set up a tenant account, where they can then turn on automatic payments. There are some great options out there, and many of them are free for landlords. We personally use Innago and love it. 

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  • Nick Naik
    OP
    Member since 2019 · 20 posts · 2 votes
    5y

    Thank you. I decided to go with apartments.com (used to be cozy earlier). However, Innago is awesome. Wish I knew it before.

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    Just be careful WHO sets up the autpay!

    Many tenants will want you to do so. 

    If those cases, be sure to have your tenants sign an Agreement authorizing you to set it up and also agreeing that they will be 100% responsible for any and all NSF fees if their account does not have enough funds.

    [email protected]248-209-6824
    Logical Property Management4.9450 Reviews
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