Best bank for property managers

[Robert Eyers]

Morning all,

I'm just curious if anyone has experience as a property manager with a business account that collects rent and distributes it to investors. Looking for a local institution that has low fees per transaction. Thanks for the help!

[Beau Fannon]

Your bank won't be the service that collects rent. You'll need a portal to do that which will act as an intermediary between your bank and your renters. You don't want renters making deposits directly to your bank anyway. 

I run my family properties through Cozy for rent collections. I do manual dispersements from the bank account to my family members using Venmo, Zelle, or a bank transfer depending on the person's situation. 

The brokerage I work with has about 400 units under management and uses a more powerful property management software called Buildium that handles almost every aspect. But I believe they have a 50 property minimum to join.