Best bank for property managers
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!
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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.