What platform do you use to collect rent?
Hey everyone,
I’m currently growing my portfolio and want to begin collecting rent on a platform other than Venmo/Zelle I think. Is their an app you all use or do most people just use Venmo/Zelle. I’ll be closing on doors 5-7 this week.
Thanks
Ben
I'd use purpose-built property management software (rather than Venmo/Zelle) as that way, you can collect rent but also use features like tenant screening, rental listings, accounting, etc. There are lots of different options out there, so it depends on what your priorities are (in terms of features). Some of them offer free trials so you can try them out before you commit.
Hope that helps!
Congrats! I used Cozy.co during my amateur landlord days, it was user friendly.
Docs, payments, maintenance requests were all built in the app.
I have a small portfolio (only 4 units) but I signed up for Buildium so I could use their rental payment features, specifically PayNearMe. Your tenants get a portal they can log into and pay electronically. They can set up auto-pay or pay by credit card. PayNearMe is a really cool service for those non-tech tenants that want to pay in cash. They get a barcode and can go pay cash at any CVS or 7-11 and that money gets electronically wired to you (tenant pays a $4 fee). The whole setup was pricey ($200 sign up for Paynearme and I think Buildium is ~$500 a year), but I plan to scale my portfolio and didn't want to track down tenants for collections.
@Benjamin Lemieux howdy, I am investing here in CT as well. Cozy.co which is now apartments.com is a lightweight place to set up with no fees. You also can have all your service requests filed in it.
Hello Benjamin, I just looked into Tenant Cloud and Avail. After my own reasearch I choose to go with tenant cloud and pay for there upgraded package to accept ACH payments with no fees and list to other platforms for vacancy’s. It’s been great transitioning my tenants over to that platform. Check it out, it was 144 for the year and does what I need for my multifamily.
Quote from @Karl Denton:
Hello Benjamin, I just looked into Tenant Cloud and Avail. After my own reasearch I choose to go with tenant cloud and pay for there upgraded package to accept ACH payments with no fees and list to other platforms for vacancy’s. It’s been great transitioning my tenants over to that platform. Check it out, it was 144 for the year and does what I need for my multifamily.
Turbo Tenant I have found to be the best right now (free option)
I'm currently using Tenant Cloud to manage 8 doors. I don't use the free version, but I only paid $90 or so for the year. Completely worth it IMO.
Quote from @Jasmine Delves:
I'd use purpose-built property management software (rather than Venmo/Zelle) as that way, you can collect rent but also use features like tenant screening, rental listings, accounting, etc. There are lots of different options out there, so it depends on what your priorities are (in terms of features). Some of them offer free trials so you can try them out before you commit.
Hope that helps!
Thank you all very much for your insight, and suggestions. I will be looking into these days. I appreciate you all as active members of the community sharing your knowledge with me!
All my best,
Ben
@Benjamin Lemieux I use Innago. It has many free features.
@Benjamin Lemieux
Check out Nestegg.rent
Super cool landlord/renter app. They have a lot to offer.
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I no longer do LTRs, but my neighbor buddy has a unique method to collect rents. He has 8 houses in the same town, and has the tenants leave a check in the main electric panel on the 1st of the month. He drives around and picks up the checks on that day. No excuses about being late are allowed.
This way he gets to visit the property and take a look at the condition...are there any pets that are not allowed? Is the property in good condition? The tenants know that the landlord is going to be there every 1st of every month, so there are no issues.....
Pretty brilliant IMO. Old school is great......