Rent Attribution - Multiple tenants paying same amounts
We've grown our portfolio up to 22 units and have a mix of tenant payment methods: manual cheques (fun), e-transfers, bank counter deposits and some have done PADs at their local branch.
Our challenge has become with the PADs, we don't see any information about the source account owner - our statements just show TransferXYZ to Account ABC or similar vague transaction information.
We have about ten units that all pay the same amount and thankfully only a few are on PADs but if we have one that is late - we never know who it may be until we do the dial-around.
Is there another solution out there we should be directing these tenants to be using? What are others doing in similar situation?
Located in Canada
My preference is to use property management software that has a rent collection feature. There are loads of different ones out there so I'd recommend having a look to see which one has the features you want. You can collect rent directly into your bank account, block partial payments, automate reminders, etc.
Plus once the payment has been processed, it's automatically tacked in the system against the corresponding property. So you shouldn't have to go searching to see who has paid what!
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
We use Chase and their online banking allows us to see images of checks and payments.
The only issue is when tenants deposit cash. We warn them, and our lease states, they will be charged a late fee if they deposit cash and do NOT put their name & address on the deposit slip and send to us.
Quote from @Chuck M.:I would say you need to change your collection system to something that allows more accurate tracking. If you have six tenants paying $500 and have to manually determine who paid each month, that's a lot of wasted time.
We've grown our portfolio up to 22 units and have a mix of tenant payment methods: manual cheques (fun), e-transfers, bank counter deposits and some have done PADs at their local branch.
Our challenge has become with the PADs, we don't see any information about the source account owner - our statements just show TransferXYZ to Account ABC or similar vague transaction information.
We have about ten units that all pay the same amount and thankfully only a few are on PADs but if we have one that is late - we never know who it may be until we do the dial-around.
Is there another solution out there we should be directing these tenants to be using? What are others doing in similar situation?
Located in Canada
