Advise on how to Collect rent

[Alejandro Ferrer]

Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you

[Randall Alan]

Quote from @Alejandro Ferrer:

Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you

@Alejandro Ferrer

A platform is definitely the way to go!  It tracks and collects your tenants payments, and automatically deposits into your bank account and SO MUCH MORE… applies late fees, tracks tenant / unit expenses, has a tenant facing web portal for reporting maintenance issues and collecting rent and on and on… screens new tenants, broadcasts your rentals for rent, etc!

We use Rentec Direct… costs between 1-2$ per door per month and they front your ACH payments the very next day in advance of them fully settling with no percentage fee for any of the rent collection services.   It is truly my favorite landlord tool! 

All the best!