How do your tenants pay rent??

Question

It’s 2021 so I know someone has the best way for tenants to pay rent. Ideally, I’d like mine to pay electronically! But what is the best way?

I want the money to drop into an account that is associated with my rental properties alone.

(I’ve tried cash app but this doesn’t work because cash app attaches to one phone number, and one account. And I use my cash  app for other non real estate transactions. )

Thanks!!!!

Nathan Gesner · Answer

One of the most popular programs is Cozy.co. You can also check out TenantCloud or a variety of other property management softwares that are extremely inexpensive and increasingly robust.

Lee Snyder · Answer

@Shalom Benton ...I just signed my first lease April 1 and have used apartments.com to list my property. Using apartments.com I was able to create my lease and collect all money for security deposit and first months rent. Being a newbie it was very easy to understand and everything is right there. My tenant can fill out maintenance requests and pay monthly rent via ACH payments they can also use a credit card. All services are free for the landlord. When my add was listed all leads from apartments.com where emailed to me and also stayed on my apartments.com web portal. Also they provide credit and background checks for $24.00 payed for by tenant.  I really liked the services provided and seemed to be a 1 stop shop for all I needed to list my property and then manage once it was occupied.

Drew Sygit · Answer

Consider charging a Processing Fee for mailed checks and other less desirable payment methods. Don't charge for the methods you prefer:)

Dakota Wilde · Answer

@Shalom Benton Almost every property management software has this functionality. You should try out a few to know which one will work for your business. I'd recommend you to check out Buildium or TenantCloud.

Michael Plante · Answer

cozy here as well

Javier Bornot · Answer

Cozy.co is actually now apartments.com

Michael Plante · Answer

Until I read your post  I didn’t know they merged

Still get my payments automatically each month and my cozy app still works.

I’ll stay with them

Chris Herrera · Answer

@David Woz nothing has really changed so far from the merger from what I’ve seen when using cozy to collect rent, still a pretty seamless system

David Woz · Answer

@Nathan G. @Michael Plante it appears cozy is merging with apartments.com and is not taking any new accounts under cozy.co.

Have either of you had any experience with the new version on apartments.com and do you still recommend?

Justin Phillips · Answer

I use Venmo for my rents. Super easy, free,  and most people have it already. We hope it's never needed for our tenants, but they do have the option of paying with a credit card through Venmo too.

How do your tenants pay rent??

Most Popular Reply