Billing Tenants for Rent or let them send it in on their own?

Question

Hello BP!

Can anyone explain to me their process of getting rent from their tenants? Do you mail a bill to each one of your tenants with the balance due for the next month's rent (including any late charges etc.) Or do you just simply tell your tenants to send in the rent by the 1st of the month and leave it at that?

Also is there anyone who uses bill paying software to allow their tenants to pay the rent online? If so, please let me know what software you use and how it has worked for you. (alsohow much is costs)

I am under contract for my first property and am trying to get my systems into place beforehand.  Thank you for any and all responses!

Jordan

Mike McCarthy · Answer

@Jordan Bochner, Cozy deposits the rent into my account within 5 days.  I can pay an extra $3/mo per unit to have it deposited within 3 days, but it really isn't worth it for me.

I like the ease and the fact that I don't have to do anything.  It all happens without me having to remember to go to the bank, email them, etc.  I have enough in life and business to worry about to have one more thing to do.

I'm sure other options can be just as easy, but it's nice that it's a service tailored to renters and landlords.  The couple times I've reached out to their support, I've gotten good answers quickly.  Overall, I'm pretty happy with them.

Steve S. · Answer

I have my tenants give me 12 post dated cheques. So far I have not had an issue and I take a photo to deposit the cheque right at the 1st of every month.

Michael Mullins · Answer

@Jordan Bochner

Cozy only holds the payment for 3 days and then after that, it goes right into the bank account. Really it works out great. Feel free to give them a try.

Jordan B. · Answer

@Michael Mullins@Mike McCarthy

I've heard Cozy can be very slow with getting payments to you. Have you found this to be true or have they gotten better? What things do you wish Cozy could do better?  Thank you!

Billing Tenants for Rent or let them send it in on their own?

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