How do you collect rent each month?
Hi everyone,
I've been doing a lot of research lately, trying to find an efficient way to collect rent each month. At the moment the tenants at my first rental property pay me in cash each month when rent is due which requires me to go and pick it up. At the moment it isn't exactly an issue because I only have the one rental property so far. However, thinking long term, in order to scale I will need to have a more efficient way to collect rent which will be easy for the tenant and for me while saving a great deal of time.
I've checked out Cozy.co and other rent collection websites but I have not found one that seems easy to use for both the landlord and tenant, has low fees and doesn't take too long to deposit the rent into my bank.
What are ways that you all collect rent which works great for you and your tenants? Looking forward to hear all of your creative ways!
Thank you
Most Popular Reply
@Stephen Solano maybe a few days at most, except for initially when they are verifying ownership. After the first deposit, subsequent deposits are fast - a few days, unlike Cozy.co which is DAYS.
I tell all tenants up front about the $2 fee. No one has balked, and if they did, I'll apologize, give them back their lease and wish them luck in finding a place.
I discard any apps the moment I discover they do not have a bank account or will have a problem with online rent pmts. I live in the SF bay area and only have a few rentals here in CA. Nearly all my rentals are in other states, so automate or die, especially if you have any hope of self-managing.