Automate Rental Payments

[Kristen Dolotina]

Hi.  Just closed on my first property in Denver and am planning on Managing this myself.  I'm looking for a good way to automate rental payments.  

Thanks!

Kris

[Randall Alan]

Quote from @Kristen Dolotina:

Hi.  Just closed on my first property in Denver and am planning on Managing this myself.  I'm looking for a good way to automate rental payments.  

Thanks!

Kris

@Kristen Dolotina

Hi Kris,

Most cloud based rental management programs will automate many of your tasks.  We use Rentec Direct.  We self-manage 37 units with it.  It has a tenant facing portal where tenants can pay their rent, which the app deposits into our account the next business day (even though ACH payments do not regularly settle for 4 days!).  There is no additional fee for any of the payment services like ACH (except credit card - which the tenant pays for if they use one of those).   They can also report maintenance issues and see their payment summaries as well.

The app has a slew of other features - complete book-keeping, automatically applies late fees, can track recurring charges, etc.  It will screen our tenants, market our properties to places like Zillow, etc... pretty much everything we could need or want.  There are lots of programs out there, so it's worth shopping around for the one that makes the most sense.  It's a little tough when you only have 1 property (because sometimes the entry-level fee charged seems high compared against 1 property.)  But it's the same fee for 37 properties too... so for us it is a little over $1/month/door to use the property.  

All the best!

Randy