What rental collection method do y’all use

Question

I have a distant rental property , I have tried using turbotenant rent collection tool but it is very unreliable (it takes long time and falls through ) , the tenant has been paying by cashier check and I need to stop by (5 hours drive from my town of residence) for the past two months , however this is not a viable method in long run for me.

What is a good way to collect rent reliably from a distant rental property if I don’t want to visit it every month

(apparently her bank is not participating in Zelle)

What is a good way to collect rent reliably from a distant rental property if I don’t want to visit it every month

(apparently her bank is not participating in Zelle)

Michelle Bright · Answer

I’ve been using TenantCloud for years. It’s a great tool. It also generates reports for your taxes at the end of the year. I use it like some ppl use quickbooks.

Out of the 4/5 yrs we’ve been using it I’ve only had one tenant complain. She said sometimes it takes a couple days for the money to get withdrawn and has paid me via cash app a few times. This month I put it in the bud and told her she’s no longer amount allowed to pay me via cash app. We don’t accept partial payments and she’s started to develop a pattern I need to put a stop to now. Hopefully this helps. Seriously try TenantCloud.

Nathan Gesner · Answer

Open an account with a bank located in the same area as the rental. Give the tenant deposit slips for your account. They can drop the payment off directly at the bank.

You can also set up direct deposit, electronically from their account to any bank account in the country. Your bank should have a form available that you can fill out and give to the tenant to set it up.

Mail money orders or cashier checks.

Last resort would be personal checks. I don't like this option because USPS loses so much and personal checks take a while to clear.

Raul Torres · Answer

I just started using RentRedi and it’s worked perfectly fine. Having to send out email invites and have the tenants sign up was the biggest headache so far.

Mason Hickman · Answer

@Yashar Fred

Bank ach; even if the bank doesn’t use zelle you can set it up to recur each month. It is a cheaper solution than wiring.

Yashar Fred · Answer

@Donna M.

is mailing reliable ? What if it gets lost (which has happened to my packages before with usps )

Yashar Fred · Answer

@Nathan G.and @Donna M.

what service from USPS have you used for cashier check receiving ?

Christopher Roper · Answer

Innago has worked well for me. Free for landlords. Only a small fee per transaction ($2) for tenants. After the initial deposit, transactions only take 1 business day

Colleen F. · Answer

@Yashar Fred  if they don't have a bank set up a business account that lets them deposit cash to your account.  BofA and I believe Wells fargo  have deposit only ATM cards.  I use this with BofA for a cash tenant. Alternately set up an account they can deposit money to but you will need to sweep the money into another account every month after they deposit so there is no balance.

If the tenant has a bank they can use their banks payment method (popmoney or zelle) or set up ACH.

Andrew Freed · Answer

@Yashar Fred - Set them up for apartments.com all day and have them elect autopay. It's very reliable. I have all my tenants do this, I spend about 5-10 min verifying payments have been processed and received every month. It's literally the easiest part of self management for me.

What rental collection method do y’all use

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