What system do you use to collect rents on line and pay owners ?

Question

Please let me know if you are using an online system to collect and pay rent to owners. I am at the moment dissatisfied with my current system. Please users only. I want the "real" story if you are satisfied.

Thanks

Landon

Thanks

Landon

Jamie Mathieu · Answer

I use erentpayments.com and have been very happy.  They charge me $3 a transaction which is worth the convenience.

Llewelyn A. · Answer

I use Rentalusions: Rentalutions

I have been incredibly happy with it once you understand the system.

They charge a monthly fee, depending on the amount of your Apts. In my case I'm paying around $58 per month for 19 Apts. Each Apt has roommates and some of them 4 Roommates. The total Roommates are 36. So for $58 / 36 Roommates, that boils down to $1.61 per payments.

The Interface is basic but good.

I would really urge Landlords to use some form of electronic payments.

My preference is to use a program like Rentalutions in order to put the onus on the Tenant to pay their rent. It really takes a way the excuses, including:

- Check is in the mail

- I forgot to authorize my ACH7

- I was on vacation

This gives both your and your tenant their rental history. Even if a tenant has bad Credit, having their rental history is much more important as you can prove you pay your rent on time no matter what.

In NYC, I am VERY strict when it comes to due diligence because of the strong Tenant biased laws.

In many cases, prospective tenants that fall below 700 will be asked to send me their rental history. If they cannot show me either in canceled checks, bank statements , or electronically like from a program like Rentalutions, I will just move on.

As a result, I haven't had to do any evictions in the past 15 years of my 20 year history as a Landlord.

Getting back on track, I certainly would recommend using Rentalutions. It's work very well for me.

Dawn P. · Answer

Another vote for Cozy.co. Super easy, nice website, and tenants love it too.

Account Closed · Answer

Another vote for Cozy.co.  It's a fantastic website / tool.  I highly recommend it.

Johann Jells · Answer

There should be a sticky at the top of this forum about e-rent services. This comes up a lot. Cozy for the win! What a life changer.

Al Williamson · Answer

@Landon Crigler

Cozy.co for everything. Set it and forget it!

Brendon Woirhaye · Answer

I use cozy.co, but I am an owner/manager.  It is free for my purpose - invoicing and taking ACH payments, which are deposited into my bank.  It isn't set up to make payments directly, I pay those through my bank's website.  I have 31 rental units.

Landon Crigler · Answer

thanks

Landon Crigler · Answer

Thank you for your input.

What system do you use to collect rents on line and pay owners ?

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