If I could pick your brains about how you collect rent

[Jye Tan]

I'm a software developer looking to develop a suite of solutions for landlords with a smaller portfolio. I'm trying to learn how landlords collect rent in general and to basically understand how it's done across different landlords/managers. If you would be so kind to share with me:

1. How many properties do you manage, how many units in total?
2. How do you presently collect rent? Online or offline?
3. If online, what solution(s) do you use? How much do they cost?
4. What improvements would massively improve your current way of rent collection?
5. Ideally, with a brief description, what would the easiest, stress-free rent collection process look like to you?
6. What problems do you face with tenants now that you wish there was an automated solution for?

I'm basically just trying to understand landlord and property managers better and your workflow. I'd really appreciate it if anyone would share some insights, even if just briefly. Thank you!

[Thomas S.]

I am old school and most of my tenants are seniors. I have 30+ doors and collect post dated checks for the year from all my tenants. Many do not trust technology and for that reason not having to deal with tracking multiple different forms of payment makes post dated checks the best method. I never have to chase anyone for rent, they call in advance if they need me to hold a check before depositing and it is extremely rare for me to have a NSF. My tenants are trained to understand rent payment is their first priority. Also it is nice that all my bank tellers know me by name.

Probably not what you are looking for but for me automated solutions have their own problems when 100% of tenants are not on board. With post dated checks I track all my tenants payments in December when I get their checks for the next year and my bank tracks them when I deposit. Those tenants that do not provide me with post dated checks quickly get on board when they forget to pay the first time and are hit with a $190 fee for non payment. I let them know in advance of the possibility of the fee when they become tenants so they have no grounds to complain when it happens. It's all about proper tenant training, nothing more.