Transition to Self-Manage

[George Gao]

Hi BP,

I have been frustrated with my PM from time-to-time in terms of response time and how long it takes to rent out some of the properties.  So I'm most likely giving them 30-days notice and start to transition the properties (8 doors) to be self-managed.  The biggest concerns I have is rent collection.  Most of the tenants have been pretty good about on-time payments.  What's the most efficient way to collect rent in your opinion.  Keep the status quo of collecting checks, or set up Cozy or open a deposit-only account? Thanks!

[Geordy Rostad]

Hi @George Gao

There are some hilariously old-school ways to deal with collecting rents. Some landlords used to have the tenants write all all the checks for the year and post date them to where they need to line up.

Other landlords have been known to put a tenant's credit card on file as a backup in case they don't pay.

I haven't used any of these personally since the only rentals I've had so far have been "check's in the mail" sort of situations but these are some new-school ways to solve the problem:

* https://www.paylease.com/corp/payment-processing/

* https://www.dwolla.com

* Intuit payment network