All Forum Posts by: Jeff Blanchard

If you use Quickbooks, I'd suggest using QB Online. If you need to scale up, you'll have a much easier time doing so. Even if you don't scale, the flexibility of the cloud-based app has a lot of benefits in sharing data, accessing from various locales/devices, etc.

Still, bookkeeping is bookkeeping, and management is management. While PM apps offer some decent bookkeeping, a bookkeeping app can't handle the particulars of modern property management operations. Check out the (cloud-based) PM app offerings out there.

How much you intend to scale is an important consideration. If you don't want to or expect to have over 100 units, Appfolio may be overkill. It is one of the better product though.

At smaller scale, there are better options that get the job done at a much more accessible cost.

Wow, how many people have had accounts compromised? I've been doing this for 10 years, and have literally dozens of account records "out there" with tenants, vendors, etc.

If someone were to compromise an account, that's what bank liability agreements are for, yes? My wallet was stolen last month, and while canceling all the cards was a PITA, not a single bank gave me a hassle about it, including the one with whom the thief did use one of my cards (in the hour between the theft and when I reached the bank).

We're well into the information age, folks. There have always been fraud risks, and that will never change.

I've rented a (car) parking space before and parked my motorcycle perpendicular to the space, in front or behind the car (depending on which vehicle is getting more use. Two vehicles, but both fitting in the same space I'm paying for. Would this not work for your tenant?

Generally speaking, I like to do whatever possible to encourage people to use modes of transportation other than cars, as the overall impact is lower. YMMV.

Also if I'm getting a lot of stuff I'd rather just pay -- what is it $50? -- for Home Depot to deliver the materials. They'll send out a flat-bed truck if they need to, and unload onto the curb.

@Rick L. I have that very trailer. I mostly use it to tow motorcycles, but it does just fine with the rated weight.

FYI I have a VW Jetta TDI, so more towing capacity than the Versa -- but it has no problem all with the weight. Just be judicious in your stopping distance, etc.

(I've also towed a much larger box trailer with the same car -- MPG goes way down but otherwise NBD. Stopping distance allowance again is the main thing.)

1) If you personally don't use electronic rent collection, why not (or why not yet?)

I do and no longer accept non-electronic payments. My tenants either use their banks own ACH ePay solution, or I direct them to use Venmo.

2) If you use electronic rent collection, which do you use and why?

Saves me considerable time, it's quite easy these days, and there is no 'lost in the mail' excuse possible.

3) What features do you like?

Ease of use, saving of time (theme of the day!) and integration with my PMS (further time savings and reduction in clerical errors). For this second reason, I'll eventually steer all of my tenants to use Venmo.

4) What would you change or add to the service you use (or would use if it had this feature) if you could?

For Venmo specifically, I'd like to have an recurring charge option without the need for an API. But I'm using the API on my website, so this really a non-issue (though it may be one for other people).

Bonus question: What else would you (or do you already) automate in your landlording and/or real estate business if you could?

I automate repairs & maintenance, to some extent, using PMS. Still have to show up, of course, in person; but logging the history of the process is valuable in the long-term management of a building or tenant relationship.

@Jason L. has a very similar setup to my own, just swap in Venmo for Dwolla. I gave Dwolla a shot a while back, but it wasn't quite as intuitive as I'd hoped. They are a good company though.

Venmo has pretty fast payouts, is free if using ACH or debit (3% fee to renter if using CC), and also has a good API.

Half my tenants still use their own ePayment, and I'm fine with that, as long as I don't get charged fees. This means Paypal isn't the best option (though they do have a specific case in which neither party is charged).

It's just a few lines of code you have to add to your website template (there are a bunch of tutorials out there), but if you need a more drag/drop solution animoto may work. I'd advise against the music tho.

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