Rental property management is all about a variety of challenges. Repair and maintenance of the unit, background checks of tenants, and keeping the record of tenants are some important tasks. Rent payment collection is another challenging task to do. Landlords are always confused about the payment options. Many think about PayPal, while others consider property management software the best solution. Some landlords consider the cash a trustable solution. These days we have some online solutions available. Online rent payment services offer stress-free payment solutions. Here are the 5 best options for landlords, which you can also take advantage of.
Why should you choose online payment systems?
Generally speaking, online rent collection has many advantages for landlords compared to disadvantages.
It is a convenient option if compared with cash payments and bank checks. No meeting with the tenant is required, and tenants do not require to mail checks. So, it saves a lot of time for tenants and landlords.
Moreover, many payment systems also keep track of payment systems, which reduces the need for receipts. Landlords get notifications when a payment is deposited in their account. These systems can set alarms for tenants, which remind careless tenants about the due day for rent payment. Renters can also set up an automatic payment schedule. It will enable him to pay the rent automatically before the due date.
Multiple online payment services are available, and few of them are specifically for rental payments. It is really difficult to choose a landlord when so many options are available. Here we have enlisted a few systems; you can choose one according to your preferences.
Online rental payment services for single properties
Suppose you have one or two rental properties. In that case, a complete rental collection service seems unnecessary, and it may be complicated for you. In such situations, landlords usually go for commonly used money transfer tools and apps like PayPal.
On the other hand, experts have a different approach. If you want to enhance your property business, you have to be professional and committed right from the beginning. You can take advantage of modern payment tools in multiple ways. It helps to track the record of payments, specifically from tenants. Moreover, it's not only about the payment, but you can store documents like rental agreements, screening reports, notices, etc.
Rentberry
If you need assistance on every step of your rental journey, this app is for you. It allows you to list your property, schedule tours with potential tenants, and check their backgrounds. You can eSign your agreement using Rentberry, and the last step, rent collection, is also possible on the same platform. Most services are free on this platform; you might have to pay for a few special services. The interface is user-friendly and very easy to navigate. All you need to do is have an account on the app, and it will do everything for you.
Salient features:
Separate profile for each tenant.
Autopay service is available.
Easy to track payment history.
Tenants can set due date reminders.
Works with all credit cards.
Secure for payments
Transfer of funds within 2 – 3 days.
Free for landlords.
PayRent
PayRent is designed specifically for the online rent collection. The process is very simple and starts with creating an account by the landlord. Later, he can ask the tenant to join. There are three subscription plans; you can choose any one of them.
Salient features:
Payment is collected through a debit card, credit card, or ACH.
Tenants have the freedom to schedule their payments, and they can set payment reminders too.
Fund transfer can take 1 – 7 days, depending on the type of subscription plan.
Prices range from a free plan to $ 49/month.
Apartments.com
Cozy was the popular app for landlords for rental collection, but now it is part of Apartments.com. Now it is not just a payment tool but has become a part of the listing website. Landlords can list their properties, get applications from tenants and receive screening reports. The same platform can be used for rent collection as well. The app will be accessible by creating a free account. The landlord will be able to send invitations to tenants through email. Tenants can enjoy the features like email reminders, scheduling payments, and many others.
Salient features:
Payments are through credit cards and debit cards or ACH.
The status of payment can be easily tracked.
An automatic payment method can be set up.
Email payment reminders.
Funds transfer within 2 to 5 days.
Free for landlords, but transaction charges apply.
Online rental payment services for multiple properties
Management requirements of small-scale landlords are different from those who own multiple properties. The easy rent collection system is not the only feature they want, but they need complex systems that make accounting and management easy.
Buildium
If you have multiple properties and deal with rentals every day, this website is for you. It is a platform that allows you to manage financial statements, all the accounts, and everything associated with rentals. It is a subscription platform with a $50/ month starting fee. The most expensive package will charge you $460/month. It may seem expensive to many, but you can start with 14 days free trial and check the features before spending money.
Salient features:
Easy payment tracking
Payment through debit card, credit card, or electronic funds transfer.
Automated payments
Funds are available within 1 to 2 days.
Hemlane
Another comprehensive app is Hemlane. It is software designed specifically for property management. It helps coordinate maintenance services, keep all the documents online and rent collection. The app has all the features you can expect, like automated payments, setting payment schedules, and payment reminders. It is considered suitable for those landlords who have more than ten properties.
Salient features:
Payment through credit card, debit card, or ACH.
Option to accept full payment and installments.
Payment reminders
Receipts for transactions can be easily uploaded.
Availability of funds within 3 business days.
You can choose any of these apps according to your preferences.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
