My property manager does check and online rent payments for my renters. Then he sends me the full amount via ACH direct to my bank account. My renters love that he let's them pay online.
I agree, mobile deposits are awesome! But some banks put a limit to the amount you are allowed to deposit via mobile each day. Although with social distancing and COVID-19, I've gotten quite a generous deposit limit these days.
Online rent payments are free with your membership if your tenants pay directly from their bank (ACH transfer, like venmo!). If you are a renter, your landlord or property manager might include a small fee for accepting online payments.
@@myanon6671 the subscription starts at $35/mth depending on how many units you manage. And you'll receive more than just free online payments! Full financial accounting and reporting features, website, marketing features, online rental applications, tax filing features, electronic signatures for important forms and lease agreements, workorder management, file library, tenant portal, lead tracking, bank-sync and reconciliation, and more.
@@Rentecdirect depending on how many units? No thanks! Property managers lead to large losses to landlords. By the time a property manager gets off their ass usually the tenant is months behind. They can't and don't do much in reality!
tenants deposit each rent into my banks checking account ,I can see online the checking deposit slip with the property address Ive written on the deposit ticket and given the tenant a years supply in advance...Banks do NOT care WHO made any deposits into your/mine account
We like to recommend Rentec Direct, naturally, which has a cool mobile app for tenants to pay their rent. There are a couple other options out there, that might only have rent collection features without all the other handy tools that accompany a full property management software solution, like Rentec Direct.
The reason I gave it a 👎is because on the the paying in cash she didn't mention that the landlord should give you a receipt that shows you payed your rent,remember you need proof that you payed your rent incase something happens.
That's an excellent point! Proof of payment is essential for both landlords and tenants. Thanks for pointing it out, even if it did come along with a thumbs down ;).
@Nini Pin I dont know if you could unless you have access to the account but either pay with a money order or a personal check,if you don't have a bank account then a money order will do fine,make sure you save the stub for your records.
I’m giving this a thumbs down because: 1. these tips are general and does not work in every state. And that should have been stated. 2. In some states if a tenant pays $10 of a $800 rental payment the judge will tell you the tenant made a good-faith efforts to pay so you can’t evict. 3. Why would I link my bank account to my tenants bank account? 4. Cash is the worst way to collect rent. Your tenants should be allowed to pay cash, but not directly in a landlord’s hand. Get a rental app! The tenant’s paying cash to the app, and the app pays the landlord. If you’re getting into rentals, calculate having a property manager.
I agree. Using a secure online rent payment app is the best. You can even set up defaults so your tenants can only pay the full rental amount (or all the past due + rent), so you don't find yourself collecting a partial payment.
Zelle is great! One of the issues for using Zelle for rent payments, however, is that a renter could send a partial payment, which could delay an evicition proceeding. I also know some people have limits on how much they can send or receive with Zelle. Happy to hear it works for you though!
I haven't found one that is good to accept rent payment. Zelle: In San Francisco, I stopped accepting Zelle because one real estate agent told me if someone who is not a tenant and sends rent payment by zelle. He becomes the tenant legally. The landlord lost the case in court. Venmo: Even though you set privacy, the party who you pay or receive can see who, what and how much you received or paid to who. Paypal: I stopped using it because they keep asking me my business tax id number. I went to SF Tax Collector and was informed I don't need tax id number for reporting rental income.
![What's The Best Way for Tenants to Pay Rent to the Landlord? [#AskBP 098]](http://i.ytimg.com/vi/rhdHZkERmpk/mqdefault.jpg)
My property manager does check and online rent payments for my renters. Then he sends me the full amount via ACH direct to my bank account. My renters love that he let's them pay online.
What does your property manage use collect rent online.
Girl we are in 2020. We do not need to physically go to the bank to deposit a check. Just use the mobile banking app and take a pic. So easy
I agree, mobile deposits are awesome! But some banks put a limit to the amount you are allowed to deposit via mobile each day. Although with social distancing and COVID-19, I've gotten quite a generous deposit limit these days.
Rentec Direct good point!
How much does Online Rent Payment cost? What rent rental management software do you recommend?
Doing a house hack currently. What is the best way to collect rent? I was thinking venmo or paypal
@Brian Gomez do all landlords let you pay in cash ? Or it’s up to them how you pay sorry I’m very knew to this
To get th ans. its at 6:50. Take to much if u ask me.
I prefer by check, my tenants usually hand drop in my box. I collect them and deposit them all digitally without walking out my door.
So your tenants have your home address?
@@CS-qc7npmy business address.
@@EastLakeWatch Thanks for the response. That’s safer than a home address.
@@EastLakeWatchwhat site do you sign up for for business address many sites
I am lucky. I live in the house with 2 tenants renting rooms. They hand me their checks and I use mobile banking and never leave the house. Good video
That is awesome!
How can you identify how has not paid the rent out of 1000 apartments?
software will help with that!
Oh I definitely don't mind having thousands of dollars in cash..
I'm new to the title of landlord, needed this.
Very helpful, very insightful, you are appreciated.
Glad you found it helpful! And congratulations on your new role in rental management!
I’ll any way to pay my rent as long the money gets there as soon as I pay or the next day or is free I’m not paying extra just to pay a bill
How much do you get charged for online payments?
Online rent payments are free with your membership if your tenants pay directly from their bank (ACH transfer, like venmo!). If you are a renter, your landlord or property manager might include a small fee for accepting online payments.
@@Rentecdirect is membership free? It's nonsensical.
@@myanon6671 the subscription starts at $35/mth depending on how many units you manage. And you'll receive more than just free online payments! Full financial accounting and reporting features, website, marketing features, online rental applications, tax filing features, electronic signatures for important forms and lease agreements, workorder management, file library, tenant portal, lead tracking, bank-sync and reconciliation, and more.
I'd love to connect you with a Product Advisor to learn more. You can email info@rentecdirect.com anytime, we'd be happy to help you :)
@@Rentecdirect depending on how many units? No thanks! Property managers lead to large losses to landlords. By the time a property manager gets off their ass usually the tenant is months behind. They can't and don't do much in reality!
tenants deposit each rent into my banks checking account ,I can see online the checking deposit slip with the property address Ive written on the deposit ticket and given the tenant a years supply in advance...Banks do NOT care WHO made any deposits into your/mine account
Zelle works great for me!!!!
How to track who gave rent or who didn't on time
Online payments will give you an easy time stamp of when rent was paid on time.
He had to *eat* the loss... I see what you did there
What are some of the best online rent collection apps ?
We like to recommend Rentec Direct, naturally, which has a cool mobile app for tenants to pay their rent. There are a couple other options out there, that might only have rent collection features without all the other handy tools that accompany a full property management software solution, like Rentec Direct.
Ian Pooran this is an ad
No, the dog ate the loss. The manager scooped it up the next day....
This video could be 7 minutes less.
😂😂😂
what are the other risks involved...@6:40....why wouldn't you mention the risks?
The reason I gave it a 👎is because on the the paying in cash she didn't mention that the landlord should give you a receipt that shows you payed your rent,remember you need proof that you payed your rent incase something happens.
That's an excellent point! Proof of payment is essential for both landlords and tenants. Thanks for pointing it out, even if it did come along with a thumbs down ;).
@Nini Pin I dont know if you could unless you have access to the account but either pay with a money order or a personal check,if you don't have a bank account then a money order will do fine,make sure you save the stub for your records.
A .38 and a bat.....no one is late more than once.
watches this thinking she was going to give recommendations on online methods.....and nothing -.-
My two tenements pay by cash app
I use cash app
I use PayPal
Doesn’t PayPal charge a fee to you or the Landlord?
@@judyl.761 yes they charge $10 to me .
that would be a dead dog
Facebook pay
I’m giving this a thumbs down because:
1. these tips are general and does not work in every state. And that should have been stated.
2. In some states if a tenant pays $10 of a $800 rental payment the judge will tell you the tenant made a good-faith efforts to pay so you can’t evict.
3. Why would I link my bank account to my tenants bank account?
4. Cash is the worst way to collect rent. Your tenants should be allowed to pay cash, but not directly in a landlord’s hand. Get a rental app! The tenant’s paying cash to the app, and the app pays the landlord.
If you’re getting into rentals, calculate having a property manager.
I agree. Using a secure online rent payment app is the best. You can even set up defaults so your tenants can only pay the full rental amount (or all the past due + rent), so you don't find yourself collecting a partial payment.
I just waste,d 10 minutes watching an ad. You really could have mentioned that this was sponsored. I'm pissed
Your face is very nice
you talk way to much
i would love it if it was you i had to pay my rent to
Zelle. Best for me plane and simple
Zelle is great! One of the issues for using Zelle for rent payments, however, is that a renter could send a partial payment, which could delay an evicition proceeding. I also know some people have limits on how much they can send or receive with Zelle. Happy to hear it works for you though!
I haven't found one that is good to accept rent payment.
Zelle: In San Francisco, I stopped accepting Zelle because one real estate agent told me if someone who is not a tenant and sends rent payment by zelle. He becomes the tenant legally. The landlord lost the case in court.
Venmo: Even though you set privacy, the party who you pay or receive can see who, what and how much you received or paid to who.
Paypal: I stopped using it because they keep asking me my business tax id number. I went to SF Tax Collector and was informed I don't need tax id number for reporting rental income.