Long gone are the days of driving to your rental property, knocking on the door, and collecting your rent in cash or a check from your tenant. As everything moves to a digital space, staying caught up is essential. Many applications available nowadays can help you set up an automatic rent collection.
Change can be different, though it doesn't have to be negative. Aside from saving you and your tenant time, it is much safer and easier to keep track of when compared to cash. Checks can take days to process and risk bouncing due to insufficient funds. You can collect rent even when on vacation with online rent collection software.
There is no one-size-fits-all solution to
collecting rent. After all, every case is unique. Most of the famous property manager applications have some form of automatic or recurring rent collection. However, many have different features and advantages based on location and target demographic. Today, we'll explore several online rent collection solutions to help you find the best one that suits your needs.
Zillow has quickly become a prominent website used by renters, realtors, and property managers. While limited in overall features, the Zillow rental manager offers a relatively simple and intuitive experience. Zillow’s rental manager has been updated to allow automatic payments with a credit or debit card or directly from your tenant’s bank account.
Zillow rental manager can benefit first-time landlords as it is free to use as long as you only have one listing. Additional fees exist for other listings, increased exposure, and market insight.
Apartments.com used to be Cozy. They are a well-established property managing application used daily by renters and landlords. It also provides an automatic rent collection service and other property management tools.
Apartments.com has been popular with millennials, primarily those who enjoy using smart devices like phones and tablets.
When collecting rent, avail offers to remind your tenant before collecting their rent. This can be beneficial for the tenant to ensure their rent is in their bank account and avoid late payments at an affordable price.
Once rent is collected through the Avail rent collecting tool, it will automatically update your dashboard, allowing you to track payments and transactions. Avail offers both free and paid subscriptions.
Property management apps may only be for some. Luckily, there are ways to collect rent online without using them. Platforms such as PayPal, Venmo, Cash App, or Zelle are used every day and are incredibly popular. These services may be right for you for landlords who aren’t ready to use software for all their property management needs.
If you manage rent collection through these platforms, remember that is all they can do. They offer little to no additional benefits when managing your property.
You can set up recurring rent collections through a dedicated property management company based on your preferences and needs, unlike with online software, where you may need to invest time and money to take full advantage of their features. A full-service property management company is hands-off for the client. Additionally, a property management company has several resources, such as lawyers, tradesmen, and a catalog of vetted individuals looking to fill your vacancy.
Suppose you need help setting up an online rent collection service or are looking for a property management company to manage your portfolio. In that case, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.
