Collecting Rent
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Collecting Rent (by Barbara [PA]) Oct 13, 2020 1:02 PM
       Collecting Rent (by plenty [MO]) Oct 13, 2020 1:25 PM
       Collecting Rent (by WMH [NC]) Oct 13, 2020 1:29 PM
       Collecting Rent (by David [MI]) Oct 13, 2020 1:35 PM
       Collecting Rent (by Sisco [MO]) Oct 13, 2020 2:10 PM
       Collecting Rent (by Lynn [MA]) Oct 13, 2020 2:15 PM
       Collecting Rent (by myob [GA]) Oct 13, 2020 3:38 PM
       Collecting Rent (by S i d [MO]) Oct 13, 2020 3:45 PM
       Collecting Rent (by Robert J [CA]) Oct 13, 2020 4:06 PM
       Collecting Rent (by Barb [MO]) Oct 13, 2020 4:25 PM
       Collecting Rent (by razorback_tim [AR]) Oct 13, 2020 4:25 PM
       Collecting Rent (by Jeff [CO]) Oct 13, 2020 4:31 PM
       Collecting Rent (by David [MI]) Oct 13, 2020 4:33 PM
       Collecting Rent (by Deanna [TX]) Oct 13, 2020 5:19 PM
       Collecting Rent (by J.R. [OK]) Oct 13, 2020 9:12 PM
       Collecting Rent (by Hoosier [IN]) Oct 14, 2020 1:20 AM
       Collecting Rent (by nhsailmaker [NH]) Oct 14, 2020 9:28 AM
       Collecting Rent (by Jane [TX]) Oct 14, 2020 10:52 AM
       Collecting Rent (by Barbara [PA]) Oct 14, 2020 11:55 AM
       Collecting Rent (by Barbara [PA]) Oct 14, 2020 11:55 AM
       Collecting Rent (by Oregon Woodsmoke [ID]) Oct 14, 2020 1:16 PM
       Collecting Rent (by Oregon Woodsmoke [ID]) Oct 14, 2020 1:17 PM
       Collecting Rent (by Sisco [MO]) Oct 14, 2020 1:29 PM
       Collecting Rent (by Nicole [PA]) Oct 14, 2020 1:54 PM
       Collecting Rent (by Sisco [MO]) Oct 14, 2020 2:02 PM
       Collecting Rent (by Mike45 [NV]) Oct 14, 2020 3:50 PM
       Collecting Rent (by BillW [NJ]) Oct 14, 2020 10:26 PM
       Collecting Rent (by GKARL [PA]) Oct 15, 2020 4:00 AM

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Collecting Rent (by Barbara [PA]) Posted on: Oct 13, 2020 1:02 PM
Message:

I was wondering how everyone collects rent each month. I currently have an office, that I run another business out of, and tenants stop and pay their rent. I am preparing to close the business and rent out the space. What options are there for collecting the rent each month? --24.165.xxx.xxx




Collecting Rent (by plenty [MO]) Posted on: Oct 13, 2020 1:25 PM
Message:

One mails to my PO box. Several use Zelle. Most deposit at my bank with deposit slips i provide for them. --172.56.xx.xxx




Collecting Rent (by WMH [NC]) Posted on: Oct 13, 2020 1:29 PM
Message:

Most use Zelle.

A few use Venmo.

A few use Cash App.

A few buy money orders and carry them to my bank and deposit directly into my rent account.

A few do the same thing with checks.

We do not collect rent - they pay rent. --50.82.xxx.xxx




Collecting Rent (by David [MI]) Posted on: Oct 13, 2020 1:35 PM
Message:

One other consideration: how does your lease specify they pay rent? My lease says mail to my po box. Clean , clear, tried and true. I let them deposit to my bank account, but only as a favor. --50.4.xxx.x




Collecting Rent (by Sisco [MO]) Posted on: Oct 13, 2020 2:10 PM
Message:

Rent payment via ACH Has been required for the past 3 years. I still have tenants who pay rent payments to the bank with a deposit slip that I provide. --67.43.xxx.xxx




Collecting Rent (by Lynn [MA]) Posted on: Oct 13, 2020 2:15 PM
Message:

I had one tenant that used to mail the check like 2 weeks early. Some pay with check, I got about 5 on Zelle, some don't pay anything because of section 8. I tried getting everyone on a platform where it would deduct but everyone had the excuse that they don't get paid on the same day every month and they didnt want to overdraft. --66.30.xx.xx




Collecting Rent (by myob [GA]) Posted on: Oct 13, 2020 3:38 PM
Message:

We use 3 PO Box addresses and have for over 20 years. Before you ask-- worth every penny of it. --99.103.xxx.xxx




Collecting Rent (by S i d [MO]) Posted on: Oct 13, 2020 3:45 PM
Message:

Mostly ACH with a few leftovers from back in the day who still take the rent to the bank. I am transitioning them over since I like it when those big batches of payments show up on time every time instead of me wondering "will they pay or won't they?"

Major retailers learned long ago that when you reduce friction (i.e. eliminate anything that stands in the way of you and money), you are more likely to get paid. They paid for the data and the studies to learn this. Leverage their knowledge and experience for free. Don't wait for the money; TAKE the money. --107.216.xxx.xxx




Collecting Rent (by Robert J [CA]) Posted on: Oct 13, 2020 4:06 PM
Message:

A great many tenants will "deposit" their rental payments into my checking account via a "transfer", "payment" or make a deposit at a branch into my account -- I hand out deposit slips. Another bunch will pay using a app or service such as PayPal. The rest will either mail me a check or leave me their payment in an apartment complex that I'll make collections on a fixed day after the 1st of the month. --47.155.xx.xxx




Collecting Rent (by Barb [MO]) Posted on: Oct 13, 2020 4:25 PM
Message:

We use ACH transfer via Clearnow, one of the sponsors of this site.

My new bank offers ACH that I can initiate. I'm considering it, but I LOVE the convenience of the Clearnow service.

I have a couple that transfer via Zelle or even Venmo, but those are usually my short term residents or special cases. Like my gal currently on unemployment who had to stop the ACH transfers because her income dropped to $125 per week. She is transferring me a weekly payment via Zelle for now. --67.43.xxx.xxx




Collecting Rent (by razorback_tim [AR]) Posted on: Oct 13, 2020 4:25 PM
Message:

I require payment via ACH that I initiated through my bank. --107.77.xxx.xxx




Collecting Rent (by Jeff [CO]) Posted on: Oct 13, 2020 4:31 PM
Message:

I only accept electronic payments. Giving tenants a deposit slip is a bad idea and isn't professional. --76.120.xx.xxx




Collecting Rent (by David [MI]) Posted on: Oct 13, 2020 4:33 PM
Message:

Jeff, I don't find deposit slips any different than loan payment coupons that (used to?) come with mortgages . --50.4.xxx.x




Collecting Rent (by Deanna [TX]) Posted on: Oct 13, 2020 5:19 PM
Message:

When I started, I let them mail in their rent.

When the USPS stopped local mail, and the first time a tenant played the "I just bought a USPS MO, put it in an envelope at the counter, and put it in the mail slot, and I can't think of why it never got to you---!" I went out and made arrangements for them to take their rent directly to the bank within half a mile of any of my houses.

That was really helpful for when the same tenant played the "I gave it to my aunt to deposit and she took it over and put it in the night depository" card-- but the video cameras confirmed that no one had been there within three hours of the time he specified.

I had one guy whose HR would autodraft from his paycheck and put it into my account. That one was pretty good, until he was off work due to an injury, and stopped getting a paycheck, and had to remember to pay me himself.

I had another guy who banked with Chase who did Chase QuickPay. For that to happen, one or the other of you needs to have a Chase account. I looked at opening a biz account over at Chase, but it was not flexible (ie, tenants can't walk up to the counter and deposit anything over $100 into your account because you know that's totally how billions of dollars of money is laundered), and the minimum balances necessary to avoid fees were too expensive. ($5k? $7K?)

I trucked along okay for several years, until I got the people who never made me their priority to pay. That was when I switched over to ClearNow.

Right now, I'm slightly over half of my tenants paying via ClearNow, and it's made things way better. Most of the tenants not on ClearNow have been with me from my pre-ClearNow days. About a third of those... you guessed it... are struggling to keep up with paying the correct amounts by the proper deadlines. My ClearNow tenants, however, know that it's all "the computer" or "the system", and don't ask if I'd mind if they were late-- or worse, just ignore rent being due until I bring up the subject.

ClearNow has a few minuses. They only draft on business days; you only have a limited number of days from which to select; and it gets paid three business days after drafting. So if the 1st is a Saturday, and the Monday is a holiday, then it won't draft until the 4th, and won't get to me until the 7th. Or if it drafts on Wednesday the 1st, then it doesn't get to me until Tuesday the 6th.

But overall, ClearNow has been great. --137.118.xx.xxx




Collecting Rent (by J.R. [OK]) Posted on: Oct 13, 2020 9:12 PM
Message:

I have a box at the UPS store that tenants can mail their rent to or drop it off in person. Years ago, I set up an account with Cozy for tenants to pay online. When I texted them all for their email addresses so that they could pay online, I was surprised at how many were so thankful to have that option - almost all of them! I realized that I was way behind the times. It definitely is more convenient for them and me since it deposits directly into my account. --68.0.xxx.xx




Collecting Rent (by Hoosier [IN]) Posted on: Oct 14, 2020 1:20 AM
Message:

We used to have them mail checks to PO Box, but are moving towards ClearNow...where we take the funds via ACH --99.92.xxx.xxx




Collecting Rent (by nhsailmaker [NH]) Posted on: Oct 14, 2020 9:28 AM
Message:

100% tenants job to get rent into the specified account number by the 1st

easy peezy

all rents are $5 different so I know who has paid when I check on-line --24.62.xxx.xxx




Collecting Rent (by Jane [TX]) Posted on: Oct 14, 2020 10:52 AM
Message:

Zelle or direct deposit at bank.

No paper checks by mail .. I charge $35 extra processing fee each time for paper checks if they insist. --70.119.xxx.xxx




Collecting Rent (by Barbara [PA]) Posted on: Oct 14, 2020 11:55 AM
Message:

About half of my tenants pay with cash or money orders. Doesn't that eliminate my electronic options. (I am not very technology savvy.)

--24.165.xxx.xxx




Collecting Rent (by Barbara [PA]) Posted on: Oct 14, 2020 11:55 AM
Message:

About half of my tenants pay with cash or money orders. Doesn't that eliminate my electronic options. (I am not very technology savvy.)

--24.165.xxx.xxx




Collecting Rent (by Oregon Woodsmoke [ID]) Posted on: Oct 14, 2020 1:16 PM
Message:

Contact the tenant or his guardian and let them know you don't have the rent and can't wait any longer and if they want to stay they will get a check into your hands immediately.

I seriously suggest that you sell that building and buy something in a better area. --76.178.xx.xx




Collecting Rent (by Oregon Woodsmoke [ID]) Posted on: Oct 14, 2020 1:17 PM
Message:

Oops. I posted that in the wrong thread. That note was intended for Triplexer --76.178.xx.xx




Collecting Rent (by Sisco [MO]) Posted on: Oct 14, 2020 1:29 PM
Message:

Barbara, if you will invest the time to learn to use ACH and make it mandatory for all new leases signees you will be off to a good start. Then make it available to all residents, later, make it mandatory for lease renewal. Utilizing ACH will improve your operations collections, retention, damage repair cost,referrals and tenant good will.

Here is what I have found; nearly all of the good paying tenants welcome ACH as it is the method used for paying their phone, electric, car payment, insurances, ect.

For those who resist, most are doing so because they cannot manage their finances, or plan to leave without paying at some point. To these- Good Riddance! --67.43.xxx.xxx




Collecting Rent (by Nicole [PA]) Posted on: Oct 14, 2020 1:54 PM
Message:

Barbara, I am usually odd man out on this type discussion. I REALLY hate a third party being involved in my life for no reason other than "because" so I don't need zelle, paypal, or anything else of those types methods. My tenants pay check, money order or deposit it into my bank account. Tried and true works. I am assuming you have lower end tenant pool since they come to the office w/their cash or money orders ... that's how they live. That said, I would eliminate cash. You will be told here to "take" the money rather than have them "give" it to you.... but if it's not in their bank account on the day you want to "take" it, you're not getting it anyway. Again, this has to do with lower end not middle class folks earning decent incomes. --72.70.xxx.xx




Collecting Rent (by Sisco [MO]) Posted on: Oct 14, 2020 2:02 PM
Message:

One more point, whichever method of payment you implement, make it mandatory as a term of your lease. Tennant training. Cull the difficult. Improve YOUR business. --67.43.xxx.xxx




Collecting Rent (by Mike45 [NV]) Posted on: Oct 14, 2020 3:50 PM
Message:

I have an office. Pre-Covid, the office was open 9 to 6, M to F, and tenants could drop off a check or money order at their convenience. If the first fell on a Saturday, I would pay the receptionist to work Saturday; enough people came in to pay that is was worth it, and she could catch up on filing.

During the Covid panic, I no longer have my receptionist sitting in my waiting room, so the Ts need to make an appointment to drop off rent because if I am not available, the office is locked. (Some just drop by without an appointment, but if the door is locked, well, tough luck.)

Ts can mail checks or money orders, but the risk of mailing (loss and delay) is on the T.

I do not do any electronic funds and no tenant can deposit money into my bank account. (I thought there was a banking regulation that forbids a non-account holder from depositing cash into a third-party's account.)

There are a couple of Ts who like to pay cash, but I have gotten most of them to use money orders.

--76.4.xxx.xxx




Collecting Rent (by BillW [NJ]) Posted on: Oct 14, 2020 10:26 PM
Message:

I too have been moving over to Clearnow. Thumbs up so far. --71.187.xxx.xx




Collecting Rent (by GKARL [PA]) Posted on: Oct 15, 2020 4:00 AM
Message:

Most use Google pay or Zelle. If they aren't tech savvy, then deposit to my bank. --209.122.xx.xxx



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