I manage about 150 units and would like to use a lockbox service (where tenants basically send the rent to a PO Box belonging to the bank). The bank deposits the rents in my account and sends images of the deposited checks the next morning. Problem is, this costs about $200/month with local banks I have talked to. They say that earnings credits will offset some of this cost, but not much. Anyone use a bank or similar service that is significantly cheaper? Thanks!
Only $1.33 a unit, that’s not to bad if you think about it in terms of cost per unit. As you add more units to your holdings that price per will go down. Just another way to look at it…
What is your goal in doing this?
Do you own them or manage them? If you manage, pass the fee to your owners.
When I have a good idea that costs money I can usually get the owners to pay.
Rent collection is what makes us money, but it is a pain in the #$%! sometimes. I always look at ways to streemline the process and make it as easy as possible.
One thing I found online is a way to accept credit cards and checks. Its all over the interent and it only cost $20 per month and NO per charge fee or %. You can take payment over the phone or via your website.
The credit card option sounds interesting, but I’m sure they also debit 2-3% on each rent in addition to the $20 monthly fee, no?
PS- Iown and manage the buildings, so I have nobody to pass the added expense to other than myself. Tenants are rent controlled and by law I can’t bill them for anything above their legal rent (even if they agree!)
No the site is $20 and thats IT Nothing extra.
Unfortunately all my bookmarks got deleted the other day but let me try to find the site.
Please do! If it’s accurate, it sounds like an excellent idea as tenants can get rebates or miles on their cards and would certainly like using them…