I am renting my investment property that I am living in. I gave the tenant my account number so he can deposit his rent checks in them. I live in Ga and I am using Suntrust Bank. It is taking 3-4 days to show up in my account. Any suggestions on a faster way of seeing the money in my account? I will be living in Fla so any suggestions you may have will be greatly appreciated!!! :help
There’s EFT’s. I use Buildium and they allow EFT payments. $99 one time fee and .50 per transaction.
Seems like a waste to me, but at the same time it’s only .50 and I don’t have to worry about a check clearing, don’t have to drive as often to the bank, or update the payment register. I have a few tenants that travel for a living and would appreciate it too.
I just talked with Buildium and they said they would charge a 2.50% fee also. That makes it high for me. I could use pay pal, although the fee is a little higher. The tenant will be paying $1300 monthly and just trying to keep as much money in my pocket as possible. Thanks, let me know if anyone knows anyone else with less fees…Btw thanks for responding :smile
That is for Credit Card payments.
EFT’s should be as I am describing.
http://www.buildium.com/learn/epay.shtml
I don’t work for them, am a customer. Be aware that if a tenant makes a partial payment they may be afforded a stay on an eviction. My plan is to turn off EFT’s if I get there with a tenant.
You all are making this really dysfunctional.
Put a deadline on your rents, and add a huge late fee. You’ll get your money right on schedule, with no extra fees and costs.
You can make your deadline any day you want, but with significant/painful late fees, and daily charges, the checks will come in before they’re due.
Meantime, we give our clients four weeks to get their rents to us, without paying extra fees. We see checks show up about the 25th of every month.
This only happens, if we give our renters enough incentive to pay us by a certain date, and remain consistent in our enforcement of our policies.
Anything else increases our management costs.
There’s no need for 3rd party processing when you have these policies in place.
I agree with javipa with deadlines and late fees. Another thing I do is send out a violation of lease letter 1 day after rent is due just stating that rent was due on blah blah day and you are in violation of your lease. As soon as you send that out and get it back signed you will never have another late payment again. Show them who’s boss the first time they violate a lease and you will be set for the term of the lease. I usually get my rents about 3-7 days before its due from standing firm. -Bill Paesano
One thing to remember is that property management is a ‘people business’ first before it’s anything else.
How we treat people makes a big difference in how they respond to our management approach. Treating people with professionalism is the key here.
One of the primary reasons owners should not manage their own property is that they can’t maintain a professional relationship with their tenants.
Too many landlords are so lonely and codependent, they blur the lines between business and personal, and become friends with their tenants.
Of course, tenants love this dysfunction. It puts them in control of the business relationship. The next thing you know the rents are way under market; the rents come in ‘whenever;’ there’s no late fees; and the landlord is doing favors for the tenant that make no business sense.