Question Details

C, Home Seller in Boston, MA

What is the best way to have tenants send in their monthly rental payment, besides using mail?

Asked by C, Boston, MA Sun Jan 13, 2008

I will be relocating to another state for my job. I will be renting out my house for about 1 year. I would like to know what your thoughts are on the best method to have tenants send the monthly rental payments to me. I know I could always have them mail the payments. But, I was wondering if I consider using online methods. Should I setup a PayPal account, an ING account, or use some other means to have tenants send the payments?

Just looking for fast , convienient, secure, and efficient solutions to handle this.

Please let me know your thoughts on this.

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Answers

2
I have some clients in Philadelphia for whom I rented out their Lincoln Park, Chicago townhouse. Their tenants have the rent deducted electronically from their checking account every month.

There actually lots of "online rent payment" services now. You can also look into these options:
http://www.tenantplus.com/ORPModule.cfm
http://www.erentpayer.com/corp/Services/news2_1_05/
http://www.erentpayer.com/corp/Services/news2_1_05/
https://www.payrenteasy.com/newsandpress.php
1 vote Thank Flag Link Sun Jan 13, 2008
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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Very nice, Patti, thanks! I will be helping my clients renting out their places also, so your links come in handy!

The other method is to set up a separate bank account for your rental income/expense only. Your renters can direct deposit their rent payment into the account on a specified date. It can be just like any other direct payments you make (car payments, cable TV, mortgages, newspaper, etc). Most of the banks have those services either free or they charge a very minimum fee.

Sylvia
0 votes Thank Flag Link Sun Jan 13, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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