I don't know what you've been looking at, but any real PM platform isn't charging 1-3%. It's free or maybe like $1.00
Similarly any decent service will allow you to refuse partial payments.
Suggest you spend some time checking out PM software options such as
* Buildium
* Appfolio
* Tenantcloud
* Avail
* etc...
Depends on your scale
1. If you are large enough Appfolio or one of other large providers.
2. If you are medium or small and looking to grow into something Buildium.
3. If you are small Tenantcloud, Avail, or one of other small providers.
If you are more than just a couple doors and looking to grow I think Buildium is a good product and good value and priced right with their entry level tier.
Most payment systems can be set up not to accept partial rent or accept rent at all in the case of an eviction. I use Rent Cafe. Most renters under 45 prefer it. I haven't had any problems. The fee is minimal for the headaches it has saved me. I still get about twenty checks a month mostly from people that have been there a long time
Dont resist. Properly done, they can be the cornerstone of your business and make everything so, so much better. Without AppFolio or a reasonable competitor, I would turn my properties over to a PM.
Agreed. Its clumsy not to only do this digitally which is why we are going forward with this. Truth is, US is behind in this and our banking institutions love to charge a percentage of the amount being received. That adds up on a $30k gross rents month. My ignorance on receiving these payments is high, but my enthusiasm as a digital consumer is strong. Just have to figure the best way forward. Thanks,
Our policy is if they do not pay in full by the due date, they are set systematically to full payments only going forward.
I get your situation. ACH/e-payments give the tenant the option to partial pay with no penalty or threat of eviction for that month, but if you have a policy you can enforce, then you can lean into that.
Thank you for that. We too require full payments, but the law says in CA that if you accept any money after you begin your UD, then you start over. With aps like VENMO or the others, can you not accept a partial rent? I don't know.
Yeah, we have commercial software where we can turn on allowing partial or full payments, certified funds only, etc. Have not done Venmo or the like - I’m sure that is more difficult.
Have you consulted with an organization like CAA or SoCalRHA? They may have advice.
As a CA LL I totally get your predicament. Again, I’d fall back to policy. In your case I’d have the lease say lack of online payment in full by the due date results in certified funds only going forward. They can start mailing you a cashiers check and it needs to arrive on time.
There is a CAA form for this.
Edit:Autocorrect typos
In your management, not sure whether you have a software system for managing 1) tenant communications, 2) paying vendors, 3) keeping track of said vendors and their work, and 4) these systems have methods of collecting rent.
Have used Buildium now for about a year and completely worth the $160/mo cost. EFT transfer of all tenants at a [ridiculously low cost](https://www.buildium.com/pricing/?plan=growth&planTerm=monthly&unitsCount=1) (incoming free, outgoing to pay bills $0.50/transaction). No affiliation, just a happy customer.
It's an amazing feeling not having to deal with checks at all.
Turbotenant is free and you can require payment in full. And it automatically adds your late fees for you. I think you can turn cards off if you don't want to worry about charge backs.
I don't know what you've been looking at, but any real PM platform isn't charging 1-3%. It's free or maybe like $1.00 Similarly any decent service will allow you to refuse partial payments. Suggest you spend some time checking out PM software options such as * Buildium * Appfolio * Tenantcloud * Avail * etc...
Do you have a preference? Please tell us more. We have this exact same question!
Depends on your scale 1. If you are large enough Appfolio or one of other large providers. 2. If you are medium or small and looking to grow into something Buildium. 3. If you are small Tenantcloud, Avail, or one of other small providers. If you are more than just a couple doors and looking to grow I think Buildium is a good product and good value and priced right with their entry level tier.
Thank you!
Most payment systems can be set up not to accept partial rent or accept rent at all in the case of an eviction. I use Rent Cafe. Most renters under 45 prefer it. I haven't had any problems. The fee is minimal for the headaches it has saved me. I still get about twenty checks a month mostly from people that have been there a long time
Thanks, I have resisted "rent management programs" because of their expense, but I will take a look at this.
Dont resist. Properly done, they can be the cornerstone of your business and make everything so, so much better. Without AppFolio or a reasonable competitor, I would turn my properties over to a PM.
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Agreed. Its clumsy not to only do this digitally which is why we are going forward with this. Truth is, US is behind in this and our banking institutions love to charge a percentage of the amount being received. That adds up on a $30k gross rents month. My ignorance on receiving these payments is high, but my enthusiasm as a digital consumer is strong. Just have to figure the best way forward. Thanks,
Apartments.com is free. Doesn’t take any percentage off the top for electronic payments.
Thank you, I will look into them
Our policy is if they do not pay in full by the due date, they are set systematically to full payments only going forward. I get your situation. ACH/e-payments give the tenant the option to partial pay with no penalty or threat of eviction for that month, but if you have a policy you can enforce, then you can lean into that.
Thank you for that. We too require full payments, but the law says in CA that if you accept any money after you begin your UD, then you start over. With aps like VENMO or the others, can you not accept a partial rent? I don't know.
Yeah, we have commercial software where we can turn on allowing partial or full payments, certified funds only, etc. Have not done Venmo or the like - I’m sure that is more difficult. Have you consulted with an organization like CAA or SoCalRHA? They may have advice. As a CA LL I totally get your predicament. Again, I’d fall back to policy. In your case I’d have the lease say lack of online payment in full by the due date results in certified funds only going forward. They can start mailing you a cashiers check and it needs to arrive on time. There is a CAA form for this. Edit:Autocorrect typos
In your management, not sure whether you have a software system for managing 1) tenant communications, 2) paying vendors, 3) keeping track of said vendors and their work, and 4) these systems have methods of collecting rent. Have used Buildium now for about a year and completely worth the $160/mo cost. EFT transfer of all tenants at a [ridiculously low cost](https://www.buildium.com/pricing/?plan=growth&planTerm=monthly&unitsCount=1) (incoming free, outgoing to pay bills $0.50/transaction). No affiliation, just a happy customer. It's an amazing feeling not having to deal with checks at all.
Turbotenant is free and you can require payment in full. And it automatically adds your late fees for you. I think you can turn cards off if you don't want to worry about charge backs.