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Collecting Rent from Tenants??

Discussion in 'Real Estate Discussion' started by Matthew2145, Oct 5, 2016.

  1. Matthew2145
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    Matthew2145 New Member REIN Member

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    Hey guys, so ATB just decided to change their policies so I can now no longer have an automatic debit go from my tenants account into my account.

    Who is everyone using to collect rent payments from their tenants? I had always heard about Tenantpay and reached out the them but they informed me that they no longer work with REIN anymore and I need to have over 25 tenants to be eligible to use them........

    I have heard of Rentmoola in a previous post and will be reaching out to them. But I just wanted to know what other options are out there for a landlord to use.

    THank you for your help
     
  2. Matthew2145
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    Matthew2145 New Member REIN Member

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    Also just spoke to rentmoola and they only deal with people who have 30 or more doors so they are a no go as well
     
  3. Matt Crowley
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    Matt Crowley Well-Known Member Registered

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    I don't like the fees so I deposit the old fashioned way via eTransfer. In some instances I get post dated cheques and eDeposit.
     
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  4. kfort
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    kfort Well-Known Member REIN Member

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    If you can't auto debit, do etransfer. I think I wrote a blog about it somewhere.

    However, you'd be surprised what a bank can do if they really want... Waving fees etc.
     
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  5. alaas
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    alaas Active Member REIN Member

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    We do e-transfers also, we love how easy it is to keep track of payments, especially when applying for a mortgage etc and proof of rent is needed.

    Just a hint, I have the tenants use their address for the answer i.e. 1242580 is for 12425 80st, that way its easy to remember if you have multiple properties.

    Lisa
     
  6. Sherilynn
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    Sherilynn Well-Known Member REIN Member

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    We use e-transfer as well as Visa LOC's.

    If you have a Visa or Mastercard attached to an LOC, then tenants can set up online bill payments or automatic bill payments to the LOC. Free of charge for both parties. Only consideration is it can take 3 business days to process, so tenants should pay a few days in advance and landlord must be prepared to receive payment a day or two late as everyone is at the mercy of the banks. Once payment is posted, you may transfer to whatever account you choose.

    We use this for both our personal and corporate holdings. (We also use this method to distribute funds to a few of our JV partners who have Credit LOC's. Great for avoiding couriering bank drafts to out of province partners.)

    (For e-transfers, I try to have the tenants use our office phone number as the password. Otherwise it's too confusing.)
     
  7. dpeacock
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    dpeacock Active Member REIN Member

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    We use etransfer and sometimes post dated checks, but the etransfer is faster.
     
  8. Matthew2145
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    Matthew2145 New Member REIN Member

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    Wow thank you everyone for all your responses. It seems like everyone is just getting the Tenants to E-transfer them the rent which is still better then going to pick up a cheque, so thank you all for the advice.
     
  9. Matthew2145
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    Matthew2145 New Member REIN Member

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    Hey Sherilynn, I have never heard of a VISA LOC, which company do you have that product with so I can look a little bit deeper into it?
     
  10. kfort
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    kfort Well-Known Member REIN Member

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    Scotia does it so I'm guessing most banks do.
     
  11. Alvaro Sanchez
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    Alvaro Sanchez Ottawa-Gatineau Investor REIN Member

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    I have been using www.tenantpay.com for last few years and I highly recommend it. It saves a lot of time for us as we separate everything per JVs/properties receiving rent on different bank accounts . Before that I was using e-transfers and some post-dated cheques (mobile deposit) yet they quickly burn your time and its a hassle be organized.
     
  12. DavidChan
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    DavidChan Member

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    May be I am from the old school. We usually do one year lease and collect post-dated cheques for 12 months when the tenants move in. We do deposit the cheque using the cellphone so we don't need to go to the bank. For short term rental, we do use e-transfer though.
     
  13. Chris Chan
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    Chris Chan New Member Registered

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    Hey all,
    We've been processing payments for investors, property managers and tenants for a few years now at Dwello -- doesn't matter how many properties you have; It does take a couple days to clear through CPA. Check us out and let me know if you have any questions!
     
  14. kfort
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    kfort Well-Known Member REIN Member

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    Why anyone in 2016 would want to pay a fee, or wait days to be assured funds are truly there I have no idea. There are simply better options.

    Would the dealership let you drive away before the cheque cleared? Doubtful.
     
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  15. Alvaro Sanchez
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    Alvaro Sanchez Ottawa-Gatineau Investor REIN Member

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    I would pay a fee if it saves me time...(processing, bookkeeping, receipts, etc). so being or looking BUSY does not make your business better, you need a way to scale your business.... I am not sure about you but spending 1-2 hours on the 1st of the month trying process all etransfers and making sure they are properly applied sounds like too much work.
     
  16. Quantized
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    Quantized New Member Registered

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    etransfer! I love having all that cash deposited on the first of the month! I automatically have it transfer to my savings account to start saving for the next property (my goal is to cover utilities, taxes, maintenance, etc., from my day job).
     
  17. kfort
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    kfort Well-Known Member REIN Member

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    I have no desire to impress people with looking (or being) busy. None.

    At ~30s / deposit, even call it 60s vs a ~$5-10/ fee.... You're paying someone else about $600 per hour to process. Maybe more? At the very least it would be a savings to hire a VA at $3/hr to process the etransfer.

    But these are nickles and dimes in the bigger picture.
     
  18. adriano
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    adriano Active Member REIN Member

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    I also do etransfers with as many tenants as I possibly can. I find it saves me so much time and I don't have to try to meet up get money and I don't have to worrie about cheques possibly bouncing and having to go get a hold my tenants for payment again. Also it's cash . Guaranteed money and I find it very quick.
     
  19. Alvaro Sanchez
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    Alvaro Sanchez Ottawa-Gatineau Investor REIN Member

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    It cost me $1 (plus tax) to process a rent deposit and I do nothing.
     
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  20. kfort
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    kfort Well-Known Member REIN Member

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    That's cheap. Any more than a dozen or so deposits and I'd do that for sure. Probably still check accounts later in the month anyway?
     

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