Collecting rent is one of the most important aspects of being a landlord. However, it often feels like the one thing out of your control. Late rent or no rent can put your mortgage at risk. So we found some cool tools you can use to be proactive about collecting payments and make it easier for your tenants as well.
- Rentshare: This web and mobile app is quickly gaining popularity among renters and landlords alike. It enables easy payment and even allows splitting among roommates. Landlords are not required to set up an account for their renters to use this service, and renters are responsible for the small transaction fees associated with each payment.
- Cash App: This is a wonderful service because it utilizes something everyone already knows how to work- email! While you can only send money using a debit card, the Cash service is totally free for both parties. All tenants have to do is send an email to their landlords with square@cash.com cc'd and the amount in the subject line. Square takes care of the rest!
- Venmo: This app is completely free and easy to use and pulls directly from bank accounts. The best part is that it allows landlords to request a payment from tenants, if you think your tenant needs a friendly reminder to pay their rent.
Related: How to Choose a Property Management Company, 15 Surprising Landlord and Tenant Relationship Statistics
