Here is a video that has a bit about setting up automatic payments from tenant’s bank account and credit cards.
He starts the topic at 11:10.
Have any of you tried this?
What do you guys think about it?
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Really guys? None of you have any thoughts about this idea? If it is a workable idea it would take collection out of the hands of the managers. I find managers being in the collection chain to be a real headache when you need to fire a manager or they just up and quit on you. Also it puts things on auto pilot, which I try to do with as much as I can. But do tenant really go along with this? Can you see any legal problems with this?
We started offering auto-payments a few months ago and love it. We do not require it, but encourage it. The tenants seem to like it as well. Our service provider is Paylease. See the discussion thread from a few days ago that discusses the benefits of Rent Manager/Paylease.