Rent collection apps simplify the entire process of collecting rent online. You reduce the risk of check fraud, which cost $15.1 billion in 2018. There are plenty of apps out there that offer more than just rent collection. It’s tempting to click on the first “free” option—but do we get anything for free nowadays?
What Features Should You Look Out for in a Rent Collection?
First, check that all the features in the property management app are free—not just a trial version. Also, some apps have certain services are free, but there’s a cost for premium ones.
In some cases, the app might be free for the tenants, but landlords must pay per property. Others are free for the landlord, but tenants must pay a fee—which could be off-putting. Aside from the ability to collect rent online and the fees, here are some of the other features you may want to consider:
- Payment notifications
- Automatic billing for late payment fees
- The ability to take security deposits
- Summaries of your rental units
- Options to manage leases
4 of the Best Rent Collection Apps
This cloud-based rental accounting and management app has a basic account for both landlords and tenants, which is free. Landlords are able to accept online payments for up to 75 units. Tenants have different free payment options, but will have to upgrade if they want to pay via PayPal.
ManageCasa is ideal is you have 1-3 rental properties, as it is free for both landlords and tenants. You can also take advantage of lease management, maintenance, file management, tenant portal and messaging, among a few other features.
Tenants must pay fees for bank transfers and payments by debit or credit card, but the service is free for landlords. This includes automated rent reminders, ability to receive partial payments, and options to accept payments via card or e-check.
RentDrop is free for tenants and landlords regardless of the number of properties being managed. There is an excellent range of payment options, automatic late fees, payment reminders, collection of security deposits, and more!