Seeking renters opinions

[JHW]

I have a curiosity to know from anyone who rents. Did your landlord charge a application fee? Also do they accept credit cards and do they charge a fee for them if they do? We would great appreciate the feedback. We are currently thinking about adding an application fee and charging for the use of credit cards as we were reviewing last years report and had a large jump in credit cards and the fees added up to a large amount.


Thanks and again any imput is appreciated.

JHW

 

[Duck Lips]

My Landlord does accept credit cards online.
If we use credit cards to pay rent we have to pay an additional 3% fee
If we pay by E-check there is 0 fee.

I pay by E-check.... Always

 

[Lockout]

Take ebt cards I bet you will never have a missed payment !!!

 

[boxer90]

With regards to credit cards, the price has to be worded as the "cash price". You'll see this on Gunbroker with a lot of sellers. IIRC, stating the 3% as a "credit card fee" will get you in deep water with the processor.

I don't rent (nor have to worry about doing so) but if I needed to, I'd personally never pay an application fee just for the opportunity to shell out even more money for a sleeping roof. Lots of scams that way too; people will advertise fake houses and take application fees and what a surprise, you didn't get the house. Or anyone else, because that house was never for rent. Just leaves a bad taste in my mouth and plenty of renters don't charge those fees, so there are other options. Same with the CC fee; if I were in the market for a rental, I'd just find another property. 3% adds up over time, even factoring in credit card rewards/cash back.

I'd also add that if you rent to a lot of younger people, understand that these kids don't understand 'cash'. Would probably cause a few of them to leave ASAP, and I know that sounds silly, but with everything digital and mobile nowadays, they want simple solutions. They don't want to send you a big wad of cash or God forbid expect them to write a check ... most of them can't. My stepbrother is 21 and doesn't know the first thing about writing out a check.

Imo, either eat the costs or bump up rent prices/security deposits to make up the difference. Or maybe start offering "cash discount" rates to new renters, not to upset your current ones.

But, I don't know your clientele and different people view things differently. Millennials don't even watch their money well and probably wouldn't realize you were charging them 3% anyway.

 

[freedom]

Offer a discount for cash payments, build the CC costs into the rent. Charging more for CCs are a no no as stated above.

I've paid a fee, think it was for a background check, but I also negotiated a break of same amount on rent.

 

[Duck Lips]

Mine is worded as " Convenience Fee " if we pay by Credit Card

 

[boxer90]

Mine is worded as " Convenience Fee " if we pay by Credit Card

If they ever cause you issues and you want to be an ass, you could probably get them in trouble for that. Just depends.

http://www.creditcards.com/credit-card-news/credit-card-convenience-fees-cost-surcharges-1280.php

 

[chucklenut]

im looking now

the application fee is so they can run a TLO search on you. a bit unnecessary but given the state of the world i suppose its better to be safe than sorry. shouldnt cost more than 40 bucks. i also wouldnt pay it unless i knew i was the only one currently in the running for the house (im not going to apply just to be denied for no reason)

all they need to run a background search is a name, DL number, and maybe a social.

one stupid bitch me and my friend were about to rent from kept asking for more and more things, such as a credit report and she wanted to see my pay stub (this is after i gave her the application fee and stuff). decided she is going to be a ****ty landlord if she needs that much crap (she works for the government, so go figure)

 

[galvatron]

Application fees are becoming the "norm".
Consider the amount of time you as a landlord invest in a potential renter. Do you work for free?

Keep it reasonable, but make it clear up front why you're charging it and what it's for. It may also help weed out undesirable tenants.

 

[galvatron]

Forgot to add...

Not a renter.