The Pros & Cons of Collecting Rent Online

If you normally collect rent with cash or checks then collecting rent online can be a quick way to help save you time and energy as a property manager. Property managers who have set up online rent software to collect rent online have already secured the benefits. If you are thinking about landlord software, here are some pros and cons to keep in mind if you decide to finally collect rent online.

Pros:

  • Automatic payments and processes
  • Real time payments
  • Save time and energy as software collects and follows-up
  • Easy to use software
  • Payments made anywhere anytime
  • Reliable record keeping

Cons:

  • Relying on 3rd party
  • Reduced control of collecting rent in person
  • Less face to face communication
  • Withdrawal bank fees (transaction fees)

Splitting Rent Payments

Another major perk of collecting rent online is being able to split rent payments with 2 or more roommates. This is convenient for the landlord but also for tenants as each renter can pay their fair share.

Enforcing Collect Rent Online

As the property manager it’s your responsibility to spell out the rules on collecting rent. Schedule My Rent advises its landlords and property managers to enforce the collection policy in the lease agreement. Doing this, sets the expectation up-front and minimizes any miss-communications.

Get Paid On-time

Taking advantage of online landlord software also minimizes the amount of late payments and missed payments. Our reports show that property managers that collect rent online also have improved relationships with their tenants.

Conclusion: It’s an Overall Benefit

Adopting landlord software makes collecting rent online easier for both landlords and tenants. The benefits outweigh the cons when referring to collecting rent online. Accepting cash and checks are options for business exchanges in the past. Schedule My Rent is happy to provide a free demo including support and training to help property managers collect rent online. If online rent collection is something you’re excited about call Schedule My Rent today!

Original Source: http://schedulemyrent.blogspot.com/2018/02/the-pros-cons-of-collecting-rent-online.html

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How to find the Best Rental Property Software?

Schedule My Rent provides landlord software to collect rent online. We believe in innovation and simplifying the role for landlords and property managers.

We understand that you have a variety of choices on the market when it comes to rental property software. Follow these guideline to find the best one for you:

  1. Figure out what solutions you need most: This may depend on how many properties you have and what your goals for the program are. Are you looking to only collect rent online or are you also looking to manage properties, send forms and letters and complete your reporting.
  2. Determine what is important to you: better reports, better data, or ease of use. You will want to consider how computer savvy you or your tenants are before deciding on rental property management software.
  3. Narrow down the industry you’re in: Some rental property software will differentiate depending on commercial real estate or landlords.
  4. Tailored to landlords or tailored to tenants? You can decide which features you would like to see more of, depending on your goals and what is important to your business.

Why Schedule My Rent is the Best

Schedule My Rent Landlord Software is both easy to manage and use for property managers and their tenants. You can collect rent online, track due dates and manage tenants and properties from any computer device, anywhere and anytime!

What Makes Schedule My Rent Stand Out

  • Easy to use for both Tenants and Landlords
  • Fully customizable software: make it your own
  • 30 Day Free trial period
  • No setup fee
  • No long term contract
  • Reliable and patient customer service

Customer Reviews

Another way to determine the best rental property software is to take a look at their reviews online. Schedule My Rent has thousands of customer reviews on google and on our website. We enjoy hearing about customer success stories and how we are making a difference in our client’s day-to-day business. We use these reviews to constantly improve our software.

If you are a landlord or property manager and have questions about rental property software, call Schedule My Rent today. We can’t wait to work with you!

Schedule My Rent

4801 Lang NE, Suite 110

Albuquerque, New Mexico 87109

Phone (844) 465-3339

Original Source: http://schedulemyrent.blogspot.com/2018/02/how-to-find-best-rental-property.html

Landlord Software with Industry-Leading Information Security by Schedule My Rent

When our founders started creating landlord software, information security was foremost in their minds. As our founders and software designers have extensive industry experience in payments, they are intimately familiar with the optimal design options in information security. As we grow and expand our rental property software, we continue to design new features with our customer’s security as a primary focus.

Landlord-Software-Collect-Rent-OnlineHow does Schedule My Rent keep customer information secure? Several of our design features include:

  • Encryption. Schedule My Rent uses bank-level encryption (TLS 1.2, ECDHE_RSA with P-256 and AES-128 or AES-256) to protect both transferred and stored customer information. Our encryption is the best in the industry, and specifically prohibits external parties from reading encrypted information.
  • Immediate masking of account numbers. When the account owner (Landlord or Tenant) enters bank account information, our software immediately masks the information- it is no longer viewable by anyone.  The account holder will see XXXXXX1234 immediately after the bank account is entered on the Landlord Dashboard or Tenant Portal screens.  This protects the account holder if an unapproved party obtains his or her login information.
  • Bank Payments. Schedule My Rent has developed the capability to processes all tenant bank payments internally and does not use any third-party software providers for bank payments.  This ensures that bank payments are only stored at Schedule My Rent and our bank, which eliminates the risk of Third Party providers.
  • Authentication. As part of the sign-up process, Schedule My Rent verifies bank accounts by making small deposits into every account.  The account holder must verify these amounts before an account can be used, to protect against fraudulent payments. This additional layer of security protects our landlords and tenants, as they are personally verifying their accounts.
  • Payment approval. In addition to protecting personal information, we ensure our tenants approve all payments. With Schedule My Rent, tenants personally provide approval for all payments. With this feature, only our customers are able to approve transactions. We also enable tenants to schedule payments for any date or amount.The amount may be limited to a full amount if the landlord does not allow partial tenant payments.
  • Independent Accounts. With Schedule My Rent, account information is never viewable after the initial entry and the account label is only accessible to the owner of the account. For example, a landlord will not have access to a tenant’s account information, and a tenant will not have access to a landlord’s account information. As Schedule My Rent offers the ability to split rent between roommates, we’ve also ensured that each roommate is able to establish their own account with Schedule My Rent, and can only view their own account information. However, roommates are able to view which roommates have made payments, but account labels and details are not shown to roommates.

Schedule My Rent’s mission is to provide our customers with easy payment solutions with industry leading security designed into our products. With Schedule My Rent, our customers feel confident using our tools and know our designers are committed to protecting their information.

Collect rent online with secure and time-saving landlord software at https://www.schedulemyrent.com.

Benefits of Tenant Portal for Renters

Access to technology and new gadgets have fueled tenants need to pay bills online via a tenant portal or resident portal.

Long gone are the days where tenants write checks or pay in cash. Which is unsafe, unreliable and often a larger hassle. Landlords and property managers are getting the hint and providing resident portal systems to pay rent online.

4 benefits of tenant portal for renters:

  1. You can pay rent anytime: Renters are not limited to sending checks in the mail or paying with cash. Renters can set up when they want their payments to be made. Automatic payments is a friendly option. All payments are instant.
  2. You can pay rent from anywhere: We understand life is full of surprises. Expected and unexpected ones. The resident portal helps tenants pay rent online from anywhere in the world. Regardless where your life takes you. With a resident portal you can be a busy worker or a frequent traveler and still pay rent on time.
  3. Easy to manage payments: With access to a tenant portal, tenants and landlords can check when the payment was made. Late fees are also managed using the resident portal, so no fees are questionable. Both parties are held responsible.
  4. Accountability: When you are connected to the online payment system provided by Schedule My Rent, it helps for fewer mistakes to be made. Renters can track when payments were made, due dates and late fees. This prevents any time of misunderstanding between renters and landlords and fosters better relationships.

Using a tenant portal has numerous benefits for renters as well as landlords. If you’re a landlord needing an online payment system that is safe and reliable, try Schedule My Rent. Learn more about who we are and what we do at schedulemyrent.com. Call 844-465-3339 or email support@ScheduleMyRent.com for any questions.

5 Reasons for Tenants to Adopt Online Rent Payments

You have such a busy schedule between work, school and family that you don’t have time to pay your rent in person, online rent payments is an easy and quick solution.

Schedule My Rent understands life gets busy, which is why our online rent payments system are meant to accommodate tenants as well as property managers. We help you (the renter) decide how to run your day to day my managing your online rent payments with you.

Schedule My Rent lets you know when rent is due and allows you to set recurring payments. Never miss a rent payment again. You also have the ability to upload important forms or documents your landlord may need with a click of a button. Giving you back your own personal time to do the things you love most.

Benefits of online rent payment for tenants:

  • It’s free for you
  • Fast & Easy
  • Saves you time and energy
  • Helps you pay rent on time
  • Safe and secure payments
  • Some landlords give rewards for recurring online rent payments

Paying Rent Made Easy

Paying your rent on time is beneficial to your credit history and also helps you avoid any late fees, hence saving you money in the long run. In return you will have an improved relationship with your landlord and avoid any types of eviction notices.

Another great thing about online rent payments is that they are being instantaneous and your funds are transferred in real-time. This prevents you from over-spending and helps you budget your bills for the month.

Contact Schedule My Rent Today

If you live somewhere today that does not use online rent payments, contact Schedule My Rent to learn how you and your landlord can benefit equally. We are here to assist both renters and property managers.

Pros and Cons of Rental Properties in a College Area

Property Owners

College towns offer a unique demographic for property owners and investors. There are some solid reasons to buy an investment property in a college town, as well as some disadvantages to consider.  When thinking about a college area, you can envision a bustling community of young adults. Many students who recently moved from home are looking to rent apartments or houses.

What are the pros of owning and renting a property in a college area?

There are many advantages to owning an investment property near a university or college.  These include:

  1. A steady demand.

College towns have a predictable rhythm when it comes to housing. There’s a steady demand and a large potential tenant market for rentals near the college. There’s a regular influx of students each year, and landlords can depend on the regular demand. Apartments and houses within walking distance to the college or university have especially high demand.

  1. A stable rental price.

Due to the steady demand, landlords have an improved ability to count on a stable rent value. Alternatively, apartments or houses in other rental markets are subject to fluctuations in the economy and supply variations. Additionally, as off-campus housing is often times paid for by a parent, they are better able to afford a higher rent amount.

As tenants often have the support of their parents as co-signers, or helping assist with rent payment, landlords find there is a greater ability to use technological solutions to save the landlords time. For example, landlord software such as Schedule My Rent enables tenants to pay their rent electronically. Parents or tenants are able to pay automatically, without the hassle of mailing a paper check. Schedule My Rent provides tenants/parents with email confirmation of payments made. With student renters, there’s an increased adoption of technology, which will save landlords time. Schedule My Rent easily splits rent payments between roommates as well.

Collect Rent Online - Landlord Software

  1. Lower vacancies.

With consistent demand, landlords experience fewer vacancies in a college or university area. There’s always another college student looking to rent. This can increase profitability, and reduce time involved in the rental process.  The vacancies are also predictable. Landlords can expect turnover at the end of the school year, and can plan this into their business rhythm.

  1. Time.

The setting around a college or university has many appealing elements. Landlords find they spend less time marketing the properties as they sell themselves. University and college towns have many benefits, such as proximity to college sporting events, art performances, and restaurants or nightlife. Many find college or university areas have their own energy, which draws prospective tenants in.

Now that you’re familiar with some of the pros of investing in a college town, what are the cons? There are a few cons, some of which you might expect based on your own college experience….

  1. Increased Wear and Tear.

With younger renters, and those that are renting for the first time, you can anticipate some increased wear and tear on your property. Some college students aren’t known for their cleanliness and organization, especially when living with friends. There can be increased clutter, which may or may not cause additional wear on carpet, walls, etc. Beyond messiness, college students may cause damage to your property. Excessive alcohol consumption, lack of maturity, or reliance on a parent to pay any bills associated with damages may impact the mindset of college students renting your property. Ensure you collect a security deposit to cover any expenses associated with college renters. Understand your state laws regarding deposits, and plan with this in mind, ensuring you don’t overburden potential tenants.

  1. Seasonal Vacancies.

Though there is high demand for rental units near a college or university, landlords can anticipate vacancies at the end of each school year. That being said, many students will renew leases and find comfort and stability in staying put. Though there may be increased vacancies, most landlords note that it is easy to find new tenants for university properties. There’s always demand.

  1. Demanding Tenants.

As most college students are new to renting properties independently, they may be more likely to contact their landlord with questions, or requests for help. With seasoned renters, they tend to solve minor challenges themselves, such as light bulb replacements, or batteries for thermostats. Where college students may be less familiar with simple fixes to easy problems.

The pros of investing in properties in a college town can be substantial and are something to consider.  Though there are cons, many landlords find the pros outnumber the cons. With landlord software such as Schedule My Rent, landlords are able to collect rent online and automate many rental tasks so landlords can focus time on increasing the value of their investments.

Getting Your Security Deposit Back

Landlord Sofware

When moving into a new apartment, there are several move-in related activities to think about. For example, it’s expected that you provide your first month’s rent and a security deposit upon move in. Your lease terms will provide you with details on your security deposit, but by and large security deposits are refundable based on the condition of the apartment when you move-out. Typical lease terms will indicate that the security deposit will be used for damages that go beyond normal wear and tear. But as you can see, there is a lot of room for interpretation with this type of general language. How can you get your security deposit back? We have a few simple steps that will increase the likelihood that you’ll see green upon move out.

When you move in:

#1 Video! Take a video the condition of the apartment.

By taking a video of the apartment upon move-in, you’ll have a record of the current condition of the apartment. Ensure you capture all rooms, and any specific areas of the apartment where the condition isn’t optimal. For example, if there is a stain on the carpet, or a mark on the flooring. Other examples might include a ding in a door, or a mark on a wall. By capturing the move-in condition, you’ll be able to remind your landlord should they attempt to charge you for these less than optimal conditions upon move out.

#2 Walk-through

Prior to moving your personal items into the apartment, ask your landlord to walk through the apartment with you. Ask them to take photos of the property, and to provide you with details on what they expect the condition of the apartment to be upon move out.  Many landlords will provide new tenants with a move-in inventory or checklist, where you are able to note the condition of the property when moving in. If your landlord is completing the checklist, ensure you are there, and have influence on how the checklist is completed.

If you find there are items that are in a state of disrepair, ask your landlord to fix them as soon as possible. Provide your landlord with a written list of items that may need repair, as most landlords are likely to act quickly on these items when you first move in.

The above tips help ensure an accurate account of the apartment when you move-in. To best ensure you get as much as your deposit returned as possible, there are also move-out steps – beyond leaving the apartment clean.

Moving Out

#1 Be out on time.

When giving your notice to vacate your apartment, ensure you are familiar with your lease terms. Most agreements indicate that written notice is required by the last day of the month prior. As you will continue to remain in the apartment through the last month, your rent payment for that last month will still be due. Landlord software, such as Schedule My Rent, enables tenants to pay rent online each month – without the hassle of paper checks and postal processing times.

Why does vacating the apartment on-time help you get your deposit back? Well, your landlord will charge you for any time you remain in the apartment, beyond your move out date. Some leases also charge a premium or fee for late departures.

By moving out on time, your landlord is able to immediately begin any updates or repairs as well.

#2 Move-out walk-through.

Just as you were part of the move-in process, you’ll want to ensure you are present for the move-out walk-through. Once a tenant moves out, the landlord will assess the state of the apartment, look for any damages, and any charges associated with cleaning the apartment. By physically being there for the walk-through, the landlord can share any possible actions you can take to improve the current state of the apartment to potentially get more of your deposit back. For example, if you mounted a large TV onto a wall in your apartment, leaving sizeable holes in the wall, the landlord may allow you to repair the wall and apply touch up paint. This may save the incremental cost that might be associated with the landlord hiring a painter to do the work.

#3 Follow your landlord’s cleaning checklist.

Many landlords provide specific instructions related to cleaning the apartment at move-out time. Follow these instructions to ensure your deposit is returned. If the list of items is important to your landlord, it will impact your deposit.

Some landlords provide very specific move-out cleaning expectations, which help provide clarity on expectations. However, ensure the expectations are reasonable. One of our tenants expressed a situation where the landlord expected quite a list of move-out cleaning activities, beyond what might be expected from another landlord. It’s important to understand your landlord’s interpretation of normal wear and tear, as well as cleaning expectations. Speak with them if you find the expectations aren’t in alignment and determine how to adjust, and document the expectations.

#4 Provide your forwarding address.

While it would be great to receive your security deposit during the move-out walk-through, most state laws allow the landlord between 15-45 days to return the deposit. Check your state laws for specifics. As landlords typically do not return the deposit in person, provide your landlord with your new address, and change it with the USPS to ensure the deposit will make it to your new address.

What else influences the return of your deposit?

#1 Unpaid rent.

Check your lease terms to determine how your landlord might apply your security deposit to any unpaid rent. Many leases indicate that the security deposit can be used to cover any unpaid amounts due to the landlord, including unpaid rent, late fees or bills due. Prior to moving out, ensure you are up-to-date on any amounts due to your landlord. If your landlord is using landlord software to collect rent online, such as Schedule My Rent, having visibility to the status of your payments is easy. With Schedule My Rent, tenants can see automatically any rent due, late fees due, or other payments the landlord is expecting you to pay. Schedule My Rent will also keep you updated, by providing email reminders and receipts for any payments you’ve made.

Collect Rent Online

#2 Cleaning.

If your landlord finds it’s necessary to hire cleaning professionals after you’ve vacated the apartment, you’ll likely be charged for this. By ensuring you’ve left the apartment in move-in ready condition, you’ll receive more of your security deposit back.

#3 Normal Wear and Tear.

While your landlord cannot charge you for normal wear and tear on the apartment, they can charge you for anything that goes above and beyond normal wear and tear. Clarify this with your landlord upon move out. An example might be if you’ve painted a wall a bright color, or if you’ve stained the carpeting.

A few key actions on your part can help you receive more of your security deposit when you move out. By talking with your landlord, and understanding expectations, much of the uncertainty can be avoided. In addition, by having a full picture of your rent payment status, through landlord software such as Schedule My Rent, you can ensure you are paid up, avoiding any late fees that might be deducted from your deposit.