How do you end a lease and start a new lease?
Answer - End the old lease first:
From the Unit View, click
on the Edit Lease link. Within the lease, select "Fixed Term Lease" and enter or change the
"End Date" of the lease. If the end date is not on a month-end, you will have the option
of selecting a pro-rated last payment amount. Make sure that the box is not checked to convert
the lease to month-to-month after the end date. If you want to stop tenants from making payments
right away, please un-check the Active box next to the tenant's name. Click Save at the bottom of the lease. This will
stop additional rent from being added after the lease end date.
Then add a new lease:
From the Unit View, click
on the Add Lease link to add the new lease. Note: From the multi-unit view, you will see a row
for both the old lease and the new lease...and the old leave will drop from view once it becomes older
than the view you are looking at. From the Unit View, you can use the Rental Agreement dropdown box to
see or edit any previous lease that was on that unit.
Can the tenant pay a partial rent amount?
Answer:
You can select if it is allowed or not. In each lease you can check-mark
"Allow partial payments" if you want to allow partial rent payments. If you allow partial payments,
then a tenant can schedule a payment that is less than the total amount due. If you have roommates, this also
allows roommates to each schedule a payment separately. If you don't allow partial payments, then one person
has to schedule a payment for the total amount due.
Can you restrict the types of payments a tenant can make?
Answer:
You can select if a tenant is allowed to make payments with their bank account, credit card, and/or Cash at MoneyGram.
This is useful when a tenant is past due. You could restrict a payment to only using cash at MoneyGram to ensure
that the payment will not return since MoneyGram payments can not return but other payment methods can.
Can the tenant schedule a payment for a future date?
Answer:
You can select if it is allowed or not. In each lease you can check-mark
if you want to allow a tenants to schedule payments in the future. You are also able to select if
tenants are able to schedule payments in the future when there is a past due amount. Some landlords
do not want to allow future payments if something is already past due and want the payment to be made
right away.
What date do I receive money?
Answer - Standard timeframe:
You receive funds three business
days after funds are withdrawn from the tenant. For example, if we withdraw funds from the tenant's account
on Monday, you receive the money in your bank account on
Thursday. Funds are typically received when the bank opens in the morning.
Answer - QuickPay timeframe:
You receive funds the same day
that funds are withdrawn from the tenant if the tenant pays with a bank account with good history. There is an
extra $2 per payment for QuickPay.
If there is not good history or another payment type is used, then funds are available with the standard
timeframe for no additional cost.
Please look at our page for additional details.
What fees am I charged?
Answer:
ScheduleMyRent has simple and clear
fees. The first five payments during a month are charged $2.00
each. All additional payments during that month are charged $1.00
each. Fees are automatically withdrawn from your account at the
beginning of the month for all payments that occurred during the
previous month.
Lets walk through a quick example
If you
have 10 units and nine of the units have a single person paying
each month and one of the units has three roommates that each make
separate payments, then there are a total of 12 payments.(9 + 3)
The total fee is: 5 payments at $2.00 each and 7 payments at $1.00 each for
a total of $17.00 for the month.
Return Fee:
We are different than most other companies.
There is no fee if the Tenant's bank returns a payment. You have the option of
charging the tenant a return fee that you choose and if the tenant pays the fee,
we transfer this money to you.
A return can
occur for different reasons, such as: the account does not have
enough money to cover the payment, the account is closed, or the
account is frozen.
Other Fees:
There are no other fees, such
as a setup fee, a monthly fee, a minimum fee, or a yearly fee. There
are also no long-term contracts or cancellation fees so you can
stop at any time.
How do I setup my Business(s)?
Answer:
You can set up any number of
business entities to easily manage and organize your business.
- Individual: Manage properties as an individual without a corporate structure. In this situation, enter the business name as the name you want your tenants to see.
- One Business: Manage all properties under one business. In this situation, enter the business name you want your tenants to see and the company's EIN number for tax reporting.
- Multiple Businesses: Manage different properties under different business entities. In this situation, setup as many additional business entities as you need. From the Landlord Dashboard, go to the left menu bar, select Businesses, and then select New Business. Then, from each property setup, you can select the business that it belongs to.
Put properties under the right business entity
- From the Landlord Dashboard, go to the left menu bar, select Properties, then select the business where the property currently is. Next, select the Property that you want to change. The first field in the property setup is "Business that owns property". You can then select the business entity for this property. Note: "Business that owns property" is only shown if there is more than one business established.
How do I setup my Property(s)?
Answer:
You can setup any number of
properties. Each property may contain a single unit (single-family house) or may contain multiple units (apartment). From the Landlord
Dashboard, go to the left menu bar, select Properties, then
select New Property.
- Single Unit: Enter a short property name that is unique and easily recognizable by you. The first 10 characters of the name are shown on your bank statement to make it easy to verify deposits for each unit. For example, a property on 100 Sunset Street may be called "Sunset Village". You will see "Sunset Village" on this system and your bank statement will show the first 10 characters, which is "Sunset Vil".
- Multiple Units: Change the Number of Units and additional lines are automatically added. For each unit, enter a short property name PLUS Unit that is unique and easily recognizable by you. For example, if there are 4 units at 100 Sunset Street, the names could be entered as "Sunset #1", "Sunset #2", "Sunset #3", and "Sunset #4". Since these names are 10 characters or less, the entire name will be shown on your bank statement when deposits are made into your account.
How do I setup my Bank Account(s)?
Answer:
You can set up any number of bank
accounts.
- From the Landlord Dashboard, go to the left menu bar, select Bank Accounts, then select New Bank Account. After a new bank account is setup, you will receive two small debits and one credit in your bank account. You will then login to your ScheduleMyRent account and enter the two small debit amounts. This is a security measure to ensure your account accepts money transfers properly.
How do I enter a lease?
Answer:
ScheduleMyRent has a lease screen
that is easy to use. From the Landlord Dashboard, click
the Lease button for the unit you would like to setup. You can
either add a new lease or modify an existing lease. Please watch
this short video to see how.
I have different LLCs for different properties. How do I set this up?
Answer:
Add a new business for each LLC that you own.
You can do this by selecting "Business", then "New Business" from the menu on
the left side of the Landlord dashboard.
You can add any number of properties under each business.
How does a tenant sign up?
Answer:
How does a tenant pay rent?
Answer:
What emails do tenants get?
Answer:
How do I waive a Late Fee?
Answer:
From the Landlord Dashboard, select the Due amount for the unit and
month that you would like to waive the late fee for. You will
see the rent amounts listed and a checkbox for "Waive Late Fee". If you check the box, all
tenants on the lease will receive an automatic notification indicating
that the late fee has been waived for the month.
If you uncheck the Waive Late Fee box, all tenants on the lease will receive an automatic notification indicating that the late fee has not been waived for the month.
The waive fee checkbox is not available if a late fee has already been assessed. If a late fee has already been assessed and you do not want to charge it, select the Due amount for the unit and month. Then, select the "Reduce Fee or Rent" button and enter a credit to reduce the Late Fee.
What date is the first rent payment?
Answer: You choose
When a lease is
initially setup, you select the "First day to automatically
collect rent". If you want ScheduleMyRent to collect the
initial rent amount at the start of the lease, choose this
option. If the lease does not start at the beginning of the
month, you will see an option of selecting a pro-rated
amount for the first month. If you are collecting the first
amount directly with the tenant, then pick a later date to start
automatically collecting rent.
If none of the start date options are correct, pick the option that has the closest date to the date you want and finish the initial lease setup. After the initial lease has been setup, from the landlord dashboard, click on the month that you would like to change. You can add a credit or debit amount for the specific month to adjust the rent.
What fees can I charge my tenants?
Answer:
There are multiple fee types,
listed below, that can be charged to a tenant. You receive all of
the money that is collected from the tenant.
Rent:
In the lease, you can set the rent amount
and can also add additional items such as parking and laundry. You can
select these additional items from the dropdown list or create
your own custom fee names. The rent and additional items are
collected together as one combined rent amount. Rent can be collected monthly, twice a month, or weekly.
Late Fee:
In the lease, you can set a Late
Fee and a Late Fee Grace Period. The late fee will automatically
be charged to the tenant after the grace period if the rent is
not paid in full. You can also add daily late fees automatically.
Lets walk through a quick example
In the
lease, the "Day of month that monthly amounts are due" is set to
the 2nd of the month and the "Late Fee grace period" is set to 1
day. This means that rent is due on the 2nd of the month
and taken out of the Tenant's account on the 2nd of the month if
the tenant has provided authorization. If the tenant has not
authorized the payment to be paid by the 3rd of the month (2nd of the
month plus one day grace period), then the late fee will
automatically be applied to the amount the tenant owes.
Return Fee:
In the lease, you can set a
Return Fee. The return fee will automatically be charged to the
tenant if a payment returns. A return can occur for different
reasons, such as: the account does not have enough money to cover
the payment, the account is closed, or the account is frozen. The
return fee will automatically be applied to the amount the tenant owes. The
tenant will automatically receive a notice that a payment
returned and will be asked to re-schedule the original payment
plus the return fee.
What date are tenants charged?
Answer:
Tenants can either be changed once
per month, twice per month, or weekly. If once per month, the full rent amount
is charged on the day of month set. If twice per month, the rent
is evenly split between two payments and charged on the two days set.
The day of the month that rent is removed from the tenant's
account is set in each lease with "Day of month that monthly
amounts are due"". If the day of the month occurs on a
weekend or holiday, rent will be removed from the tenant's account
on the next business day.
- Move-in date is different than normal monthly collection date: The first tenant payment may be on a different day of the month if you collect an initial pro-rated rent amount.
- Return payment: The tenant will automatically receive a return notice and additional fees that you setup will be added. The tenant will be asked to make a payment for the amount due.
- Tenant changes date: A tenant can change the amount or date of their next payment.
What communications are sent to tenants?
Answer:
ScheduleMyRent works
with each tenant to make sure all rent and fees are paid. You can see
all communications with each tenant by clicking the Communications
button next to the unit on the dashboard.
- Before rent is due every month
If a tenant is setup for automatic payments, ScheduleMyRent automatically sends a courtesy reminder that rent will automatically be removed. If a tenant is setup to authorize each payment, ScheduleMyRent automatically sends authorization requests to the tenant. - When rent is late or when rent returns from the bank
ScheduleMyRent automatically notifies tenants when rent is late and when rent returns from the bank. Late Fees and Return fees are automatically added to the amount that the tenant owes. - When one-time items are changed
If you add or decrease a one-time fee, such as a reimbursement for a utility payment, ScheduleMyRent automatically notifies tenants of the new amount. - If you waive a Late Fee
If you waive a Late Fee, each tenant is automatically notified.
Can I change the amount that a tenant owes for one specific month only?
Answer:
Yes. From the dashboard, select
the Due amount for the month and unit that you want to change. You can adjust the total
amount Due by adding or reducing
the rent or fee. If
you want to change all future payments, please change the lease
instead.
Can I change the amount that a tenant owes for all future payments? (raise rent, ...)
Answer:
Yes. If you want to change all
future payments, select the lease for the unit you would like to
change and make changes. Please follow your state required
notification period for updating a lease, which is typically 30
days. Tenants will receive a change notice and may need to login to ScheduleMyRent to adjust their
payment authorization.
Do I still need a lease with my Tenant?
Answer:
Yes. You are required to have a lease between
you and your tenant.
What happens if a Tenant's payment returns from the bank?
Answer:
A tenant's payment can return for
several different reasons, but the most common reason is that the tenant does not
have enough money in the bank to pay for the rent. This type of return is typically
called an NSF (Non-Sufficient Funds).
ScheduleMyRent automatically notifies the tenant that their payment has returned and that they owe additional fees that are on the lease.
You can easily see the status from your dashboard. You can also click on the Communications button next to the unit to see all of the communications between ScheduleMyRent and the tenant.
Can I put money into different bank accounts?
Answer:Yes.
You can setup as many bank accounts as you need.
You can use different bank accounts for rent payments,
security deposits, pre-paid rent, and for Schedule My Rent fees. Which bank account to use can be
set at the business level and can also be set within each lease. i.e. Each lease can send money
to different bank accounts for each type of payment.
Can I accept a payment directly from a tenant?
Answer:Yes.
From the Unit View, click on the
Tenant Pays You Directly button. You are able
to add a manual payment by entering the Payment Date, Who Paid, Amount Paid, and a Comment.
ScheduleMyRent automatically reduces the amount that the tenant owes by this amount and
can send a receipt to the tenant.
How do I balance my bank account?
Answer:
ScheduleMyRent makes it easy to confirm all
payments on your bank account. When you setup each property,
you entered a short name for the property or unit. The first 10 characters of this name should
be shown on your bank statement
so that you can confirm receipt of every payment.
How can I see what the Tenant was sent?
Answer:
Yes. From the Unit View, click on the
Tenant email link. All communications
between ScheduleMyRent and the tenant are shown. You are able to view, re-send, forward,
or download the email so you can save or print it.
Are transations reported to the IRS?
If you process OVER 200 credit card payments during a calendar year AND over $20,000 in credit card payments, we are legally required to file with the IRS and send you a 1099-K. Bank account, cash, and other payments are not included and are not reported to the IRS.
How can my Tenants pay rent with Zelle®?
What
is Zelle®?
Zelle® is a fast, safe and easy way to receive payments from your tenants, and it’s available as a payment option for a limited time on Schedule My Rent’s site through a beta pilot. With Zelle®, your tenants don’t need to add any bank account or card numbers, they simply enter the email address or U.S. mobile number they’ve enrolled with Zelle® and complete the payment in their banking app1.
What do I need to do to receive a payment with Zelle® on Schedule My Rent’s website?
You don’t have to do anything. The Zelle® button will be activated on your account, enabling your tenants to pay their rent with Zelle®. You will receive the funds three business days after your tenant completes the payment.
That’s it! Let your tenants know that Zelle® is a new payment option on the Schedule My Rent site.
I read that paying with Zelle® on Schedule My Rent’s site is in beta. What does that mean?
Although people have been using Zelle® to send and receive money with friends, family and eligible small businesses for years, Schedule My Rent is the first business to offer the capability to pay with Zelle® on their website. This limited pilot has been established to collect feedback and data on the functionality offered before it’s rolled out to a broader audience.
Why use Zelle®?
Easy – Reduce the hassle associated with bounced checks or ACH returns.
Fast – Payments are confirmed within minutes2 after tenants complete their payment.
Safe – Don’t worry about handling cash or checks.
Who do I contact for help?
Please contact the Schedule My Rent customer support team at (844) 465-3339 or email Schedule My Rent at support@schedulemyrent.com.
1To use Zelle® as a payment option, tenants must be enrolled with Zelle® directly through your financial institution. Check with your bank or credit union to learn your daily sending limits.
2 U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Schedule My Rent
Schedule My Rent, Inc.