Posted on Friday September 11, 2020 at 04:42PM in Software Updates
Online Rental Applications with Schedule My Rent
Using an online rental application through your property management software is simple for both landlords and tenants. Through Schedule My Rent, landlords can save rental applications from multiple prospective tenants all in one organized place. In this article, we will discuss many features within our online rental application designed to streamline your tenant selection process.
- Sending an online rental application: To begin the application process, landlords can easily send their prospective tenants an online rental application link or even post it to social media or their own property owner site. When sending out your link, all you have to do is provide your tenant’s first and last name and their email address and our system will send them an email inviting them to fill out an online application.
- Stay updated: As a landlord, you are always kept up to date on the status of your potential tenants’ applications. You will automatically receive an email when your tenants have completed their online application (along with where to find the completed application).
- Organized application review process:
- Online rental application:
Once you have received completed applications, you can easily access them all on one screen. Your application list can be sorted by unit, date/time, or by the applicant’s name and filtered by unit, date/time, and applicant’s name. The options of sorting and filtering allow you to organize your list of applicants based on your preferences.
To view a completed application from your list of applicants, simple click “view” next to the tenant’s name. If you would like to hide an application from the list, simply click “hide” to remove the applicant from your list of potential tenants. You can always go back and un-hide an application if you would like to review it again from the rental management software.
If you find an application that you like, you can click “credit and background check” to automatically send your applicant a request to authorize and pay for a full credit and tenant background check. Once the tenant completes this step, you are automatically sent an email to keep you up to date in the process.
Through our site, you are also able to take notes on an application to help with your approval/declination decision. This section is optional and will only be seen by you as the landlord. You are also able to select an approval state (if you approved or declined the application).
- Personal information: This section asks for your tenant’s legal name, address, date or birth, social security number, and phone number.
- Employment history:
- Additional income: Along with employment, you applicants are also able to report additional income on their application. They will be asked to provide the source, monthly amount, and any additional comments. The ability to upload additional documents (such as a pay stub or statement) is available here as well to validate your applicant’s additional income.
- Residence History:
- References: In this section, your applicant will be able to report their references. They will provide you with their name, email, and phone number along with their relationship to the applicant, years known, and any additional comments.
- Emergency contacts: In case of emergency, your tenant will provide an emergency contact. Their profile will include their name, email, phone number, relationship, and any comments.
- Other occupants: This section is for other occupants that will be living in the unit with the potential tenant that aren’t on the lease. For example, if your applicant has any children under 18 they would fill out the name of the occupant and any additional comments.
- Pets: If you decide to allow pets in your properties, your potential renter will provide the name, type, weight (lbs), description, and comments for their pet in this section. Your renter is able to upload pet information such as a picture of the pet, shot records, service animal papers, etc. These documents can be very useful if you require pets to have certain shots, only allow service animals, etc. If you are unsure if you should allow pets in your properties visit https://www.schedulemyrent.com/blog/ for a landlords guide to renting with pets.
- Other questions: If your potential tenant answers yes to any of the questions in this section, additional information will be requested. These questions include: Do you smoke? Have you filed for bankruptcy in the last 7 years? Have you ever been evicted? Have you ever stopped paying rent when it was due?. These questions give you, their potential landlord, additional insight into their past behaviors to help determine if they will be a good fit for renting your property.
- Co-applicants and co-signers: Here is where your applicant will be asked if there will be additional people on the lease. For example, this could be the applicant’s parents who are co-signing but not living in the unit, or the applicant’s roommate who will be a co-applicant on the lease. The applicant will need to provide the name, email, phone number and relationship of the co-signer or co-applicant along with any comments.
- Additional documentation: In this section, your potential renter will be able to upload any additional documents that will be relevant for you to consider.
- Application sharing: Once the applicant has finished filling out their application, they will be able to share it with you as their potential landlord. All they need to do is enter your name, email, and phone. Then they will check the tenant authorization box confirming that they authorize an investigation of their credit, tenant history, banking, employment, income, criminal background, and other information provided regarding their rental application.
In this section, your potential tenant will provide their employer and title along with when they started the job and an end date (if it isn’t their current job). They will also be asked to provide their monthly income (this helps you determine if they will be able to reliably pay their rent each month), address of work, and contact information for their current employer. It is important to have their employer’s name, email, and phone number for contacting them for a reference. Your applicant is also able to write any comments they might have in the comments section.
A very useful feature that we have just added is the ability for your applicant to upload proof of employment history. An example of this could be a pay stub. This feature helps save you time so you don’t have to follow up later in the application process to validate your potential tenant’s employment.
As a landlord, it is important to know if your potential renter was a responsible tenant in the past. In this section, the applicant will provide their move-in date, move-out date, monthly rent amount, and address of their last residence. They will also be asked to provide their previous landlord’s name, address, and phone number. Along with their employer, a potential tenant’s previous landlord will provide an essential reference for understanding if they will be a good fit for your property.
Your applicant will be able to include any additional comments in this section and upload resident history documents. These documents could be utility bills, a lease, etc. This additional step helps you validate your potential renter’s reliability in reporting their previous residence.
Once your applicant has completed their online rental application and has shared it with you as their landlord, you will automatically receive an email that your tenant has shared their application with you. From there you will be able to login to your account and view their application from your list of applications. Online rental applications are easy with Schedule My Rent.
Posted on Thursday August 27, 2020 at 08:55PM in How to use features
How to Use the Landlord Dashboard on Schedule My Rent
Once you set up an account, you will be able to access this dashboard. On this page, you will be able to view the payment status across different units and months.
- Viewing tenants and units On the left side of the screen, you will see a column that contains all of your units. Each row is a separate unit and lease with the name of the property and the tenants living there on the left side of each row. If you would like to view a specific property, you can simply click the button in the top left corner under show and select which company, property, and unit you would like to view on the screen.
- Viewing the specifics on one unit To view all your information on one specific unit, you can click the button titled “switch to unit view” and you will be taken to a page where you can view that unit.
- Due and received payments There is a row for every unit that allows you to see if the tenants in that unit have paid their rent. There are three columns along with the column for your tenants. For each month, the system will tell you how much you have received from your tenants and how much is still due. To make it easier to quickly see which amounts haven’t been paid, the due amounts that are late are highlighted in red. Next to the received column, there is a column for comments such as the total amount due over multiple months.
The landlord dashboard is simple and very easy to use. It allows you to see all the payment details for all of your units, leases, and tenants in one clear and organized place. For a video explaining this dashboard, visit Rental Property Software Demo.
Posted on Wednesday August 19, 2020 at 03:22PM in General
Tips for First Time Landlords
As a first-time landlord it can be very difficult to navigate all the components of renting out a new property. Here are some tips to consider:
- Know the housing laws: Before beginning to rent out a property, it is important to research federal housing laws and the American Apartment Owners Association has a good review of local landlord tenant laws. Knowing the laws will help you practice nondiscriminatory leasing and help you avoid a court hearing.
- Don’t forget about taxes: Keeping track of all your rental expenses is essential when filing taxes. Some property management software programs have features that allow you to save photos of receipts, categorize expenses by property for taxes, and split a single expense between properties. This can be very useful to keep track of all your expenses for personal and tax purposes.
- Screen potential tenants: Many landlords can get into a situation where their tenants weren’t as reliable as they seemed. Screening potential tenants can provide you with a better idea of how reliably your tenant will pay their rent. It is useful to get a criminal background check, credit report, and eviction history to verify that your potential tenant is able to commit to paying their rent. Credit reports are typically provided by one of the credit reporting agencies: TransUnion, Equifax, or Experian. Personal and professional references are also great to have to get a sense of the tenant’s professionalism. Screening tenants will help you as a landlord to avoid late fees and evictions.
- Documentation and organization: Documentation is essential when renting out a property. You should take photos of the unit before and after a tenant has rented it. This will give you evidence of any damages that the tenant may create. It is also important to keep copies of all of your paperwork. You should never give a tenant your only copy of any document in hopes that they will give it back. Schedule My Rent provides rental management software to save and share important documents online.
- Hire a professional when needed: It is important to think about how much time and money you would like to invest in your property. Instead of giving tours of a unit to many potential tenants on different days consider an open house where you can answer everyone’s questions at one time. Since you may have multiple people looking at an open house at the same time, this often prompts prospects to fill out an application right away since they see that other people are also interested and they don't want to miss out. Keep in mind that your property will also require seasonal repairs and consider hiring a handyman to take care of the condition of the unit.
- Collect rent online: Collecting rent online will help you as a landlord save time. You can automate rent collection and send tenants reminders of when their rent is due (which reduces late rent payments). You want to make it easy for tenants to pay rent, so you may want to consider using a software that allows bank account, credit card, and payments using cash at local MoneyGram retailers like Walmart and CVS. With some property management sites, all the information regarding your properties is in one organized place.
Posted on Saturday August 15, 2020 at 04:03PM in General
How to Upgrade your Rental Property
Renovating your rental property can dramatically increase not only the property value but also your rental income. When showing potential tenants a unit, you want them to be able to picture themselves living there. There is no need to change every detail and make the space perfect; you can make small changes to create a more livable unit. The trick for renovation is to minimize costs while maximizing your return on investment. Here are a few tips to help you upgrade your property while not overspending.
- Prioritize kitchens and bathrooms
- Replace fixtures and clean the space often
- Make repairs before replacing
- Bring some light into the space
- Keep a tidy yard
Kitchens and bathrooms are spaces that potential tenants shouldn’t have to question the cleanliness of. No one wants to be wondering if there is mold in their shower or if the stove is too outdated.
These two rooms attract the eye of your potential tenants and an updated kitchen or bathroom will draw tenants to your property. Along with pleasing tenants, you will get about an 80% return on investment with a kitchen or bathroom upgrade (which is much higher than most renovations).
To add to the value of your kitchen, consider adding backsplashes. They add value to your property, and are easy to clean and durable. When choosing a perfect backsplash for your unit, don’t choose trendy colors or a design that won’t be popular next year. Instead choose something like white tiles that are timeless and won’t date your property.
Minor fixture upgrades and replacements can keep your property looking updated and clean without the cost of a remodel. Some examples of fixtures to easily replace are leaky faucets, outdated lighting, door handles that stick, shower heads, toilet seats, blinds missing slats, cabinets that have lost their finish, and toilets that run constantly.
It is essential that you keep the property clean especially between tenants. Hiring a professional service is worth it if you don’t want to clean yourself. To give your property a clean feel all around, you could consider paying for a pressure wash of the outside of the property, or do it yourself.
Remember to repaint your unit. A fresh coat of paint will make your property look cleaner and newer! It is recommended to repaint at least every five years to ensure that your property looks its best.
It is unnecessary and expensive to remodel your entire property between tenants. In most cases, a simple repair of parts of your rental will be much more practical. When making repairs, make sure to keep records of your receipts for tax claim deduction purposes.
When thinking about replacing carpets, remember that it is only necessary to replace them about every seven years. Try hiring professionals or cleaning the carpet yourself to give the room a clean feel without the extra cost. Consider replacing carpet with tile, wood planks, or vinyl planks. The initial cost is typically higher, but these surfaces last longer and are easier to clean.
The ceilings of your property will probably look clean and won’t need to be repainted. Unless your tenants were extra messy or heavy smokers, you can save money with a simple clean instead of a repaint.
Most people will consider replacing the cabinets entirely when sometimes replacing only the doors or giving it some fresh paint will do the trick.
The front door of your unit will be your potential tenant’s welcome into the house. If it is scratched or has a sticky handle, consider mending or replacing it.
A room with good lighting will feel more welcoming and show off the space you are trying to sell. Choose lighting that is appropriate for the space. Soft lighting works better in the bedrooms and bright lighting is best for the kitchen.
The outside of a unit is less important than the living space inside, but it will be the first thing your potential tenant sees. It is important to keep it looking tidy and maintained.
Some suggestions for maintaining your yard: mow the grass, cut back overgrown bushes and trees (especially in a garden), spread some new soil or mulch around flowerbeds and bushes, make sure a good view isn’t obstructed, and secure gates, loose stones, and broken items.
With these tips your property will be ready to show to potential tenants! Making improvements can be simple and easy!
Visit https://www.schedulemyrent.com or call us at (844) 465-3339
Posted on Tuesday April 28, 2020 at 04:42PM in General
Here are 6 reasons why online rent collection is easier and more convenient for both landlords and tenants.
- Ability to Schedule Recurring Payments
By collecting rent online, you can eliminate the need to meet with your tenant to receive a check, waiting for the check to arrive via mail, going to the bank in order to make a deposit, and manually recording your payments. With a property management software program, your tenants can easily pay rent online. Schedule My Rent provides the option to set up autopay. With autopay, tenants can have their rent automatically transferred from their bank account to their landlord’s bank account, worry free.
- Reminders for Tenants Help Decrease Late Rent Payments
Tenants can receive notifications and reminders of when their due date is approaching so they can always be aware of what payments they still need to make. With Schedule My Rent’s customizable late fees, you can choose when you would like to add late fees along with what set amount or percentage of rent you would like your tenants to be charged. It is also very simple to remove or cancel late fees and add daily late fees.
- The Status of Rent Payments Can be Seen in Real- Time
By collecting rent online through property management software, landlords can see all their rent payments across multiple units at any time. On the landlord dashboard, landlords can view all their properties at once, or customize which property they would like to view at a time. On the dashboard, all rent payments are automatically documented and unpaid late rent is highlighted in red. The landlord dashboard allows landlords to have the status of all of the rent payments for their properties in one organized place.
- Rent is Received Faster
Online rent collection gives landlords status updates in real time, and the tenant’s rent is also transferred to you faster. With a check mailed first class it may take two to three days to receive rent from your tenants. Your tenant might say that they mailed the check on time, but you won’t be certain of that until days later when you receive their rent. With online rent collection, you will receive status updates in real time. If you choose a property management software that has the option of QuickPay, rent will be transferred to your account within one business day and you will receive updates immediately.
- Security in Rent Payments
Online rent payments is one of the most secure options for tenants and landlords. It eliminates the concern of a check getting lost in the mail or stolen. If a tenants sends a money order and it gets lost in the mail, it can take weeks for the money to be refunded. With checks, the tenants bank account information is printed onto the check increasing the risk of fraud if it ends up in the wrong hands. Property management software programs keep the tenants’ and landlord’s bank account information secure and neither party can access the bank account numbers after typing them into the system.
- Ability to Pay Rent Through Convenience Stores
Some property management software programs, such as Schedule My Rent, offer the option to pay rent through MoneyGram. Tenants who would prefer to pay their rent in cash can go to Walmart, CVS, or any other MoneyGram location and pay their rent. This allows another option for tenants to safely and securely pay their rent.
Collecting rent online through a property management software program helps landlords save time and stay more organized. It also saves tenants time and ensures that they can pay their rent securely without the worry of fraud and overdue payments.
Posted on Thursday April 16, 2020 at 10:54AM in How to use features
Late fees are a great way to ensure that your tenants pay on time when collecting rent online. But what if you want to give your tenants a break (especially during the corona virus pandemic)? Here are three ways that you can cancel your tenants’ late fees using the Schedule My Rent software.
- Edit the Lease
On the landlord dashboard, it is simple and easy to edit or add a new lease. If you want to remove late fees for any amount of time, you can click “switch to unit view” on the lease you want to remove late fees from. Then you simply click “edit lease” and adjust or remove late fees from the lease and save the lease. The late fees will be deleted until you edit the lease again.
- Waive Late Fees
It is also very simple to remove late fees for a certain month. On the landlord dashboard simply click “switch to unit view” and check the box that says “waive future late fees” for the month you would like to remove late fees from. This will waive the late fees for that specific rent amount. If you would like to remove late fees for several months, click this box for every future month.
- Delete Already Added Fees
If you would like to remove late fees that have already been added, there is a simple way to do that also. All you need to do is click “switch to unit view” on the unit and then click the trash can next to the late fee that you would like to remove. And just like that, the late fee is removed and you will see a credit for the amount that the fee was for.
Posted on Tuesday April 14, 2020 at 01:58PM in General
Whether you’re a property manager, or a DIY-landlord, it is essential to keep your business organized in a cost effective and time efficient way. Property management software can be very effective in helping you manage your rental history and accounting. There are many different varieties of online property management software, so how can you choose the right method for your business? We’ve prepared the top 7 tips to help you choose the perfect property management software that is right for you and your business.
- Easy to Use
The main focus of a property management system is to help you save time. A site that automates your time-consuming and complicated tasks will help you manage your properties in a streamline, hassle free fashion. For your ideal site, choose a rental software that gives demos and video tutorials. Even though you know the ins and outs of property management, you’ll save time once you understand the software before you implement it into your business. One of my personal favorites is the schedule a demo feature that allows you to choose a time for a live demo where you can have your personal questions answered.
Cloud-based software means that all of your rental data is contained in the Internet, and you don’t need to install another application on your overcrowded computer. You can have access to it from any device, in any location. All your property management needs such as financial reports, rental information, and documents will be stored automatically in the cloud.
- Expense Tracking
In a world that is becoming more and more fast-paced and digital, it is important to keep track of your property expenses. With expense tracking, you can have your property costs in one organized place. A huge bonus for your software is photo uploading so you can store your receipts in the site, and the categorization of expenses (makes reporting expenses for taxes much easier). It is also really helpful to be able to split an expense across multiple properties. For example, if you pay a yard worker to mow the lawn, you can enter the expense across different properties.
The cost could be a monthly fee, or vary depending on the number of users or units, but before beginning to collect rent online, you should check for hidden fees. For example, the service quality could be similar for two companies, but one could charge a much greater amount for the same number of properties. Some sites can have hidden fees in the form of tenant return fees or monthly minimums.
- Online or Cash Payments
In 2020, nearly everything can be automated. Make sure that your chosen property management software has an online payment feature to simplify your finances and payment procedure for tenants. For your tenants who would prefer to pay in cash, or don’t have access to the internet, make sure that your rental software has a MoneyGram feature. With MoneyGram, tenants can pay with cash at many MoneyGram locations such as Walmart and CVS. This simplifies rent collection for both tenants and landlords, and provides a safer way to make rent payments.
- Technical Support
It is important to find out if there is technical support for the software program (even if you don’t use it). How much does the service cost, and when is it available? Some companies can charge over $110 an hour, but others are free and unlimited. Make sure that your site has a support representative (an actual person who you can talk to on the phone) that is always available and free, so you can save time and money.
- Quick Pay
When looking for your rental property management software, you should look for a quick pay feature. Many companies hold your money for 3-6 days, but with quick pay, you can receive your money the same day the money is withdrawn from your tenant’s bank account.
When looking for the ideal property management software Schedule My Rent is the perfect choice. The site has all the great features we have mentioned, and has incredible customer service! Schedule My Rent will help you save time and money, and stay organized!
Sign up here
Posted on Monday August 27, 2018 at 02:39AM in General
Will Landlords get a tax break when they collect rent?
Landlords save time and money by using landlord software, but now landlords may have another way of saving money. The IRS recently released updated rules that may allow landlords to deduct 20% of their business income, which may reduce the amount of tax that a landlord needs to pay on rental income. These initial rules refer to "trade or business" and a landlord collecting rent should qualify, but we have to wait until the final rules are published before we know for sure. Below is information from the IRS explaining the new rules.
Below are additional answers to questions from the IRS:
Basic questions and answers on new 20-percent deduction for pass-through businesses
Q1. What is the Deduction for Qualified Business Income?
Q2. Who may take the section 199A deduction?
Q3. How do S corporations and partnerships handle the deduction?
Q4. What is qualified business income (QBI)?
Q5. What is a qualified trade or business?
Q6. How is the deduction for qualified business income computed?
Q7. I have income from a specified service trade or business. How does that affect my deduction?
Q8. In 2018, I will report taxable income under $315,000 and file married filing jointly. Do I have to determine if I am in an SSTB in order to take the deduction? Is there any limitation on my deduction?
Q9. In 2018, I will report taxable income between $157,500 and $207,500 and file as single. I receive QBI. Does it matter if it is from an SSTB?
Q10. In 2018, I am single and will report taxable income over $207,500. My only income is from an SSTB. Am I entitled to the deduction with respect to the SSTB?
Q11. In 2018, I am single and will report taxable income over $207,500. I am NOT in an SSTB. Am I entitled to the deduction?
A11. Yes, if you have QBI, qualified REIT dividends or qualified PTP income. For eligible taxpayers with total taxable income in 2018 over $207,500 ($415,000 for married filing joint returns), the deduction for QBI may be limited by the amount of W-2 wages paid by the qualified trade or business and the UBIA of qualified property held by the trade or business. The proposed rules provide additional information on these limitations. The IRS also issued a notice of proposed revenue procedure providing methods for determining W-2 wages for purposes of the limitation.
Since the definition of "trade or business" has not been completely defined, we hope that the final rules further define that landlords that collect rent meet the IRS definition and can deduct 20% of their business income.
Posted on Monday August 20, 2018 at 03:32PM in General
Should landlords collect rent online with PayPal?
Using PayPal incorrectly may result in a number of problems.
PayPal has two types of accounts - a Personal Account and a Business Account.
A Landlord collecting rent should establish a business account. PayPal charges 2.9% + $.30 to receive money from a tenant. For example, if your rent is $1,000.00, then the fee will be $29.30. This fee is paid by the landlord.
Some landlords do not want to pay this fee for collecting rent with PayPal and sign-up for a personal account instead of a business account. A personal account does not have these fees. There are a number of issues using a personal account, including:
- It is against the PayPal User Agreement. The PayPal user agreement is a binding legal agreement between you and PayPal. A personal account is defined as "If you primarily need to make purchases and send money to family and friends, a personal account is probably right for you." PayPal's user agreement states: "You may not use the "send money to a friend or family member" feature of your PayPal account when you are paying for goods and services."
- Money may be held. Receiving large monthly dollar amounts on a personal account may raise red flags in the fraud or compliance areas at PayPal. PayPal's agreement states that "Risk-based holds generally remain in place for up to 21 days from the date that the payment was received into your PayPal account." It may take an extended amount of time to receive your money and to explain that you are really running a business.
- Partial Payments could stop an eviction. A tenant can pay money to your PayPal account at any time for any amount. For example, you may have overdue rent of $1,000.00, but the tenant sends you $300.00 through PayPal. Depending upon your state and court judge, accepting this partial $300.00 payment may delay eviction proceedings. PayPal does not have a way to either restrict partial amounts or to stop a payment from a specific tenant.
- What if you have a dispute with PayPal? PayPal's user agreement restricts your rights in the following ways:
- "The issue shall be resolved exclusively through final and binding arbitration, rather than in court, except that you may assert claims in small claims court, if your claims qualify as so long as the matter remains in such court and advances only on an individual basis."
- Prohibited from joining a class action
- Tracking multiple payments may be difficult. If you are receiving payments from multiple tenants and intermixing personal payments, it may be difficult to track who has paid, who hasn't paid, and to figure out and assess late fees.
- Routine tasks are not automated: Landlords are busy and PayPal doesn't automate many of the routine tasks that take up time, such as sending reminders that rent is due, reminders that rent is late, adding late and return fees, and figuring out how to split rent with roommates.
Being a landlord takes a lot of time and effort. Landlords can save time collecting rent with landlord software, like Schedule My Rent, by letting the online rent collection software automatically:
- Remind tenants every time rent is due or is late
- Collect from the tenant's bank account or with cash at any MoneyGram location
- Collect rent monthly, twice a month, or weekly
- Split rent with roommates
- Add late fees and return fees
- Restrict partial payments, if needed
- Send payment receipts
- Allow tenants to see lease terms, payment history, and schedule a payment anytime from anywhere
- Send color-coded daily e-mail summaries to landlords
Posted on Thursday April 12, 2018 at 03:21AM in Press Release
Schedule My Rent Aligns with MoneyGram to Offer New Convenient Cash Payments for Renters
Schedule My Rent and MoneyGram makes it fast, easy, and safe for renters to pay with cash. According to the FDIC, over 15 million adults in the United States do not have a bank account.
ALBUQUERQUE, N.M. (PRWEB) APRIL 10, 2018
Schedule My Rent, the provider of online rent payment solutions, is broadening their offering with cash payment options.
For landlords, collecting rent can be a time-consuming process. Collecting checks, making deposits, creating receipts, and meeting tenants for cash payments all take time out of a busy landlord’s schedule. Schedule My Rent now frees up that time by providing a breadth of payment options, while removing the hassle involved in rent collection.
With cash-based rent payments, many times landlords are meeting renters in person to collect payments. Scheduling a meeting at a property or other location takes time, coordination, and it can be dangerous for both parties to carry large sums of cash.
With Schedule My Rent’s newest offering, renters now have the convenience and security of making cash rent payments at any MoneyGram location across the United States. Renters simply walk into a MoneyGram retail store and make a rent payment with cash. Schedule My Rent then transfers the rent payment to the landlord’s bank account, saving both tenants and landlords time.
Landlords who are seeking on-time rent payments now have another simple way to ensure that renters have options in making rent payments. With Schedule My Rent, renters can easily make either cash payments or electronic bank transfer payments, eliminating the need for paper checks.
“We’re excited to offer our landlords and renters a breadth of simple solutions to help save time,” said Kris Winckler, President of Schedule My Rent. “Our mission is to provide better landlord and renter solutions at a low cost, with excellent customer service – and adding easy, safe, and convenient cash payments is another way we can do that.”
About Schedule My Rent
Schedule My Rent is an online rent payment service for landlords and renters that is secure and automated. Renters can pay with cash or with their bank account using AutoPay or one-time payments. Landlords save time by automating reminders, receipts, late and return fees, splits between roommates, and tracking – always know who has paid, who hasn’t paid, and what payments are scheduled. Schedule My Rent is available nationally, with headquarters located in Albuquerque, NM. Please visit our website, Collect Rent Online, to see how we make rent payments easy and how we save you time.
Posted on Thursday March 29, 2018 at 02:34AM in Software Updates
Tenant e-Mails Help to Collect Rent Online
We have enhanced our e-mail service to make it easier for landlords to collect rent on-line and for tenants to stay up-to-date.
Previously, tenants didn't receive additional e-mail notices until they accepted their e-mail invitation and created an account on Schedule My Rent. Now tenants receive additional e-mails, even if they haven't setup an account yet. Tenants will receive rent reminders, change notices, late notices, late fee notices, and other notices as long as they are active on a lease.
Each tenants' name and e-mail are listed on the bottom of each lease. Tenants receive an e-mail invitation as soon as a lease is created. A landlord is also able to re-send a tenant's e-mail invitation by editing the lease and then clicking the Re-send Invitation button next to the tenant's name. For tenants that have not created an account yet, each e-mail notice now contains a link for the tenant to create an account which reduces the need for landlords to re-send tenant invitation e-mails.
Tenants can pay their rent with cash at one of MoneyGram's 30,000 retail locations. If a tenant has setup an account, instructions for paying with cash are shown on the tenant's dashboard. If a tenant hasn't setup an account yet, each email provides details of how to pay with cash at a MoneyGram location.
Landlords can see if a tenant has been sent an invitation email by clicking on the tenant status button. Landlords can also see a complete list of e-mails that tenants have been sent by clicking on the tenant e-mail button.
What if tenants don't want these e-mail messages or don't want as many e-mails?
Tenant e-mails now contain a link to select which e-mails a tenant wants to see. If a tenant has already created an account, the tenant can click on the Notifications tab at the top of their tenant dashboard to change selections. Tenants can select to receive or not receive any of the e-mails listed below.
- Notice(s) that rent is due
- Confirmation that you scheduled a payment
- Confirmation that AutoPay is setup
- Notice that a payment was cancelled
- Notice that an amount due was changed
- Notice that an amount is past due
- Notice that a late fee was added
- Notice that a late fee was waived
There are additional e-mails, such as returned payment e-mails, that tenants always receive and cannot opt-out of.
Tenants automatically receive custom emails so they always know their status and when to pay rent. Tenants can also log into their on-line dashboard to see lease terms, history, AutoPay, and their current status.
Schedule My Rent makes it easy to collect rent online by automatically sending tenants e-mails when their status has changed so that tenants always stay up-to-date.
Posted on Sunday March 18, 2018 at 08:24AM in How it works
Collecting Rent on Holidays and Weekends
When is rent due?
As a landlord, you can decide what is acceptable and what is not. Your tenant may express an opinion, but you control your lease terms. Below are terms to think about.
Due Date: Landlords set the date that rent is due within the lease, with most landlords setting the due date as the 1st of each month. While most landlords collect rent once per month, some landlords collect rent twice a month or on a different schedule. The lease should clearly define what dates rent is due each month. Landlord software, such a Schedule My Rent, makes it easy to automate rent collection with one or multiple due dates.
Method of Payment: The lease should indicate what methods of payment are acceptable and where to pay. Some payment methods include: Debit from bank account, direct deposit, bill pay with bank, Zelle, PayPal, Venmo, cash, and credit card. Different payment methods have very different protections for the landlord and a landlord should understand the pros and cons of each method before agreeing to accept a payment method.
Weekends and Holidays: If the due date falls on a weekend or holiday, most leases indicate that rent is due on the next business day. Please review state laws if you want to be more restrictive since some may not allow collection penalties if the due date falls on a weekend or holiday. With Schedule My Rent, a tenant can authorize a rent payment for any day, including a weekend or a holiday. Rent will automatically be withdrawn on the next business day for bank debits. A tenant can also pay rent with cash at one of 30,000 retail locations. Since retailers are open on most weekends and holidays, tenants can pay rent almost anytime.
When Rent is Late: Rent is late if it is paid after the date it is due. Most landlords charge a late fee when rent is late, but give a "grace period" before charging a late fee. Schedule My Rent supports one-time late fees, daily late fees, or a combination of both. Landlords can also select the number of extra days (grace period) before a late fee is automatically added. Please check your state laws for any restrictions.
Landlord software, like Schedule My Rent, makes it easy to collect rent online. Simply enter your lease terms and tenants are reminded to pay rent on the date it is due. Since Schedule My Rent is online, tenants can schedule bank rent payments anytime and anywhere.
Posted on Monday March 12, 2018 at 07:51AM in Software Updates
See Rent Status when you Collect Rent Online
Landlords need fast and easy answers to several basic questions:
- What rent is currently due?
- Who has paid their rent?
- Who has scheduled or made arrangements to pay their rent?
Schedule My Rent makes it easy to quickly answer all of these questions for all units that you manage. Each unit is shown on a row...and each month is shown on a column. In this example, please look at January, which is colored green.
- Sunset #1: The due column shows $0.00, the received column shows $900.00, and the scheduled column shows $0.00. It is easy to see that $900.00 has been paid and nothing is currently due.
- Sunset #2: The due column shows $700.00, the received column shows $300.00, and the scheduled column shows $0.00. It is easy to see that $300.00 has been paid and that $700.00 is still due. Since the tenant has not scheduled a payment for the $700.00, the landlord may need to remind the tenant that their rent is late. Schedule My Rent has already sent a late notice to the tenant.
- Sunset #3: The due column shows $600.00, the received column shows $0.00, and the scheduled column shows that $600.00 is scheduled for 3/9. It is easy to see that the tenant has not paid anything yet, but has scheduled a payment for $600.00 on 3/9. Since the tenant has already scheduled a payment, the landlord doesn't have to call the tenant.
Landlords need to perform common tasks quickly and easily:
- Add rent or a fee: Simply click on the amount in the due column for the unit you want. A pop-up screen shows additional detail. You can easily add rent, add a fee, or add a credit. A notice is automatically sent to each tenant on the lease.
- Waive a fee: Simply click on the amount is the due column for the unit you want. A pop-up screen shows additional detail with a "trashcan" icon next to each fee. Simply click on the trashcan icon to waive the fee. A notice is automatically sent to each tenant on the lease.
- Add a payment made directly to the landlord: Simply click on the amount in the received column for the unit you want. A pop-up screen shows additional payment detail. Simple click on add payment to add a payment made directly to the landlord. A notice is automatically sent to each tenant on the lease.
- See all of the charges and payments for a unit: Click on the "History" button for the unit you want. A list of all charges and payments is shown for this unit. When you collect rent online, it's easy for both tenants and landlords to see a complete history of all charges and payments.
- See all of the e-mails that have been sent to a tenant: Click on the "Tenant e-Mails" button for the unit you want. A list of all e-mails that each tenant has been sent is shown.
- See if the tenant has logged in and added a bank account:Click on the "Tenant Status" button for the unit you want. You can easily see if a tenant has logged in and added a bank account
- Add or change a lease: Click on the "Lease" button for the unit you want. You can easily modify an existing lease or add a new lease.
Posted on Sunday March 11, 2018 at 01:47AM in Software Updates
Daily Late Fees for Rentals - Collect Rent Online
Save time and increase revenue by automatically adding tenant late fees with Schedule My Rent. Simply enter how you want fees to work when you setup each lease and we automatically add late fees and daily late fees.
- Rent due date: Enter the date that rent is due, which can be any day of the month. Most landlords pick between the 1st and 5th of the month, but any day can be selected.
- Grace period: Enter the number of extra days that tenants have to pay rent before it is considered late. For example, if the rent due date is the 2nd of the month and the grace period is 3 additional days, then tenants have until the 5th of the month to authorize a rent payment before it is late.
- Late fee: Enter the late fee as either a percentage of the rent amount or a fixed amount. In this example, a late fee will automatically be added on the 6th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added.
- Daily late fee: Enter the daily late fee as either a percentage of the rent amount or a fixed amount. The daily late fee starts the day after the late fee. In this example, a daily late fee will automatically be added on the 7th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added. A daily late fee will continue to be added every day until rent has been fully paid. If the option "If not paid, stop at the end of the month" is selected, daily late fees automatically stop at the end of the month. If the option "If not paid, continue adding" is selected, daily late fees continue to be added every day while the rent is not fully paid and will continue into the following month.
- Stop daily late fees manually: Daily late fees can manually be stopped at any time when you collect rent online. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "Stop Daily Late Fee" button which is next to the initial rent.
- Waive late fees: Late fees that have already been added can easily be waved. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "trashcan" icon next to the fee that you want to waive. A notification is automatically sent to all tenants on the lease indicating that the fee has been waived.
Adding late fees automatically saves time since you don't have to track and add fees manually. Automatically adding late fees also increases revenue since fees are added as soon as rent is late and tenants are automatically notified.
Having Schedule My Rent automatically add a late fee also helps to improve the relationship you have with your tenants. Tenants know that Schedule My Rent will automatically add fees. There is an opportunity to hurt the tenant relationship when the landlord calls or emails the tenant directly regarding late fees.
Save time and increase revenue by having Schedule My Rent automatically collect rent online.
Posted on Monday February 19, 2018 at 02:04AM in How it works
Electronic checks use the ACH network to deposit or withdraw funds from a bank account.Read More