Posted on Sunday January 03, 2021 at 09:07PM in General
Trouble with Bed Bugs
To top off all the unexpected news of 2020, my year started with a bedbug infestation so horrific I would have preferred it to be a nightmare. I own several rental properties across town and have had my fair share of horrifying occurrences, but none quite like this one. One of our rental properties has two eight unit buildings separated by a dumpster. In those buildings, we were in the process of removing carpet and installing wood or tile floors in between tenants. Once one of our current tenants moved out of the building, we called a tile guy to install tile floors in the unit. Almost immediately after he entered the unit we received a call from him frantically telling us that he could not go into the unit because there was a bedbug infestation. I was a little shocked by the news, because the tenant had neglected to tell us of any issue at the property. Thinking it probably wasn’t too bad at this stage, I called my property manager to take a look. Once again, I received a frantic phone call and my property manager had gone to buy medical booties because he couldn’t stand to go into the apartment without them. At this point I decided it was best to call an exterminator. When the exterminator arrived he confirmed there was an extensive infestation and suggested inspecting the adjacent apartments to see if the bedbugs had decided to explore. Sure enough, they were in multiple units in the building. I knew exterminators were expensive, so it was horrifying to think of treating the entire building instead of just a single unit. Once that building was inspected and the first round of treatments began, I began to feel a little better about the situation. Then I began to receive complaints from tenants in the next door building. Another wave of shock hit me with each phone call. How in the world did the bedbugs jump buildings? The answer became clear when we discovered the infested mattress of the vacating tenant in the dumpster between the buildings. I was frustrated that the tenant didn’t bother to tell us about the bedbugs problem while it was still contained and manageable. The bedbug inspector discovered that there were indeed bedbugs in many units in the other building. I continued to receive unhappy calls from tenants requesting that we replace their beddings, mattresses, and reduce rent. Once bedbugs are in a mattress, it is almost impossible to get them out. These two buildings went through not one, not two, but five rounds of bedbug spraying. Each time the exterminator sprayed, there were still some parasites who hid and multiplied. Two months later after spending $3,900 on five rounds of spraying every bedbug was dead and the infestation was finally gone. As a property manager, since these are deductible business expenses, make sure you keep images of all receipts on your rental property management software to make tax time easier.
What to do if you’re a tenant with bedbugs in your unit
If you discover you have bedbugs in your unit, it is essential to tell your landlord as soon as possible. The sooner the infestation is discovered, the more likely you are to be able to prevent the spread of bedbugs. As you have seen from my personal encounter with them, bedbugs can be extremely difficult to kill, and it is important to begin the process as soon as you can.
Most states consider bedbugs infested units to be uninhabitable. Landlords are required to provide tenants with habitable housing, so landlords will be responsible for extermination costs to create a habitable unit. The only exception is if tenants have introduced the bedbugs to the unit, in which case the tenant will be responsible for extermination costs.
What do bedbugs look like? Do they look like a cockroach?
In society’s imagination, bedbugs and cockroaches look about the same. In reality, once you see a bedbug you will know that it is not a cockroach. Adult bedbugs are about 5 mm in length and are the size of an apple seed. They are oval shaped and have a reddish-brown color as shown in the picture above. See additional pictures on WebMD. The key differences between bedbugs and cockroaches are that cockroaches have wings and are larger than bedbugs.
What do bedbugs eat?
Bedbugs are parasites and drink the blood of warm-blooded mammals and cockroaches are scavengers and will eat anything. Cockroaches can inhabit a unit because of tenant behavior such as leaving food out or having a messy apartment, but bedbugs aren’t as easily prevented because they only want blood. They prefer to eat when their host is unaware and immobile because of the lower risk that they will be squished. Their favorite hiding spot gives them their name, bedbug. The trouble with bedbugs is not that they aren’t easy to kill, they are very easy to squish compared to cockroaches who are the tanks of the bug world. The real problem with bedbugs is that they are excellent at hiding and catching a ride to different living spaces. All they need is a male-female pair to create an infestation.
How do bedbugs infest a property?
Bedbugs like to hide or hitch a ride. The primary way that they travel from place to place is through catching a ride on something. If you are staying at a hotel with bedbugs, they can stow away in the seams of your luggage or even on your clothes. They can travel through second hand items such as furniture or clothing. In a house or apartment, they can travel through walls to different units or rooms. They also love to hide with the bed being the ideal place. Bedbugs can also hide in chairs, tables, clothing, bedding, pillows, couches, shelves, bed frames, box springs, nail holes in the wall, and in areas where the carpet meets the wall. They aren’t nocturnal like cockroaches and won’t be deterred by bright lights or stop feeding in the daytime.
How to prevent bedbug infestations
From personal experience, I know that bedbugs are a pain to get rid of once they have infested a unit or building. But how do you prevent these infestations? To protect your bed you can use a protective mattress cover. This encases the mattress and box springs and limits hiding spots for bedbugs. A lighter colored cover will make them easier to see, and a high quality fabric will be more resistant to tearing. Another preventative measure is to replace your mattress and box springs every 2 to 3 years. As you may know it is extremely difficult to remove bedbugs from your mattress once they have infiltrated it.
To protect your unit in general, it is important to check secondhand furniture for signs of bedbugs. You can also reduce clutter and vacuum frequently to prevent hiding spots. If you live in a multi-family home, you can ask your landlord if you can install door sweeps under your doors to discourage bedbugs from coming in though the hallways. You could also seal cracks around the baseboards to help prevent them from moving through the walls.
If you are sharing laundry facilities, it is important to be vigilant if you suspect a bedbug problem could arise. You could carry your items in washed plastic bags and fold them at home once they have come out of the dryer. High heat dryers can kill bedbugs, and if you don’t further expose your clothes at the laundromat, then your risk of an infestation will go down.
Does temperature affect bedbugs?
The preferred temperature for bedbugs is 70 to 80 degrees Fahrenheit when they are able to most successfully and quickly reproduce and progress through their growing stage. In temperatures below 0 degrees Fahrenheit, it would take approximately 4 days for them to be killed. In temperatures below 50 degrees Fahrenheit, they might remain in nymphal (youth) stages in the cold. If they are exposed to colder temperatures, they will go dormant into a state of semi-hibernation called diapause which causes their metabolism to slow and they begin interval energy conservation. Like humans, bedbugs prefer to be indoors in cold temperatures. Many people have tried to kill bedbugs by placed them in their freezers, but most freezers don’t reach a temperature cold enough to kill them instead of sending them into hibernation.
What makes the cost of an exterminator so expensive?
Most people know the outrageous costs of exterminating bedbugs in a property. But why are these costs so outrageous? Exterminators use specialized equipment and product, and the process is very lengthy. For heat treatments, they use specialized heaters that heat a room to over 130 degrees Fahrenheit while not causing a fire or other heat related hazards or damage. The product used has to be rated and labeled for living spaces and mattresses, and it is very expensive to create something that has effective kill rates while also being applicable to living spaces.
Another component to the expensive cost is the time the service takes. Bedbug exterminations take longer to walk the customer through the process and make sure they are comfortable with the procedures than other types of extermination. The actual extermination service also takes much longer. Ant and cockroach services usually take only 20 to 30 minutes to complete, while bedbug heat treatments take 6 to 12 hours. Additionally, bedbug heat treatments also require two technicians to be at the site. The high prices are ultimately worth it because the professionals will be able to cease the infestation, unlike home DIY efforts. Exterminators have the professional experience to know where to look for bedbugs and have the essential tools to kill the ones hidden in odd places.
Factors that affect the cost of extermination
The first step of an extermination is the inspection. In most situations only a visual inspection is required. This involves the exterminator looking for physical signs of bedbugs including bedbug excrement, bedbug eggs and eggshells, rusty red stains, live bugs, and shed bedbug exoskeletons. If it is necessary, your property could receive a canine inspection where a trained bug-sniffing dog searches for areas that are infested, this provides greater precision in the inspection process.
Most exterminators charge based on the size of your space. This could be by square footage, room, a flat fee, or by individual visits or a package deal. You should usually expect to pay more for a larger space. There are other factors that can add to the cost of space such as the severity of the infestation and clutter that also needs to be treated. If the infestation is more dense or severe you can expect a higher price for the extra materials and labor.
Location also has an effect on the price of your extermination. Larger cities are more prone to infestation and will have higher prices. Some of the highest prices based on location are in New York City, Seattle, Las Vegas, Los Angeles, Phoenix, Philadelphia, Dallas, Chicago, and Atlanta.
Your home type and how your home was constructed could have an influence on your price as well. If the construction of your home offers more hiding places, then the cost will increase. Additionally, if it is necessary to treat the area under your house, it will cost more.
While cleanliness does not decrease the likelihood you will have a bedbug infestation, it does influence how much you would have to pay for extermination. If your home or unit has a lot of clutter it can provide more places for the bedbugs to hide (which increases your cost). You are able to clear some clutter before your treatment to reduce the cost and make it an easier process for your exterminator, but it is essential that you don’t remove anything that could be infested. If you reintroduce infested items into your unit or home, then it will cause another infestation, and you will have to begin another extermination process.
What to do before your exterminator arrives
Prior to a heat treatment, there are some items that you should remove from your unit or home. These items include pets, plants, fire extinguishers, photographs, VHS cassettes, pressurized cans (soda, hairspray, etc.), wax products (crayons, candles, lipstick, etc.), guns and ammunition, vinyl records, and film negatives. Depending on your heat service, you may need to remove portable electronics (phones, charging cables, laptops, etc.) and other electronics (but not appliances) need to be unplugged. You should place medicine and vitamins in the fridge along with other perishable foods (including wine and liquor). Paintings and frames should be taken off the walls and put on the floor, and if necessary you can speak to your exterminator about removing valuable artwork from the unit. You should keep personal items in your home or unit including clothing, diaper bags, computer bags, backpacks, purses (but remove your wallet), and wheelchairs and mobility devices. If it is absolutely necessary for you to have something with you, place these items in a shopping bag and wear freshly laundered clothes when entering the unit to avoid carrying bugs out from the house on you. It is also important to secure loose papers if high powered fans are used during treatment.
How to find the best exterminator
Do your research and verify their certification. It is important to find our if the company is trusted and referred. You wouldn’t want just anyone entering your house and killing bugs with chemicals that could potentially harm you. You should make sure that the company you choose has been reliable and safe in the past. Additionally, your exterminator should be licensed or certified in pest extermination. To be licensed, exterminators need to go through proper training which is essential to ensure that they are qualified to perform the extermination in your home.
Don’t rely on price. It is important to know how credible a company is, and not always settle for the cheapest option. Bedbugs are very difficult to remove, and you don’t want to waste money with a cheap extermination company who won’t do a thorough job the first time. If you discover a company who charges low rates and has great referrals, then it might be a great company! But it is important to know what you should expect.
Ask about treatment methods. It varies based on your particular situation, but it is usually the best option to use a variety of treatment methods. Addition information can be found at the EPA and CDC. You should be able to ask your exterminator if the methods are safe and if they are pet and human friendly.
Posted on Saturday December 05, 2020 at 10:31AM in General
How to Make Your Rental More Appealing to Students with Roommates
As a property management software company, we are often asked how to make rentals more appealing in highly competitive areas.
Purchasing rental property in a college town is a great investment if you’re looking to generate extra income (or even earn a full-time living!). Student housing will always be in demand in any location with a college or university, but the market can be competitive. The CAP rate may be lower in these areas because it is more likely that you will keep your rental occupied and the management effort is often lower. Students are most often living with one or more roommates, and look for rentals that are comfortable for multiple students while offering a degree of privacy.
How do you make your rental more appealing to students and roommates?
Install Safety Features
Many students are venturing out on their own for the first time, and want to feel safe in their newfound freedom. The addition of safety features such as gates, alarm systems, and doorbell cameras can help students feel more secure in your rental.
Remodel For Privacy
While many students or those living with roommates are used to rentals with paper-thin walls, rentals with more privacy are more likely to see higher retention rates. A higher quality drywall, sturdier doors, and proper insulation allows students privacy in their rooms while deadening noise that inevitably comes from roommates.
Simplify Paying the Rent
Investing in property management software that allows for roommates to easily make split rent payments streamlines the process of rental payments for tenants and landlords alike. Schedule My Rent offers the perfect solution for rentals with two or more tenants.
Streamline Your Processes with Property Management Software
You invested in your rental property to make a profit. Simplifying your rental payments and other property management processes reduces the amount of time you spend on bookkeeping, organizing, and paperwork, allowing you more free time to enjoy the benefits of owning a rental property. Call us at (844) 465-3339 for more information about our rental property software today!
Posted on Sunday November 29, 2020 at 09:54AM in General
Should you accept partial payments or late payments?
When owning or managing a property you will inevitably have at least one tenant ask to make a partial rent payment. Sometimes it can be difficult for tenants to pay their full rent amount for various reasons such as losing a job or having large medical bills. In this situation, you would like to be understanding, but not create a habit of always accepting partial payments. As a landlord, it is important to decide when you can accept partial payments from your tenants.
What are partial rent payments?
A partial rent payment is when a tenant asks you if they can pay only a portion of their monthly rent amount. For example, if your monthly rent is $2,500 and your tenant pays you $1,000, then that is a partial payment.
Are partial payments considered late?
As a landlord, you should consider partial payments made after the rent due date plus grace period as late payments.
What do you do if a tenant isn't paying rent on time?
Most landlords establish a set process. Below is an example:
- Talk with the tenant to find out why their rent is late and if there are extenuating circumstances such as losing a job or medical bills
- Consider if this is the first time rent is late
- Most landlords automatically add a late fee after the due date plus grace period expires. If you don’t add late fees to these payments, then there is no consequence for tenants and they may continue to make late partial payments regularly. You can always waive a late fee if there are extenuating circumstances.
- Post a 3-day collection notice, which notifies the tenant that rent must be paid or you will continue the court process resulting in an eviction. State and local laws differ regarding the timing and notification requirements.
- Talk with the tenant again and find out their intentions. While court action is always a potential, it is typically the last choice. It is often much better to work out payment terms or agree upon a move-out schedule directly with the tenant instead of going to court. Remember that you are running a business and it may be better to waive rent/fees or even pay a tenant to move out instead of going through the eviction process which may take longer and result in no additional money being paid by the tenant.
When to allow partial payments
In a situation where a tenant asks to make a partial payment before rent is due and makes the full payment before then, it is okay to allow partial payments. In the case of renting your property to roommates, it is acceptable to accept partial payments from each roommate as long as the total rent amount is collected by the due date plus grace period. If you are using rental property management software, you can allow roommates to make partial payments in order to split the rent amount. You can also decide to not allow partial payments, which means that one tenant has to make a payment for the full amount due.
If you accept a partial rent payment
If you decide to allow your tenant to make a partial rent payment, make sure to acknowledge it in writing. It is important to keep track of the partial amount the tenant has paid and the due date for the remainder of the rent payment. On Schedule My Rent’s landlord dashboard, all of your tenant payments are kept track of and clearly visible on one screen (including any partial payments). If you charge late fees on your lease, specify if you will waive or charge the late fee (and the late fee amount) for the situation.
The disadvantage of accepting partial payments
It is usually not a great idea to routinely accept partial rent payments after the due date plus grace period. If your tenant can’t afford the full rent this month, it is not likely that they will be able to afford the full rent plus the remainder of last month’s rent either. The more you allow that tenant to make late payments, the further behind on rent they will be. As a landlord, you don’t want your tenant to be less concerned about paying their rent or think that not paying the full amount is okay.
Enforcing late fees is a great way to encourage tenants to pay on time. If there is a penalty for paying late, then tenants are less likely to continue to pay late every month. Daily late fees are also a great way to encourage tenants to pay faster. For example, a landlord may charge $50 on the 5th of the month if rent is not fully paid, then charge $10 every day until the rent is paid in full. Schedule My Rent automates late fees and daily late fees so everything is automatically recorded and tenants are sent notices every time a new late fee is added.
Another disadvantage of accepting partial payments is if you allow one renter to make partial payments and not others, you could be accused of discrimination. It is important to keep your rental policies uniform across your properties and units. On the flip side, you don’t want to always allow all your tenants to make partial payments or you might never get rent on time.
In most situations, it is a good habit to not accept partial payments during an eviction. In an eviction process, if a tenant makes partial payments it can extend the eviction process and make it much more difficult to move that tenant out of the property. Schedule My Rent has a feature that allows landlords to stop new payments immediately in an eviction process, helping the landlord move the tenant out quickly. Cash payments at MoneyGram, bank payments, and credit card payments can all be immediately stoped. After the rent due date, it is important to enforce your late fee policies if you don’t receive the full rent amount. Unless you have worked out an alternative solution with your tenant, rent that isn’t paid in full can accumulate late fees.
Use your lease
In your lease you should state when rent is due each month (such as the 1st of every month or the 10th). If your lease has this date, you don’t need to include a clause about partial rent payments. However, if you don’t want to accept partial payments, you should include something in your lease that prohibits renters from making them. The statement should include a consequence for making a late payment such as lease termination, damage to credit, one-time and daily late fees, or eviction.
Run your business
If tenants are having financial troubles, they probably are prioritizing which payments are absolutely necessary that month and which ones have some wiggle room. Between car payments, credit card payments, and rent payments they need to decide which will have the smallest consequence for a late payment. If you allow a tenant to make late payments, or waive their late fees, then you will probably receive late and partial payments from them regularly.
As a landlord, you most likely need rent payments on time each month for your mortgage. Your bank won’t allow partial payments, so a tenant’s partial payment could put you behind as well. But if your tenant makes partial payments throughout the month and pays the full amount by the due date, that is okay because you are getting paid on time. It is important to remember that you are running a business and have to have rules for tenants to abide by. Run your rentals like a business.
Remember the law
In some jurisdictions, if you as a landlord accept partial rent payments, you might not be able to evict that tenant if they don’t ever pay the balance. It is important to know the laws of your jurisdiction and if you are waiving your right to collect a full payment by accepting a partial payment.
The lease should clearly state when late fees and daily late fees are added. Most state laws have limits or restrictions on how late fees can be added, so make sure you follow your local laws.
Encourage on time payments with Schedule My Rent
As a landlord, it is difficult when you receive late or partial rent payments. Schedule My Rent’s property management software has many features to automate rent collect, charge late fees, and remind tenants of when rent is due. And everything is always documented on the landlord dashboard.
Automated rent reminders
Rent reminders for your tenants go out automatically so you don’t have to remind tenants when their rent is due. Reminders increase on-time rent payments by ensuring that your tenant knows when they need to pay their rent.
Late fee setup
As a landlord you can customize:
- Late Fee: how many days after the due date late fees are applied; if late fees are a percentage of the rent or a set amount.
- Daily Late Fee: when the fees start; after how many days late fees stop being applied; a maximum amount of daily late fees that can be collected.
- Stacking: you can stack any combination of late fees and daily late fee in order to match your lease terms.
Documentation and other information
All tenant payments across all your properties are easily documented on the landlord dashboard. For more information, you can watch a property management software video, read the rental property management software guide, or visit www.schedulemyrent.com
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:
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).
Our online application allows you to add custom requirements and disclosures, and custom questions that will be shown on the rental application. You can add one or more custom questions and choose if you would like them to be required for the applicant. Click the box “Is answer required?” next to the question to require applicants to answer in order to continue.
- Online rental application:
- Custom requirements and disclosures You can add a custom section here with any disclosures or requirements that you want your applicants to see. The applicants are required to check the “I agree” box before continuing. An example of a disclosure is listed on our site at Online-Rental-Application. Please note this is only an example, and it is important to consult with your attorney and comply with state and local requirements.
- Personal information: This section asks for your tenant’s legal name, address, date or birth, social security number, and phone number.You can add a custom section here with any disclosures or requirements that you want your applicants to see. The applicants are required to check the “I agree” box before continuing. An example of a disclosure is listen on our site at https://www.schedulemyrent.com/Online-Rental-Application.xhtml. Please note this is only an example, and it is important to consult with your attorney and comply with state and local requirements.
- 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. For more information on if a guest is considered a tenant visit our site at https://www.schedulemyrent.com/blog/.
- 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?. You are also able to add additional custom questions to this section to help with your applicant screening process. 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.