Posted by Teresa on November 9, 2010 under Rents and Deposits | 
Would you like to eliminate the need to deposit rent checks? How tired are you of hearing excuses for late rent payments? Want to make it easier for your tenants to pay their rent on time?
Consider online rent collection. After all, if you already pay your bills online—it makes sense to use this technology for your rental income, too. And if you asked your tenants, they’d probably vote in favor of online rent payment.
Five Online Rent Payment Services:
- SmartRentOnline.com: Fees are limited to $2 per transaction; no monthly or setup fees are charged. This service allows you to choose who pays the transaction fee: you, your tenants, or a 50/50 split. Tenants set up their bank account information and rent funds are transferred through Automatic Clearing House (ACH) transactions to your bank. Auto-payment means the tenant doesn’t need to worry about it—rent is deducted on the same day of the month, every month. Or, tenants can choose manual payment with reminder emails.
- Simplify’em Pay Rent: With this awkwardly-named service, $5 per tenant per month, gets you get unlimited transactions, tenant billing, and detailed reports. Full income and expense tracking is available to integrate with the company’s property management software.
- RAMSrent offers landlords and property managers a portal through which tenants can apply for housing and pay rent. Tenants may choose to pay by check, Visa, or MasterCard, with a discount on convenience fees.
- PayourRent.com also allows tenants to set up automatic rent payments through e-check or credit card. It offers additional features, too, such as online rental application and maintenance requests, plus a portal to connect all utilities (electric, gas, cable, internet and more) through one interface. You can even post announcements for tenants to see when they check in to pay their rent. There are no setup fees and no monthly fees for 10 or more transactions per month. Multiple bank accounts are okay, too.
- PayClix.com is a secure site with no monthly fees and full reporting, such as email notification each time a payment is made. Landlords and property managers can choose to accept or reject each payment. This eliminates the issue of accepting partial rent payments from tenants, which can complicate eviction proceedings.
Eliminating the hassle of collecting rent checks could be worth the fees involved in online rent payment services. Check out the sites above (none of which is affiliated with E-Renter.com) and see if there is one that fits your needs!
Pre-screen all tenants as part of your standard application process. Background and credit checks will help ensure you rent to qualified tenants. For more landlord resources, including forms and information on tenant screening, turn to E-Renter.com.
Posted by Teresa on November 2, 2010 under Landlord Tips |
Experienced landlords know that into every investment property business an eviction or two will fall. Okay, so that’s a stretch from the old adage, “into every life a little rain must fall,” but it illustrates our point: most landlords will experience the eviction process sooner or later.
If you’re a landlord who’s been fortunate to avoid evicting tenants so far, but are expecting that lucky streak to end soon, you may be experiencing some anxiety about the process. After all, times are tough and tenants everywhere are having a more difficult time with a job market that doesn’t seem like it will ever improve.
Here are a five things to remember when you face evicting tenants—an unpleasant task no matter how long you’ve been a landlord.
Are You Up to Evicting a Tenant? If you’re having trouble evicting a tenant who has failed to live up to the terms of his or her lease, consider that being a landlord may not be your cup of tea. Owning rental property can be a tough business; it takes a tough person to be successful.
Did you Buy an Investment Property or a Non-Profit Organization? Most landlords invest in property to make a profit. The few who don’t want or need to make a profit must be running a charity. If you’re not one of those, remember that you cannot afford to lose money on tenants who damage your property, don’t pay rent on time, or won’t follow your rules.
Being Too Nice Hardly Ever Pays. When you allow tenants to call the shots, some of them take advantage. They sense weakness, which gives them permission them to behave badly. If tenants don’t pay rent on time or otherwise live up to the lease they signed, deal with the situation quickly and move on. Not only will it send a clear message that you are not to be taken advantage of, it also allows you to bring in better tenants. And remember to properly pre-screen all tenants before signing a new lease.
Drama is For the Stage, Not Your Investment Portfolio. Investing in rental property is a business decision. Running your business is not meant to be entertainment. Drama has no place in a business relationship between a landlord and tenant. Nothing in it is worth losing sleep or money over. Keep your relationship with tenants professional and do not allow your feelings to override your business decisions.
If Eviction is Necessary, It’s Not Because of Anything You’ve Done. Remember, you’re not at fault. Theoretically, both parties agreed to the terms of the lease. If you’ve held up your end of the agreement, and your tenant has not, you are usually well within your rights to move toward eviction. That’s why the law allows for eviction.
Of course, if you’ve never been through the eviction process or need legal counsel on how to deal with a problem tenant, it’s best to consult your attorney. Eviction jitters are easy enough to get past—and moving on is good for you and for your business!
Disclaimer:
The contents of this article are intended for general information purposes only, and should not be relied upon as a substitute for obtaining legal advice applicable to your situation
