All posts by : Maria

Are you still collecting rent using traditional methods? If you are a landlord with a busy schedule or multiple properties to manage, you might be wondering how to streamline the rent collection process. Using an automated rent collection, landlords can save time and focus on other important aspects of the property management business. Automating rent is one of the best solutions for removing the hassle of late payment collections and monthly reminders for tenants. As the property management industry continues to grow, with a 2.1% increase from 2022 to 2023, there is still a growing need for evolution within the sector. To keep pace with this growth, landlords must explore various methods to automate rent collection and streamline the process. Let us explore various ways landlords can implement to automate rent collection and simplify this process.

Card Payments

One option for collecting rent is through card payments and the main advantage is that transfers can be automated monthly. However, one big problem with cards is that sometimes they can be lost and the recurring payments can become failed payments. You have to consider that each payment method has its disadvantages and for cards between 6-18% of payments fail.

Rent Collection Software

Using rent collection software is one of the easiest and fastest ways to automate rent collection. Rent collection software brings multiple advantages for landlords like keeping track of property deposits, accessing payment history, automated receipts, and invoices. Plus, tenants can set up recurring rent payments and automate invoices being convenient for all parties involved.

ACH Payments

ACH payments for rent collection have become popular because they are easy to set up and convenient for property managers. In the U.S. alone these are widely used for rent collection because property managers can automate recurring payments, enabling tenants to set up automatic transfers on a specific date. One main advantage of using ACH for rent payments is the reduced risk associated with stolen checks. ACH payments come with authentication measures which add an extra layer of security for fraud prevention. A survey made by the U.S. News concluded that 73% of respondents experienced one case of identity theft.

Online Payment Portals

An easy solution for automating rent collection is to set up an online payment portal where tenants can securely pay rent using credit and debit cards, bank transfers, or digital wallets. Setting up an online payment portal streamlines the process and allows for automatic recurring payments. Examples of popular online payment portals include PayPal, Stripe, Adyen, and many others. According to Statista, in the U.S., PayPal is the most widely used online payment brand.

Standing Order

Standing orders make collecting rent simple. Tenants tell their bank to send money to the landlord’s bank account every month on certain dates and once it is set up, the payments happen automatically until the tenant wants to stop. This helps landlords and tenants because it makes sure rent is paid on time without the need to do it manually each month.

Automating Rent Collection Overview

Automated rent collection has gained popularity in recent years, especially with the rise of digital technology in the real estate industry, which the epidemic has further accelerated. In 2023, the U.S. Property Management Market size was estimated at $78 billion and is expected to increase to $98 billion by 2029. However, depending on the state you are a landlord, you should read the local laws before any contract lease as it might lead to some legal issues. For example, in California, you cannot require tenants to pay rent electronically. According to local law, the landlord needs to provide tenants with at least one offline payment method option for rent collection like cash or check. In case you agreed with the tenant to enable autopay, this does not mean payments are 100% guaranteed. Sometimes it happens that the tenant does not have enough funds in their account to debit the money. In some states, like Georgia or Kentucky, the laws on termination contracts for nonpayment of rent give the tenant 7 days to complete payment before the landlord can file for eviction.

Why Landlords Need to Automate Their Rent Collection

The benefits of transferring from the traditional way of collecting rent to automating rent collection are multiple. Collecting payments online makes the entire process more streamlined, reducing the need for manual tasks like collecting and processing checks.

Efficiency

Automating rent collection saves time and effort for both landlords and tenants. Instead of manually tracking down each payment and sending monthly reminders, automating rent collection can become an easy task.

Consistency

Automating rent means that payments are received on time, each month. This consistency helps build trust in tenants, recommends them further, and for landlords improves cash flow management.

Reduce errors

Manual rent collection processes can be time-consuming and predisposed to errors. Automating rent collection eliminates the need for paperwork manual and overall reduces the administrative burden on landlords. The whole process is streamlined and becomes more efficient.

How to Get Your Tenants Pay on Time

To make sure tenants pay on time, landlords can explain clearly when rent is due, offer different payment methods, and send reminders before the due date. Make sure you talk to your tenants and find out why they are paying rent later than the date agreed on in the contract. It is advised to have a good relationship with tenants and to let them know what happens if they continue being late with their rent. If tenants are constantly paying later than the due date, additional fees can be charged by the landlord.

Summary 

In summary, automated rent collection helps landlords manage their properties easier than ever. It helps save time compared to the traditional ways of collecting payments by streamlining the entire rental management process. So, if you are a landlord who has not automated rent collection yet, make sure you do it sooner rather than later to reduce the burden for both you and your tenants.

Being evicted from an apartment can be stressful, causing anxiety and disrupting daily life. You may be wondering what to do if you’re being evicted with no place to go?

This article aims to guide you through the challenging time when being evicted with no place to go by providing a range of solutions and steps to secure your immediate needs and future stability. We’ve gathered crucial information to help you find emergency shelter, manage your finances, and prevent future evictions. 

Engaging in a lease arrangement involves a mutual understanding between tenants and landlords, encompassing several aspects, including the concept of “what is a re-letting charge?”. This particular element gains significance when a tenant desires to leave before the lease term concludes. Re-letting charges affect both parties financially, so understanding them is crucial. 

The objective of this article is to help you understand re-letting charges, looking into its consequences, associated expenses, and practical approaches to mitigate its effects. This empowers renters to make well-informed choices regarding lease agreements and their financial responsibilities.

Can Landlords Do Renovations While Occupied?

Home rental dynamics require balancing landlord and tenant obligations and entitlements. This relationship requires understanding property upgrade rules while tenants are living there. Whether you’re a property owner or a tenant, it’s essential to be well-versed in the allowable and prohibited aspects of property alterations during an active lease agreement. But, can landlords do renovations while occupied?

This article explores the complexities of this topic and provides practical advice to help landlords and tenants handle these situations fairly. We will discuss scenarios, rights, responsibilities, and best practices to maintain a harmonious living environment during renovations.

When planning a move, a question that frequently pops up for tenants is about how many can live in a 1-bedroom apartment. It’s a practical concern, especially in bustling urban areas of the USA, where space is at a premium.

Federal guidelines provide a baseline, but state laws and the individual circumstances of each dwelling and its occupants reveal the true picture. From busy New York City to laid-back California, occupancy standards change with lifestyles and community norms. 

This article will examine how federal and state standards interact and how family size and apartment layout affect these living arrangements. Understanding this is crucial for both tenants seeking a harmonious living environment and landlords navigating the legalities of rental agreements.

Navigating the dynamics between tenants and landlords can often be challenging, especially when it comes to understanding rights and responsibilities. One crucial aspect of this relationship is the realm of property inspections. But can a tenant request inspection?

This article explores in detail whether a tenant can request an apartment inspection and under what circumstances. This will also serve as an informative resource for both tenants and landlords, aiming to clarify the rights, responsibilities, and best practices surrounding rental property inspections. 

A guest becomes a tenant in Pennsylvania if they stay in the property for 30 consecutive days, or contribute payment to rent and bills anytime during their stay. If either of these scenarios occur, the guest becomes entitled to the same rights and responsibilities as the tenants of the property.

A payment or partial-payment of rent indicates an intention to permanently live in the property. Therefore, a guest contributing monetarily is no longer a guest.

If the landlord finds out about the guest living in the property and one of the two scenarios have occurred, they must treat the guest like a tenant if they want them to leave, and issue and official eviction notice.

If somebody is living with you without being on the lease, it’s best just to be open and honest with your landlord, and get them added to the lease.

If you have any questions about this issue, please contact us and request for a landlord/tenant mediation consultation.

Yes, a notice to vacate can be withdrawn. However, this requires agreement from both the landlord and the tenant. Also, note that local home rental laws vary. So, to ensure compliance, review local regulations or consult a lawyer. In a general sense, if both the tenant and landlord are in agreement, the notice to vacate can be rescinded, allowing the rental arrangement to persist as it was.

Can a Notice to Vacate Be Withdrawn?

Notices to vacate pose a significant hurdle for both homeowners and tenants. While this may seem like a complex issue, this article is here to simplify it for you. Can a notice to vacate be withdrawn?

We’ll provide you with a comprehensive understanding of eviction notices, encompassing their time-frames, reversibility, and intricate nuances. Our goal is to guide you through every facet in a clear and accessible way, ensuring that your questions are answered and that you feel empowered to handle eviction notice situations with confidence.

Yes, leasing an apartment through your LLC is feasible. An LLC operates as a legitimate business structure, and like other businesses, it has the capacity to rent properties. In essence, the rental contract would bear the LLC’s name instead of your individual name.

Can You Rent an Apartment Under Your LLC?

Managing personal real estate comes with its own set of challenges, particularly when thinking about personal risks and taxation. This prompts many property owners and investors to wonder: Is it possible to lease an apartment through an LLC (Limited Liability Company)?

This article dives deep into this query, highlighting the prerequisites, advantages, potential downsides, and specific situations of this strategy. By the article’s conclusion, one should have a better grasp on whether this method fits their goals and situation.