Tenants – Propertyware

Bitcoin Use Is on the Rise. What Does That Mean for Property Managers?

Jake Belding — Tue, 22 Feb 2022 15:47:39 +0000

In April, 2021, California real estate billionaire Rick Caruso announced his company would begin accepting Bitcoin for rent payments. In March, Morgan Stanley announced it would provide access to Bitcoin funds for wealth management clients, making it the first U.S. bank to do so. What once seemed like a shady currency meant for the darker parts of the web is now going mainstream. In fact, 16 percent of Americans have invested in cryptocurrencies such as Bitcoin, according to a Pew Research study, and even entire nations are giving it legitimacy. With Bitcoin and other cryptocurrencies growing in popularity, more real estate investors and property management companies may follow Caruso’s lead, allowing tenants to pay their rent in crypto. In fact, there are already rent apps that make it possible. It’s easy to feel the pressure to jump on the bandwagon and accept it as an option for rent payments. If your owners or investors are interested in cryptocurrency, or if you’re thinking about getting in on Bitcoin yourself, there are some questions to ask first. Let’s explore exactly what cryptocurrency is, how it’s used, and what property managers should consider before investing.

What is Cryptocurrency?

Bitcoin is just one many different kinds of cryptocurrency (crypto) out there. Crypto refers to any digital currency that is secured by cryptography using blockchain. Basically, it’s virtual money held in a network of shared databases that are encrypted not only for security, but also to keep a record of each transaction in a digital timeline.

What Is Blockchain?

Blockchain encryption records data in “blocks” that you can imagine as buckets. When the bucket fills to the top, information flows into the next bucket, and the two buckets are linked in chronological order. For that reason, blockchain is mainly used to store financial information, such as ledgers and crypto transactions. It’s also used to execute smart contracts, where an action, such as the release of a security deposit, doesn’t take place until a condition is met, such as an apartment inspection. When someone invests in crypto, their shares, so to speak, are held in a crypto wallet until the owner converts them into currency such as the U.S. dollar. Wallets are secure digital storage devices that use both a public key, or address, to which people can send crypto to you, and a private key, or digital code held only by the wallet’s owner.

How Do Crypto Payments Work?

Although it’s referred to as a currency, crypto doesn’t work like dollars or euros at the moment. The only exception to that rule is El Salvador, which has adopted Bitcoin as legal tender. Crypto currencies such as Bitcoin are actually purchased through exchanges, much like stock. The value of crypto moves up and down like stock, as well.

So how does that work for rent payments?

If a tenant pays rent in crypto, they’re simply transferring some of their shares to you, usually via an app. Through the app, owners or property managers can then convert crypto to dollars.

The Pros of Crypto

There certainly are aspects of cryptocurrency that make it appealing. If an owner or investor is weighing their options, here are some pros you can offer them:

Security

At the moment, crypto is stored and distributed over a network of databases that are outside of the control of governments, banks, and other regulating institutions. While that makes investment in crypto somewhat risky, it also guarantees that the currency won’t collapse at a single point of failure, such as a bank going out of business (think Lehman Brothers). And while nothing is totally hack-proof, its blockchain storage system makes it pretty difficult to break into.

Convenience

Since the beginning of the pandemic, the demand for contactless, on-the-go transactions has gained incredible momentum. Crypto provides yet another convenient payment option property managers can offer their tenants. Because of its decentralized nature, there is no third party to go through for money transfers, making transactions from the tenant to the property manager or owner quicker. If you manage properties overseas, cryptocurrency makes international money transfers easier, as well.

Investment

Cryptocurrencies are more of an investment opportunity than a way to pay the bills. Because they function much like company stocks, with fluctuating value, they’re meant to be held onto until you can cash out when the price is high. If you’re a larger property management or investment firm looking to experiment with different investment opportunities, allowing rent payments in Bitcoin, for instance, can get you started in cryptocurrency.

The Cons of Crypto

Bitcoin and other cryptocurrencies get a lot of hype in the media, which may pique your owners’ interest. It’s worth informing them of the risks that are involved, however. And there are a few.

Risk

Of course, the fact that there are no regulating bodies and that cryptocurrency is, essentially, a virtual currency poses some risks. First, while it’s incredibly difficult to hack blockchain networks, it’s not impossible. According to an MIT report, hackers stole almost $2 billion in cryptocurrency between 2017 and 2019, mainly from exchanges. Should a hacker or scammer gain access to your wallet, you could be wiped out in seconds. Like the stock market, the volatility of cryptocurrency poses some risk, as well. If you don’t convert your Bitcoin at the right time, you could lose money.

Lack of Immediacy

As we mentioned earlier, cryptocurrency is not meant for daily transactions. In fact, it can take up to 10 days to convert Bitcoin into dollars. If you or your owners are collecting rent to pay the bills, Bitcoin isn’t going to help. Instead, look at Bitcoin as an investment opportunity. If an owner or investor is keen on offering it as a payment option, they should ensure they have enough money coming in through traditional rent payments to allow them to take on some payments as investment only.

Difficulty Tracking

Bitcoin and other cryptocurrency users are anonymized using a numerical code and different public keys for each transaction. Transactions, therefore, can’t be traced back to the user. That’s bad for two reasons. First, if you have a dispute over payments for services rendered and your client paid with Bitcoin, there won’t be any public record of the transaction, making your case hard to prove. Second, if you are sent the wrong amount by mistake, the transaction is irreversible.

No Government Regulation

If you make a transaction using traditional U.S. dollars, you have the FDIC and other bank regulations to protect your money. Not so with cryptocurrency. Because there’s nothing regulating transactions, you have very few legal protections.

How Property Manager Can Approach Crypto for Rent Payments

In early 2020, almost no one in the property management space was thinking about cryptocurrency. Now, however, the idea of a virtual currency that allows for quick, contactless payment is more appealing to property managers, owners, and tenants alike. Even if you’re not ready to dabble in crypto payments, you may come across an owner or investor who is. Having a knowledge base that can help guide them will add value to your business. And if you have the flexibility to move into crypto payments for interested owners and investors, all the better. Property management companies with no investments of their own will have to figure out transfer rent money paid in crypto to owners and investors. While crypto transactions are quick, creating a new process may take time. If you’re in a position to experiment with cryptocurrency as an investment opportunity, keep an eye on the market and plan your entry carefully. As with all investments, weigh the risks against the benefits before you jump in.

Rent Payment Options: Why Online Payments Will Now Dominate

Murphy McNutt — Tue, 23 Jun 2020 23:52:48 +0000

By Laurie Mega

Even before the coronavirus outbreak, rental payments were going through something of a revolution. The once ubiquitous check or money order has been giving way to more secure and immediate forms of payment, from credit cards to payment apps to online portals. There were several reasons for this, from sheer convenience to security, to the demand for mobile availability from millennials and Gen Z. The current pandemic is now the straw that broke the camel’s back. As property managers search for ways to keep their businesses running and their residents happy while practicing social distancing, mobile and electronic payment options are becoming a more appealing choice over paper checks, money orders, and cash that requires interactions with residents, bankers, and postal workers. So will online rent payments eliminate more traditional options? We think they just may.

The Pros and Cons of Traditional Rent Payment Options

Traditional rental payments are still popular, especially with certain demographics. Cash, Check, or Money Order In a 2014 study by the Federal Reserve Bank of Boston, the most recent data, 22 percent of American renters paid with cash, 43 percent paid with check, and 16 percent paid with a money order. In a 2017 survey, the FDIC found that 25 percent of Americans either don’t have a bank account or use financial services outside their bank account to make payments. And half of them said it was because they don’t have enough money to keep a minimum balance. Paying with cash or purchasing a money order are still go-to methods of paying the rent with low-income renters. Or they may pay through a walk-in payment system (WIPS) available at many chains or big box stores. With a WIPS, residents pay in cash at a participating store. The store then transfers the money directly to the property manager. For residents who do have bank accounts, money orders and certified or cashier’s checks have traditionally been preferable for both property managers and residents. Both cashier’s and certified checks are guaranteed by the bank that issues them, which means they won’t bounce. Money orders also guarantee funds. All of these methods are trackable, so there can be no dispute overpayment.

The Disadvantages of Traditional Payment Methods

All of these payment options may serve your residents best. But there are disadvantages for both residents and property managers with each of these. First, cash is hard to trace. Even with banking statements and deposit slips, it’s easy to lose track of cash payments, especially if you’re getting the same cash amount for multiple tenants. There’s no name or check number attached to cash, after all. Personal checks can bounce. And certified or cashier’s checks can be a hassle to obtain and cost your residents extra money (up to $10 per check). Money orders, too, cost a little bit extra (up to $5 per order), and as with WIPS, your residents have to go to a physical location to get one.

Traditional Payments and COVID-19

And that’s the final nail in the coffin for payments of these types. They have to be made in person or sent through either a store, a bank, or the mail. Experts now fear a second virus spike could happen in the fall and winter of this year. And a vaccine will not be available to the public for at least a year, by researchers’ best estimates. That means social distancing will remain the norm for some time to come. The fewer residents and property managers have to come in contact with each other, the better. And rent payments is one area where property managers can proactively reduce infection risk.

Electronic Payment Options

Electronic payment options eliminate the need for contact. But there are some facts.

Credit or Debit Card

In April 2020, credit card payments for rent were up 30 percent over the previous month as people avoided going out for even the simplest walk to the mailbox. Credit and debit card payments are indeed becoming a more popular way to pay for rent. Not only is it convenient, but residents with cashback or points cards can benefit from a large, regular charge to their card.

Wire Transfer

Some property managers allow wire transfers, but this isn’t really a good idea. In order for a wire transfer to happen, you would have to share account and bank routing information with your residents.

Online Payment

Millennials now make up a large portion of the rental market, and their preference for online and mobile convenience is well known. At the same time, Gen Z, who have never lived in a world without the internet, are starting to enter the rental market. These new populations, coupled with the new need to remain socially distant, are driving a surge in popularity with both payment apps and online portals. There are a whole host of payment apps you can use to charge and collect rent money from tenants, but you should really use a payments platform integrated with your property management system so that you don’t have to rekey entries, eliminating potential mistakes. Pro Tip: If you use a payment app for rent, spell out in the lease which app you use, what the service charge is, and how that affects the rent. You may even want to look into an online portal for charging and accepting rent. Online solutions such as Propertyware handle rent payments seamlessly while providing a whole host of other services for residents, owners, and property managers. You can use them to sign and store lease agreements and other documents, track work orders, send messages to residents, and the PMC can even interact with owners through their own portal. There will still be resident populations who will use more traditional forms of rent payment. But as younger renters flood the market and the current pandemic continues to act as a catalyst for change, online payments just may replace check, cash, and money orders as the principal way residents pay for rent.

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How to Screen Potential Tenants

Leah Mendes — Thu, 09 May 2019 13:58:48 +0000

We know that proper tenant screening is critical in property management. But it doesn’t have to be as intimidating as it might sound, especially since most applicants apply online. A property manager who can screen as quickly and easily as a prospect can submit a rental application is likely to get better tenants while reducing the risk of default and bad debt. Enhanced Propertyware Tenant Screening allows staff to automatically screen every application for a rental property in real-time and provides property managers a comprehensive screening report that’s easy to read. But it’s no ordinary solution. Using new technology, Propertyware Tenant Screening can be customized to fit screening preferences and separate a good tenant from a high-risk one, while staying in compliance with federal housing rules and regulations. The easy-to-use platform combines advanced technology with the features and capabilities you need most to move your business forward.

Customize screening criteria and cut wait time

Property managers can decide − and rank − which search criteria is most aligned with the portfolio’s business goals to maintain complete control of decision making. Reports are both thorough and easy to read, and instant criminal record searches are at your fingertips. The configurable setup wizard allows for criteria adjustment, and even variation, between portfolios, buildings and units. Instant criminal records searches minimize or eliminate the wait time for status updates. The overall recommendation score from 0-10 uses an intelligent scoring algorithm that leverages your criteria, similar tenant profiles screened and the combined applicant score to help you minimize delinquency risk. Now, you can make decisions based on the combined scores for all applicants and guarantors on the property – not just an individual score.

Generate easy-to-read reports

With Propertyware, you get a detailed, actionable report with a simple thumbs-up or thumbs-down. Together with a score based on your chosen criteria, not just a pass/fail, this promotes quicker, more informed renting decisions and generates them in seconds.The entire process is done through an integrated solution with no extra work outside the system required.

Add guarantors

When guarantors are needed to approve an application, advanced capabilities provide the right solutions. Guarantor override features allow you to add guarantors based on specified criteria. Also, different screening criteria for applicants and guarantors can be set up.

Offer support

Available online and around the clock, the online portal helps ensure that renters can quickly get the help they need. Propertyware’s Renter Relations team works directly with renters to resolve credit, civil and criminal misinformation.

Manage credit vendors

Propertyware works behind multiple credit bureau support, which allows an automatic fallback order for credit vendors, ensuring credit responses are always available.

Access enhanced rental history

Expanded rental payment history from RentBureau complements RealPage’s current industry-leading rental history database, contributing to better informed screening outcomes.

Easily add applicants

Applicants can be added and removed for a quick, simple and seamless process. Propertyware Tenant Screening services provide a comprehensive and easy-to-read report, ultimately driving occupancy, mitigating risk and lowering end-of-lease costs. Learn more about Propertyware Tenant Screening!

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How to Improve Tenant Retention in Single Family

pwadmin — Fri, 08 Jun 2018 10:17:46 +0000

In the single family rental market, renewals often make more sense than new lease trade-outs. For property management companies, there are inevitable costs associated with turnover and finding a new tenant. Luckily, with a few strategic moves, tenant retention can be simple.

Incentivize renewals

Everyone loves perks, so offer tenants something special to celebrate renewals. Such incentives don’t have to come at the expense of your company. Consider gifting upgrades that also benefit a home’s value. Flooring improvements, a one-time cleaning service, lawn services, fresh wall paint and new appliances are all incentives that can excite tenants and enhance a rental. For a more personal touch, align incentives with tenant interests. Do your renters have children? Amusement park season passes or movie theater gift cards can be welcomed gifts that help tenants feel appreciated. Do your renters work around the clock? Coffee shop vouchers or a new tablet computer can resonate with the needs of on-the-go tenants. Ongoing incentives can be a proactive and equally influential tool. Partner with a variety of nearby businesses to offer regular and significant discounts.

Create a community

Even single family rentals can foster a sense of community. A strong relationship between a renter and their property management company has the power to make the renewal process quick and seamless. Helping renters feel at home begins and ends with engagement. Communicate information efficiently and through a tenant’s preferred channels. When a tenant initiates a dialogue, respond in a timely manner to help them feel heard. Quick and meaningful responses are an easy way to build trust. An established maintenance crew can also contribute to building repertoire with tenants. Consider featuring your maintenance team on the property website, or having a maintenance employee onsite during move-ins. Property management companies with multiple single family homes can also generate a community among tenants. Lease out a fun space for quarterly events that prompt mingling. Game nights, sports fantasy leagues, raffles and catered meals can engage and connect tenants. With the right tools, you can create an outstanding living experience and retain more tenants. Sign up for a free trial to learn how Propertyware can help!

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Reduce Risky Business with a Cash Payment Solution

pwadmin — Mon, 12 Feb 2018 23:15:24 +0000

Imagine this scenario: A property manager and associate are finishing up work on a Friday evening. A man walks into the office, pulls out a gun and demands money while holding the two at gunpoint. He makes off with a few hundred dollars and the associate’s jewelry. On the way out, he pistol-whips the property manager. Sound like a scene from a movie? That is exactly what happened last May in Bakersfield, California. The property manager asked the police and news reporters to keep his identity and location confidential. It’s easy to see why. Any property office dealing with cash rental payments runs the risk of theft. Perpetrators can include tenants, their friends and even employees. Today, if you accept cash payments for rent from your tenants, you can leverage property management software to avoid the risks of on-site cash handling. Residents can pay in cash without your staff having to manage the process on-site. You can meet your tenants’ rent payment needs while improving your security, reducing payment expenses and eliminating the need for cash payment accounting controls.

A convenient cash payment solution

Today’s electronic payment technology is simple for tenants and for you. Residents can use their mobile device to search for the nearest payment location at retailers like Walmart and Ace Cash Express or Kroger, generate a payment voucher and verify payment posting in one simple process. These payments are approved, processed and updated to your ledger automatically. You can choose to accept or exclude partial payments from each tenant on the lease. One of the benefits of tenants paying rent through a cash transaction is that every retailer has security in place to reduce the risk of theft. Additionally, these services can link to your property’s bank account and have the accounting controls to keep your ledgers up-to-date. In short, today’s property management technology provides you with payment options that are simple to use, safe for cash transactions and financially sound. There’s no need to spend time resources on handling cash when you can have the right technology partner with the right solutions. Learn more information about Propertyware Cash Payments.

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How Tenant Portals Make Online Rental Payments Easy

Marc Eiting — Wed, 18 Oct 2017 10:00:32 +0000

When you allow online rental payments via a tenant portal system, you make payment easier for your tenants. Today, digital payments are common, and people are more likely to be willing to pay their bills and their rent online. For your business, this means that you’ll be paid quicker and the entire process will be easier for you and your tenants.

Encouraging tenants to pay online

Some of your tenants may be comfortable paying online, while others may be more reluctant. For those who are worried about online payment, you can offer a simple tutorial and implement additional website security to reassure them that their information is safe. If tenants have a hard time remembering to sign up, provide an incentive for new people. Make the online signup process a standard part of your new tenant program.

Electronic payments are easy to track with your property management system

When you’re doing online payments, your payments become much easier to track. You can get your software programs to automatically track when payments come in so that you can understand who pays on time and who is chronically late. Your software can tally up overdue payments for you, and it can give you reports on the percentage of on time payments throughout the year.

Online payments facilitate automation

As you try to get certain processes more automated, payments are a logical choice. An online payment system is easy to manage with automatic invoices, and it’s also simple to set up recurring reminders through your software and payment systems. Not only is online payment faster, it saves your employees time.

They are attractive to tenants

While online payments are helpful for you, they’re also very attractive to most tenants. Tenants want to pay their bills at night and avoid going to a mail box. The convenience of online payments can become one element of a package that attracts new tenants to your business. Additional Reading: Top 25 Websites for Advertising Your Property Rental Listing

Improve your cash flow

If your cash isn’t flowing, you have a much harder time running and building your business. Getting online payments is quicker and easier than receiving checks in the mail. Quoted in The Globe and Mail, Mike McDerment CEO of FreshBooks states that “managing your cash flow is basically the lifeblood of your business as a small business owner, so with something so mission critical, you want to choose carefully.”

You can focus on the future

Online payment frees up your cash flow to focus on the future. A Wall Street Journal article (subscription required) mentions that small business owners are “finding that mobile-payment devices and other technologies are making it easier …to turn sales into working capital overnight.” In this rapidly-moving world in which properties, tenants, and business needs can change so quickly, implementing a property management system that can help with online rental payments allows you to free up time and money to focus on the future. Are you trying to make it easier for your tenants to pay online? With its unique tenant portal, Propertyware’s property management software makes it simple for tenants to go online, ask questions, and make payments.

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4 Most Common Tenant Complaints and How to Handle Them

pwadmin — Tue, 10 Oct 2017 23:26:44 +0000

Working in property management demonstrates time and again that no matter how well you maintain your properties, some problems are still bound to crop up. And more often than not, it is the responsibility of the property manager to resolve the situation. Handling tenants’ complaints in the right manner can go a long way in alleviating their concerns, upping tenant-retention rates, and helping establish your reputation as a person who cares about the well-being and safety of his or her clients. Here are some of the most common complaints that tenants usually have and the best ways to handle them.

1. Maintenance problems

With maintenance issues being the most common problem plaguing most tenants, the first step to handling such complaints quickly and smoothly should be the setting up of an effective complaint resolution system. It goes without saying that a lease should include specific instructions on how to raise a maintenance request, the expected response time for different types of maintenance complaints, what to do in case of an emergency and so on. For example, many property management companies now ask their residents to raise an online maintenance request in order to simplify the process and allow easy tracking. Whatever the chosen mode of notification, make sure to respond to all requests promptly, ideally providing a time frame when they can expect the issue to be fixed. If the resolution time has to be adjusted based on the nature or severity of the problem or you have to call in additional resources, inform the tenants accordingly so they are prepared. You can also follow up with the tenants a few days later and confirm that the problem has been resolved to their satisfaction. Though this may seem like an unnecessary step, it shows you actually care about the tenant’s comfort and well-being and are not simply checking items off a to-do list. While we are on this, remember to keep all tenant–landlord communication in writing, along with other paperwork and receipts for the maintenance work done. This will become critical if your tenant decides to drag you to court or you enter into a legal dispute.

2. Lack of proper communication

Nothing irks a tenant more than delayed or nonexistent communication. No one likes to deal with a property manager or landlord who is always unavailable, does not answer his phone calls, or never replies to any email. Maybe you did not respond to his first email because you felt his complaint was invalid or not your responsibility to address. But what the lack of response conveyed to the tenant was your unwillingness to listen to his problems. Good tenants are hard to find. If you don’t respond to their issues in a timely and effective manner, you’ll lose them to another landlord who values and respects them.

3. Noisy neighbors

Another common, but tricky complaint that tenants often have is about noisy neighbors. Yes, from loud parties to pets that bark continuously at night – you’ve heard it all. But many a time, the cause of the problem is out of the purview of a landlord or a property manager—yet the tenant still expects you to do something. To start, you can always increase insulation, add shrubbery, or install new carpeting or soundproofing. If the neighbor responsible for the “noise” is not renting from you, you can encourage your tenant to try to resolve the situation amicably on his own. If it does not work, you may want to consider addressing the issue with the owner of that property yourself. It is easier to find a solution if one of your tenants is causing the problem. As a first step, try speaking to him directly to understand the issue. You can also ask other tenants if they have been disturbed by loud noises from the property. If the problem is determined to be genuine, inform the tenant that a complaint has come in against them and try to work out a solution that everyone is comfortable with. If possible, you can offer to shift of the tenant to a different apartment at no extra cost. Don’t forget to inform the tenant who raised the complaint that you are taking active steps to resolve the issue. If the problem continues in spite of all remedial steps, you may choose to give the tenant a Cure or Quit notice, provided your lease contains a clause related to noise violations or quiet hours. Retaining one bad tenant vs. losing many good tenants – the decision should be easy.

4. Pest invasion

No one wants their home invaded by bugs, cockroaches or rodents. And if it is an apartment or a problem, the problem can quickly spread and get worse. Take prompt action and call an exterminator immediately if your tenant reports pest issues. Don’t forget to schedule a follow-up appointment after a week or so to ensure the problem is completely resolved. To prevent such problems from occurring in the first place, take preventive action and have your properties treated periodically.

Some general guidelines for handling tenant issues

Anyone in the rental housing industry will admit it is impossible to avoid problems altogether in a tenant-landlord or tenant-property manager relationship. It simply comes with the territory. However, you can reduce conflict and maintain a good working relationship by keeping your cool and behaving in a mature, responsible manner. Always let your tenant know when or how they can contact you and what to do in case of an emergency or if they need to contact you outside normal working hours. Never lose your temper or let go of your professionalism. Do not resort to threats or screaming, even if the other person does so. If you feel that the situation is becoming dangerous or unsafe, withdraw and inform the concerned authorities. Kurt Jacobson is a snowboarding enthusiast with a background in real estate. Having moved 11 times in the past nine years, he thrives on helping others learn from his experiences. When he’s not out shredding the mountain, he writes about all things rental related for RentFinder.co.

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How to Reduce Rent Processing Time by up to 42% – While Thrilling Your Residents

pwadmin — Tue, 19 Sep 2017 10:20:37 +0000

These days, most people greatly prefer to take care of business online. In fact, it’s becoming unusual to see people writing checks. So why should it be any different when it comes to paying rent? Online rental payments are a huge hit with renters, allowing them to pay when, where and how they want to – by credit card, debit card, e-check or ACH – even using their mobile devices! You get paid more quickly, and there’s no more manual check processing to burden your staff. And, paying vendors and owners is faster and easier too. Everyone wins. There are no processing fees for you to pay, and Propertyware Payments more than pays for itself in saved time and hassles. If you’re already using an online rental payments system other than Propertyware’s but are a Propertyware user, you’ll make a huge leap in efficiency by switching to our solution to take advantage of integration with your core software. No more double entry or importing of data. What’s more, Propertyware Payments is completely integrated with the owner and tenant portals, and lets property managers and owners view their ledger balances anytime, anywhere.

Rescuing the first week of every month

Traditionally, the first week of a property manager’s month has been dominated by check processing. Propertyware Payments reduces this time drain by up to 42%, freeing your staff for more productive tasks. Of course there will be those tenants who still prefer to pay by check; but Propertyware Payments incorporates check scanning, which matches the checks to tenants and enters their payments, extracting the information it needs for the bank and tenant ledger. No more time-consuming, error-prone data entry, copying, filing and trips to the bank. An automated rent reminder helps ensure renters get the payments in on time. And Propertyware Payments gives you a heads-up if there’s eviction or collections activity in progress.

Easily transact with owners and vendors

You’ll be able to quickly and easily pay vendors, make owner disbursements and accept owner funds for repairs and other costs. Vendors appreciate the quick, accurate online payments and reward you with loyalty and better service, and owners love having online visibility into all payment activities through the Owner Portal.

$11 billion worth of confidence

Propertyware Payments is powered by RealPage, which processes more than $11 billion in payments annually. So you can be certain your transactions will be secure. With all these advantages, it’s easy to see what a huge return Propertyware Payments can deliver. Talk to your Propertyware representative about putting it to work for you today!

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Eight Fire Safety Tips for Single Family Rental Properties

Leah Mendes — Mon, 14 Aug 2017 18:06:48 +0000

Fire prevention and safety should be a top priority for those managing single family rental properties. The U.S. Fire Administration shared that in 2015 (the most recent year for which full statistics are available), there were 380,900 residential building fires in the United States which resulted in 2,565 deaths and over seven million dollars in losses. Following these eight simple tips can help keep tenants and single family rental properties protected from fires during the summer and throughout the year:

1. Educate tenants on proper fire procedures

Make sure tenants are informed about what do to when a fire occurs, and always have a fire extinguisher handy. Additionally, make sure they are aware that grease fires must be smothered rather than extinguished with liquid, as pouring water on a grease fire can turn explosive.

2. Teach children about fire safety

Tenants should establish fire safety rules for their children (such as restricting cooking activity when a responsible adult is not home and not playing with lighters or matches) and teach them what do to when a fire occurs. Sparky.org provides kid-friendly videos, activities and games to educate children on fire safety.

3. Check and maintain smoke detectors

Three out of five home fire deaths result from fires in properties without working smoke alarms, according to The U.S. Fire Administration. The organization recommends for alarms to be tested monthly, and for batteries to be replaced twice per year.

4. Don’t leave stoves or open flames unattended

Avoid walking away from the stove, as leaving for even a minute or two can turn deadly. Additionally, do not leave cloth hot pads or kitchen towels too close to the burner. Never leave a candle or any other type of open flame unattended in any part of the home.

5. Take precautions while grilling

Irresponsible use of a grill too close to the property can quickly turn to disaster. Take care to keep any grilling flame low and controlled. Refrain from using any squirted or launched accelerant (such as lighter fluid) in a showy attempt at entertaining others.

6. Regularly inspect kitchen appliances

Periodically inspect the condition of all electrical appliances, including the microwave. Check vents for dust, pet hair and other clogs. Also inspect cords for exposed wire and while you are inspecting, make sure the outlets are not overloaded.

7. Position storage items away from potential flames

Don’t store items you need to get to while cooking over the stove, as reaching across a hot stove can lead to serious burns.

8. Be aware of smoking hazards

Tenants should never smoke in the home when tired, after drinking, while medicated or when they are likely to become drowsy. While kitchen accidents are more likely to cause fires, fires started with a cigarette are more likely to result in a fatality. Fire safety is a collaborative effort between tenant and property manager. To keep single family rental properties and precious human lives safe, care and awareness of hazard and safety protocol is essential. Get more fire safety tips from The National Fire Prevention Association, which can be downloaded and distributed to tenants. This article is provided for informational purposes only and should not be relied on at the exclusion of seeking the advice of a qualified professional. If you have any fire safety questions, you should consult with a trained fire safety professional.

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How to Prepare for and Welcome New Tenants

Leah Mendes — Fri, 09 Jun 2017 14:47:48 +0000

You’ve been over the basics, right? Your vacant rental property has been inspected, repaired where necessary and cleaned in preparation for your new tenant. You’ve taken great pictures and videos of the property inside and out. You’ve even gone as far as taking pictures of the neighborhood, highlighting the popular microbrewery and trendy sushi place within walking distance. You’ve listed the property on all the applicable sites, and received inquiries from prospective tenants. But your work isn’t done yet. Consider these areas when preparing for and welcoming new tenants to your rental properties:

New tenant screening

Screening potential tenants can be a sticky area. You definitely want to spend time and resources to find out who you will be renting to and avoid problem tenants who won’t pay the rent. When the tenant contacts you about your rental, ask some questions right off the bat to determine how serious and motivated they may be. After all, this is a busy time for property managers and property managers. If the person is looking to move in six months, it is probably not the best idea to waste time showing your property to them when you have more immediate movers interested. On the other hand, people who need to move in today or next week may show a red flag as being poor planners. For those with an immediate need for a new residence, ask why they are moving. Look for answers like evictions or problems with property management companies or neighbors. If they were unable to get along there, they will probably bring those same issues to your property. Ask for references, personal, former property managers and employers. The length of time the tenant has known their personal references can show stability, as well as the amount of time they’ve been at their current job. If they job hop every six months, you may want to find out why. When speaking with property managers, go back to a previously vacated residence. If the tenant was a bad one, they may well remember and be willing to give you the straight story about them.

Credit, background and criminal records

When you determine that a prospective tenant may be a good fit, get them to consent to a credit check, background and criminal record check. If they don’t consent, you should disqualify them immediately. It most likely means they have something to hide and you probably wouldn’t want to deal with them anyway. On the credit check, look for a history of late payments or serious delinquencies such as past bankruptcies, maxed out credit cards and massive debt. This may indicate an inability to manage their finances. The same holds true for background checks. Look for red flags such as tenants who have been sued for nonpayment of child support or other serious financial problems. Criminal records are sticky matters. A problem that occurred many years ago, with no recurrence, can often be overlooked, but keep in mind the safety of your other tenants if you have a multi-family property, and your own safety. Remember, the Federal Fair Housing Rules prohibit discrimination based on race or color, national origin, religion, sex, familial status or disability. There is a fine line between getting the information you need for your peace of mind and overstepping into too personal territory.

First month’s rent, security deposit and pet deposits

Once you’ve decided on a tenant, make sure to collect the first month’s rent, security deposit and pet deposits all in one lump sum. Moving expenses are a big burden on your new tenant, but not having all of the necessary funds up front, can be a sign that they are poorly organized or not financially responsible.

The lease agreement

When you meet with the tenant to accept their funds, you should also go over the lease agreement with the tenant, making sure they are clear on the rules. Things like not smoking in the unit, prohibition of adding roommates without prior consent and tenant screening should be highlighted here. Also, if you plan on requiring electronic payments, and your state allows this, now would be the time to let your tenant know.

Checklists for you and your new tenant

When the lease has been signed and the tenant has the keys in hand, have them walk through the property prior to move in with a checklist. There are loads of options online that you can just print off for convenience sake.

Move in welcome

Once you’ve found the one, as far as rental properties go anyway, providing a small gift such as a bouquet of flowers or a gift basket of some kind is a great idea. Possibly, a basket from the local discount store filled with things that people often need when they move into a new place. Maybe a couple of rolls of paper towels, toilet paper, bottles of water and if you’re feeling generous, maybe even a gift card to that restaurant on the corner. I promise you, your tenant will remember a gesture like that!

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