5 Simple Steps to migrating from SparkRent to RenterUp

 

renterup_sparkrent_closingChange is never fun. It’s especially not fun when it involves changing your ability to receive rent payments. Since SparkRent’s recent announcement, we have received hundreds of calls and emails about our features, capabilities, and the work involved to migrating to RenterUp. I thought it best to distill it down to 5 easy steps, which take about 120 seconds for your first property and about 60 seconds for each additional unit. To migrate from SparkRent to RenterUp, you must:

  • Sign up for RenterUp. Start off by adding property information for all of your rental units.
  • Add rent rules and late fees. You want to collect rent, right?
  • Add tenants to each rental property. If you’d like, you can customize a personal email to each tenant to guide them through their account setup. If you rather send a pre-canned email, we have that ready for you as well.
  • Add your bank account information. We do need to know where your rent should be delivered! For security purposes, we will need to verify your identity.
  • Relax! RenterUp has all reminders and notifications covered.

Your tenants will receive your email about RenterUp and click through a link in that email to quickly set up their account. They will add their bank account information and verify ownership of that account to be ready for all future payments. When rent is due, they simply click “Pay Rent” in RenterUp and it’s done.

You can learn a little more HERE, or if you have questions or concerns about migrating from SparkRent to RenterUp, please don’t hesitate to call or email us. We can talk you through it!

Late Fees. Better Late than Never.

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Late fees. I wish I could tell you that all of my tenants pay their rent on time and, therefore, I don’t have to deal with late fees. Sadly, it’s just not the case for me.

I love hearing from different property managers about how they handle their late fees. I hear everything from “I have good tenants, therefore, I never have to use late fees;” to “My tenants pay on time because they certainly don’t want to be stuck with a $150 late fee.” (yes, that’s one-hundred-fifty American dollars!)

When considering late fees, there are a few important points to keep in mind:

  • You cannot enforce a late fee unless it is documented within the lease agreement
  • Many states set limits on the amount that can be charged for late fees
  • Most late fees tend to be about 5% of the rent amount

So, RenterUp is very excited to announce that we have officially launched Late Fees into our product. When you set up your rent rules, you can simply define your grace period and late fee amount for that unit. If rent goes beyond your grace period, the late fees are applied and tenants are notified. Simple for everyone.

“But I live in New York and my property is in Los Angeles; when is the late fee applied?” I’m so glad you asked. Each property’s zip code identifies the timezone it’s in, so when midnight hits for that property, the fees are added.

We would love to hear about are your late fees. How do you handle them? Do you really need them? Do they help you? Do you enforce them? How much are they? When do you apply them? Let’s hear about them! Our team is listening and will work to adjust this feature to better accommodate your needs.

Feel free to sign up for a RenterUp account and give it a try for 30 days, free.

Property managers are a creative lot.

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My job entails discussing rent with property managers – lots and lots of property managers. Every conversation I have seems to uncover some tactic about rent payments I have not yet considered. I must admit, I seriously underestimated the creativity of property managers as it pertains to rent payment solutions. (Yes, I just called property managers creative.)

For example, one property manager I recently met has his bank send an ATM deposit card (tied to his checking account) to each of his paying tenants. The tenant then takes rent money directly to that bank’s ATM machine for deposit. How does this property manager know which deposit to apply to which home? He changes the rent, subtly, to match the property’s address, so 123 Main Street’s rent might be $1,001.23. I wonder how that month-end deposit matching process goes with 20, 50, or 100 units to reconcile. It seems like a lot of work to me…..but it is creative.

Another creative solution I often hear about are fees, which I blogged about in October 2014 here. Last night, I was talking with a 40+ year property management veteran and he swears by “on-time discounts.” For example, his tenants’ rent might be $800. If tenants pay on or before the first of the month, they get a $75 discount on their rent – no excuses on the second of the month; they pay the full $800 rent.

This creativity in rent payment solutions begs the question: How is there such low adoption for online rent payments when it truly simplifies these processes?

At RenterUp, we realize that changes in behavior are challenging, yet we hear from hundreds of property managers who have creatively deployed hundreds of different solutions. Responsible tenants yearn for a simple way to pay rent and property managers would do well to look for a simple solution. It helps with tenant acquisition and tenant retention. Make rent easy!