Landlords Can Save Money With a Nest Learning Thermostat

Landlords and renters have many ways to save time and money.  One way to save time every month is by using landlord software like Schedule My Rent to automate rent collection.  Another way of saving time and money is by automating your heating and cooling with a Nest learning thermostat.

Ways to maximize rent and profit on your rental:

1.    Make your rental appealing to great renters so that you can quickly rent a unit that becomes vacant.

2.    Have renters that stay in the rental for many years so you reduce the expense and time of turning the rental (repairs, painting, cleaning, advertising, showing, applications, etc.).  If a unit is in good shape and has nice features, renters are more likely to stay and to take good care of it.

3.    Save money on electric and gas bills.  If you are paying utility bills, these saving flow directly to your profit.  If renters are paying, having lower bills is a great selling point.

It might sound crazy, but switching an old thermostat to a new Nest thermostat may help with all of these items.

A Nest thermostat helps in many ways:

·       It makes a rental unit look more modern.  A tenant will immediately notice a Nest thermostat and think that the rental unit has been upgraded and will be a nicer place to live.

·       It can be controlled from any computer or phone with the Nest app, which is a great selling feature.

·       It automatically learns the renter’s schedule and will automatically raise and lower the temperature to always keep it comfortable inside.

·       Save $131 - $145 every year on utility bills, based on typical energy costs.  Nest knows if you are home or not.  Based on this, the current temperature outside, and the temperature patterns that renters select, it automatically tries to save 10-15% on energy costs by properly adjusting the temperature, especially when nobody is home.

·       Know if there is a problem.  The nest can tell if there is a problem with your furnace, filters, and more.  It is much cheaper to do preventative maintenance than to have emergency repairs in the middle of the night.

·       It is easy to install and not that expensive.  The Nest E is currently priced at $169.  Many utility companies give rebates for installing energy efficient thermostats, which could reduce the cost by $50.00 or more.  A new Nest thermostat may pay for itself in under one year.

Landlord software to collect rent online saves both landlords and tenants time.  Installing a Nest thermostat is another great way to save time and money.

Benefits of Having Tenants Pay Rent Online

Managing rental properties can be a real balancing act. The biggest headache is your ability to collect rent totally and on-time. Partnering with Schedule My Rent takes away majority of the stresses due to collecting rent in person. 

Majority of landlords prefer online rent collection for this reason. At the same time, there are a growing number of tenants who prefer this system as well. Especially younger renters, who are completely out of touch with licking envelopes, writing checks and sending payments through the mail. 

Switching tenants to pay rent online has many benefits to both landlords and renters. 

Some of these online payment benefits include:

-Setting up recurring or one-time payments

-Property management service for landlords

-Directly deposits rent into your bank accounts

-Tracks rent, bills, and fees for tenants

With payment options and reminders for both landlords and tenants, late rent payments are decreased. This serves the landlord because rent is paid on-time and the renter receives no late fees. Both sides are happy and it is a win-win for renters and landlords. Scheduling rent payments online also minimizes the use of paper and this makes for a greener and more environmentally friendly transaction.  

Ultimately, having tenants pay rent online provides greater visibility and tracking of all rent transactions. Increasing the accountability; limits the room for excuses on late payments and no payments by the renter. The benefit of landlords and tenants receiving status updates in real-time minimizes any disagreements between one or two people. 

As with any new system, it takes a few times to get used to. Paying rent online with Schedule My Rent is easy to set up and use for both tenants and landlords. We help landlords get paid regularly and on-time and help renters pay their rent on-time. 

Contact Schedule My Rent today to learn more about the benefits of having tenants pay online and adopting the new online rent payment system.

Creating Loyal Tenants

Many tenants are satisfied with their leasing experience, but is satisfied good enough? Satisfied tenants feel that their basic renting expectations are met, such as a working AC and a kept up building. This tenant isn’t looking for anything beyond the status quo. But what if your tenant was truly loyal? What would that look like? A loyal tenant is one that sings your property praises to those they work and socialize with. They encourage others to contact you to see if you have any upcoming apartments available. They promote your services, property and brand to others, through social media and word of mouth. How great is that? As you can imagine, this type of loyal tenant can increase your revenue, save you time, and increase the value of your investments.

Now, how can you turn your satisfied tenants into loyal tenants? A few actions on your part, as a landlord, can increase the likelihood that your tenants will refer others to you.

#1 Spend a Few Minutes

Meet with your tenants at move-in time, spend 20-30 minutes sharing the features of the property, answering questions and making them feel welcome. Do this at move-out as well – ensure tenants are familiar with move-out procedures, and use this time to gain their input.

Many of our landlords with loyal tenants ensure they walk around their property and casually speak with residents who might be outside.  This is an easy way to make a personal connection.Your tenants want to feel valued and appreciated. With a quick “hello”, and a friendly conversation, tenants will feel a personal connection with you and their apartment home.

#2 Survey Your Current Tenants

Survey? Yes. Understanding your current tenant’s loyalty factor is a key step in making improvements. By gauging your tenant’s likes, dislikes, what’s working and what isn’t, you gain an understanding of your opportunities to make the tenant’s experience better. How can you survey? Consider a few options: a quarterly email to tenants asking for areas of improvement, a personal call on a periodic basis, or feedback tools on your website. Some landlords engage online survey tools, such as SurveyMonkey for periodic feedback.

By asking where you can improve, tenants gain a sense that you care and are invested in them.

#3 A Great Response

Now that you have input on what you can do better as a landlord or property manager, ensure you respond quickly with a follow-up email to let your tenant know you’ve received their feedback.  Set a policy that you will respond to feedback or questions within 24 hours. Nothing is worse than asking for feedback and doing nothing with it! So, at minimum, acknowledge the suggested improvements. When possible, share with the tenant your next steps to improve on their recommendations.

What if you can’t make a suggested change? If your tenants are asking for a new pool, and you can’t pull that off – share with the tenants other options. This might include a negotiated discounted rate a nearby gym, or alternative locations closeby to take a swim.

As often as possible, truly consider the suggestions for improvement, and prioritize a few for change.

#4 Make It Easy

The biggest way to create loyalty is to make renting with you as easy as possible.  Providing services that remove any hassles associated with renting is a key step. Landlord software, such as Schedule My Rent, removes the hassles that go along with paper check rent payments.

Many of our landlords share that the biggest source of dissatisfaction with tenants is the rent payment process. When paper checks or money orders are sent, the tenant can’t be sure how long the postal service will take to deliver the payment. This may cause the tenant to incur costly late fees. In some cases, rent payments are lost in the mail, causing concern on both sides, as both parties are unsure what happened to the payment. In this case, the tenant often needs to put a stop payment on the check, again incurring fees.  If you collect rent online with Schedule My Rent, concerns are minimized, as the payment is automatically sent and received.

  

 With Schedule My Rent, your tenants are able to pay rent electronically, saving them time and effort. Schedule My Rent automatically:

·         Reminds tenants that a rent payment is due

·         Allows the tenant to approve payments

·         Provides the tenant with receipt of payment

·         Enables tenants to split payments between roommates

All of these features make it easy for your tenants to pay rent. Schedule My Rent provides them with the assurance that their payment is received on time each month, as the rent payment is pulled from their account on the same day each month. This avoids costly late fees, again improving your tenant’s experience.

 Want loyal tenants? A few simple steps can turn your satisfied tenants into loyal tenants. Creating a personal connection with your tenants, seeking feedback and making it easy to rent with you are key elements to creating loyal tenants. A few simple tools, like allowing tenants to pay rent online with Schedule My Rent, save you and your tenants time and effort, and make renting with you, a better experience.

6 Things to Plan for When Renting Your First Apartment

Renting your first apartment? This is an exciting time! Moving away from home to an apartment includes many fun experiences, like moving in with roommates, decorating, and finding a location you love. This time can also be overwhelming. There are many things to think about and prepare for, even if it isn’t your first time renting an apartment.  These range fromup-front expenses and buying essentials to your landlord being able to collect rent online.  A few budget-planning steps can make this process less stressful, and more fun.

 

 Budget Prep 101:

1. What are the upfront expenses?

Anytime you can plan ahead with upcoming expenses, it can reduce stress. So, what can you expect? Typically, there are fees associated with applying for an apartment, such as an application fee covering the landlord’s cost to process your application. Once you’re approved to rent, there are other expenses to plan for. Nearly all landlords ask for a security deposit prior to move in. The deposit covers any damages incurred during your lease. Security deposits are often a full month’s rent. Ask your future landlord about all required fees and expenses upfront.

2. Rent and that’s it, right?

Many first time renters plan ahead for their monthly rent payment, but underestimate the cost of other monthly expenses. Like what? Well, gas and electric bills for one. Ask your landlord for an estimate of the cost of monthly bills. Though utility bills are use-dependent, you may get a feel for a baseline amount.

Don’t forget renter’s insurance! Many landlords require renter’s insurance which protects the tenant in the case of loss, theft, etc. Though the usual cost is low, why not factor it in if you are estimating additional monthly costs? Find out the details and decide what coverage you might need.

3. Essentials!

Moving into a new place is exciting! As you think about all the ways you can decorate, or improve you space, plan for the essentials first in your budget. What do you need? Unless mom and dad are providing your basics, you’ll need: a bed, dishes, sitting furniture, linens and towels, etc. Take a trip to your nearest home store to get an estimate of what you can afford. While eating off plastic crates is fun for a night or two, eventually, you’ll want the comfort of a table!

4. Fun Stuff.

What about the non-essentials – things that make your apartment into a home? Wall décor, plants, tablecloths, decorative pillows, etc. See what makes sense with your budget and plan ahead for special items to make your home feel more like you.

Fun stuff from home might make your apartment more livable, but think before you move everything from home into your new apartment. Moving is an opportunity to purge items you no longer need, or even sell, to add money back into budget.

5. Your furry friends.

Pets are the best. But, most landlords require a pet fee or deposit. Pet fees range from a monthly fee, in the neighborhood of $15-25/month. Alternatively, some landlords require a pet deposit upfront, to cover any damages related to pets.

Wait, more expenses? Maybe. If you have a friend with a truck you can borrow to move your personal items, you may be able to get away with just the expense of buying your friend a pizza – instead of incurring the expense of a moving truck rental. If you don’t have that friend with a truck, renting a moving truck or trailer, is something to add into your moving budget.

 Aaaah. You’re all moved in! Now that you have all the basics, and your apartment is homey – the expenses will stabilize, right? We have a few additional tips to make your rental experience better, by saving time and expense.

One way is working with your landlord to Pay Rent Online. Landlord software, like Schedule My Rent, enables you to quickly and easily pay your rent, with no trips to the bank, no paper checks, and no uncertainty that your rent payment made it to your landlord.

  
Schedule My Rent will automatically pay your rent every month, on the date of your choice. Once the payment is made, you will receive a receipt for payment. Easy! Check with your landlord about using Schedule My Rent to save you time and expense: https://www.schedulemyrent.com

Automating the payment of your bills for phone and utilities will also save you time and effort. Keep an eye on your utility usage the first few months, as you learn about the expenses for gas and electric use. Once you have a feel for the typical expense, you can accurately budget.

 Well, good luck in your new apartment! With these simple expense planning steps, you won’t be surprised or overwhelmed. Simple tools like Schedule My Rent make your life easier, once you are settled into your home as well. Ask about using Schedule My Rent with your landlord today.

5 Ways to Reduce Late Fees

Who likes late fees? No one!Tenants don’t want to pay late fees.  Even landlords don’t like late fees, as this means they didn’t receive their rent payment on time.

Late fees can be substantial. Depending on the state of residence and your lease, tenants may be on the hook for up to 10% of the rent amount. Late fees can be reduced or avoided with simple property management software featuring automated payments, tenant communications, and reminders.

5 Ways to Reduce Late Fees 

1.     Pay rent electronically.  If you are still paying rent by sending your landlord a paper check, the likelihood that your payment will arrive late increases significantly. The postal service may deliver it late, lose it, or deliver it to the wrong address. Theft is also possible as more individuals are involved in the delivery process.  Landlords don’t care why it is late…they just know it is late. By paying your rent electronically, you will always know when your landlord receives the rent, and you will have a confirmation that your rent was paid on time.

2.     Setup AutoPay.  When you setup AutoPay, your rent is paid on the due date every month so payments are never late.  If you use rent collection software like ScheduleMyRent, you receive a courtesy reminder every month that a rent payment will come out of your bank account automatically.  If you need to, you can still change the date or amount of your payment anywhere or anytime.  You also receive an electronic receipt when your rent is paid.  

3.     Receive reminders.If you don’t want to use AutoPay, wouldn’t it be nice to receive a reminder that your rent is due so you don’t forget? If your landlord is using landlord software like ScheduleMyRent, tenants receive reminders before rent is due. Tenants will receive several reminders until a payment is authorized.Once a payment is made, you will receive an electronic receipt of payment.

4.     Talk with your landlord.  This can be as simple as a quick text or email.  Let your landlord know if your rent will be late, indicate why, and when you will be making a payment.  Communication is important. If a landlord understands the tenant’s situation, they may be less likely to charge a late fee or start a court action.  The worst thing a tenant can do is to be silent.  Also, if you can pay part of the rent immediately and the landlord knows when the remainder is coming, your landlord may be more willing to waive the late fee.

5.     Don’t make it a habit.Avoid forming a pattern of paying late every month.  If you pay late every month, it becomes less likely that your landlord will work with you and waive your late fee.

A Landlord’s View of Late Fees

Almost every landlord has a late fee in their lease, but different landlords have different views on how late fees should work.  On one side, some landlords expect rent to always be paid on the date it is due, and a late fee will apply for all late rent payments. These landlords believe that the best policy is to strictly enforce lease terms, to ensure tenants pay on time and do not get in the habit of always paying late.  On the other side, some landlords are flexible, and don’t charge late fees, if the tenant is having problems but is communicating.  Their main goal is to receive rent payments, and to keep good relationship with tenants.

Which method is right?  As in most situations, that typical answer may be somewhere in the middle.  Most landlords have a late fee, but they also have a grace period for the late fee.  For example, a landlord with a three-day grace period may have rent due on the first day of the month, but won’t charge a late fee if rent is received within three days of the due date.  This gives the tenant some flexibility, and ensures the rent is collected timely.  When rent is received beyond the grace period, many landlords charge a late fee.

Landlords like using rental property software so they don’t have to track when rent is late and remember to add a late fee- this is managed by the software.  Landlords also use automated software so they don’t hurt the relationship with the tenant by asking for a late fee directly.  Some automated software programs, like ScheduleMyRent, automatically add late fees, but also allow the landlord to easily waive or refund the late fee. 

Avoid late fees and experience the joy of paying rent online, try Schedule My Rent.