MisSpelling Dictionary

Being a Landlord is Simple

Cited: Reality Times

Many people who become a landlord do not have the experience and they discover difficulties and troubles that slowly arise.  That is when they start to believe the horror stories that they have heard from former landlords.  Many of these people are becoming accidental landlords due to the current market conditions and they are looking to others to simplify the rental process.  And one company has stepped up to the plate to help by turning the old process of snail mail checks into electronic checks using the Internet.

A new site called PayYourRent.com aims to ease the process, eliminate the headaches for landlords, property managers, and tenants, and help facilitate rents payments. “What we do is we set up a merchant account that will send funds directly from the tenant’s account right into the owner’s account. It’s all completely electronic. The owner will receive an email that the payment has been made and the money will be deposited into the account,” says Kevin Eberly, CEO of PayYourRent.com.

“It really takes a lot of the frustration away for the homeowners who want to rent their homes but don’t know anything about property management,” says Eberly.

It also simplifies and provides a track record of repair work as well. “We provide a portal and Web site for the owner and tenant to submit maintenance requests, rental applications, online monthly recurring payments, and even connect the entire tenant’s utilities — all on one Web site,” says Eberly.

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Eberly says that some landlords who don’t have much experience may feel that some of the tasks of being a landlord are “out of their comfort zone” or simply too time consuming and that’s where he says his site can come to the rescue. The site helps tenants to make necessary changes quickly and easily online, alleviating the landlord from having to handle a constant stream of questions from tenants. “It’s one Web site where tenants can go to set up their water, power, gas, phone, cable, Internet, renter’s insurance, change of address form—everything is right there on one Web site and it compares prices from the local and the national brand for their area. And it has a best price guarantee,” says Eberly.

Another benefit is the roommate split-payment option. “The original tenant who registers on the site has the ability to add a roommate. So that roommate can go in with a secure username and password and submit payments toward the same property.

What about repairs? Eberly says the site is a great way to track exactly what needs to be done and what repairs have already been completed. The tenant logs in and submits a repair. An email is sent to the property owner or the person who the property owner has designated to receive it. A confirmation email is sent to the tenant. The site provides access 24/7 so that pending repair requests can be viewed by the property owner. Once the property owner marks the repair as completed it is removed from the property owner’s page on the site but PayYourRent.com keeps a back-log of all the previous maintenance requests so that in the event of litigation and the property owner wants proof that the repair was completed, a back-log is available.

“The idea is to make it a one-stop shop for property managers, owners and tenants.”  According to Eberly, the website is constantly improving because of feedback from those using it.  There is a monthly service fee of $15 for fewer than 10 units registered plus a $3.95 per check fee for those registered with the company.

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My Take: This seems like a fantastic service for management companies and landlords as well as tenants.  The only problem I can see is that there are some tenants who do not have Internet access.  However, the option to have the money taken directly from your checking account or credit card could alleviate that problem.

I like the idea that it can keep track of repairs and maintenance.  That would definitely come in handy if an owner wanted to replace the granite countertops in the home or apartment.  Sometimes tenants can be a little rough on the tile countertops requiring that they be replaced.  That is one of the plights of renting your property.  It definitely would help relieve the headaches of maintenance or repairs.

On the other hand, I am someone who does not like giving access to my checking account for my credit card to anybody for automatic payments.  Now if the process would allow me to set up the automatic payments, which would allow me to retain control over those payments, I would probably agree to it.

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