Becoming a landlord is often met with objections from the inexperienced. They see the difficulties and troubles that can unfold and maybe they’ve even heard horror stories from former landlords. But due to the current market conditions, some homeowners are becoming accidental landlords and that’s causing them to look for simplified avenues to navigate the process.
Fortunately, the demand is being met by a company that is helping to turn the old process of mailing paper rental 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 all the tenant’s utilities -- all on one Web site," says Eberly.
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.
Eberly says the company is constantly improving the site based on feedback from those using it. "The idea is to make it a one-stop shop for property managers, owners, and tenants." A monthly service fee of $15 to use the Web site portal applies if you have fewer than 10 units registered with the company as well as a check service charge of $3.95 per check.