Transparent monitoring. Decorus is the only landlord property management software to integrate with Sage50cloud and can help you manage professional, student, benefit and commercial lets including office blocks and small industrial sites. It also offers simplified ground rent invoicing. Online Rental Property Management Software. Landlords either hire a property manager to run their properties or they manage the property themselves. With good online property management software, running your own properties can be simplified. We’ve compiled this directory of online property management software that we’ve found to hopefully help you.
Two years ago, we all teamed up in Vancouver with two things. A revelation and an idea. The revelation was that we knew that the web could make what we considered to be the thankless job of being a small landlord easier. We also knew that easier and simpler didn’t have to be mutually exclusive. The idea was to make a nifty web based software that actually achieved this fine balance. We were on our second tour of duty after having sold our first web based app- a little referral marketing product called. We decided to use the proceeds from the acquisition of that product to develop what would eventually become. There was a couple of months of us deciding over names.
Renting Simple. Renting Easy.the list went on. Besides the fact that we couldn’t secure domain names for any of these, we felt the name Renting Well better suited the vibe of something active and didn’t fall into the dearth of other products that claimed to take years off of your life and seemed to also dwell with in cloud city. One of the first considerations we had when building the app was how we could include less of everything.
Less questions and set up. Less complication. Less of a wait to see important metrics. We felt the best course of action was something that you logged into, and essentially “got” within the first 2 minutes. We also knew that there was a necessity for the user to perform data entry in order to get those very things that we wanted quickly visible. Developing a flow to Renting Well that took this into consideration was also high on our list of priorities.
Not an easy task. Some people prefer more complex analysis of what’s going on.
Some people also aren’t jazzed about back data entry. As the old adage goes, you can’t please everyone – but we were still determined to get this off the ground in a broadly effective way. We decided to focus on 3 core initial features.
An easy to reference chronological logbook to track events, incidents, problems, and resolutions. A bank statement accurate month to month, quarter to quarter, or year to year financial snapshot based on cash flow and profit and loss. Sexy listings to reduce to vacancies and get prospective tenants amped about renting a unit. These core are of course supported by other useful tools, but this made up the essence at the beginning. The reason we chose these cornerstones was because collectively, we knew what going to a board hearing was like without a detailed account of events. We knew how much of a pain in the ass it was to to do a year end with a shoebox full of receipts. We also just knew that landlords needed something to make available units for rent more attractive.
We felt these were the most sore pain points. So here it is – two year old hand drawn wire frames that sketched out what we saw as a simple solution for landlords and property managers – conceived on the table of a Kitsilano coffee bar, between 3 guys who couldn’t stand the variety of perplexing property management softwares that required you to have a masters degree in computer science. Managing income property is already complicated. In our minds, if you’re going to use something, you should want to use it and recognize it’s value. The software is now actively tracking more than $85 million dollars worth of real estate and almost 2 million bucks worth of monthly expenses and monthly rental revenue.
We’ve earned a healthy clip of paying customers so far and we’re getting ready to push out an updated version of the software in the next month. Are we the biggest or the best property management solution for everyone? We’re a flavour in a Baskin Robbins ice cream shop full of other alternatives.
We just happen to be simpler and less expensive than most of them. There’s nothing wrong with being the chocolate against the strawberry cheesecakes and caramel tiger tail swirls of the world. We’re landlords. We’ll take a scoop of simplicity.
Author Posted on Categories, Tags,. Came across compelling story from the ole’ Sunshine state of California.
Kip Macy and his wife, Nicole Macy, pleaded guilty to two felony counts of residential burglary, one felony count of stalking and one felony count of attempted grand theft. These two geniuses owned an apartment building in the gentrifying South of Market area of San Francisco. Their plan was to evict the tenants they had to renovate the apartments and then to sell them as individual units.
Nicole Macy sent fraudulent emails to the attorney of one of their tenants with whom they were involved in a civil case. In the emails, she pretended to be the victim and fired the victim’s lawyer. In another incident, she sent fraudulent emails to her own civil attorney in which she pretended to be the same victim. Thenwait for itshe threatened to “kidnap and dismember” the attorney’s children. Together – Kip and Macy also cut the floor joists of an existing tenant’s unit in an attempt to make the floor cave in. Guess they really wanted to get rid of him or her. Other crimes included purchasing a semi-automatic handgun and threatening to shoot the building manager, changing locks, cutting phone lines, shutting off utilities, removing a victims’ belongings from their apartment and destroying them, multiple burglaries and threatening letters to victims. All of these events took place between September 2005 to December 2007.
Here’s where it gets interesting. The couple were charged with felonies in 2008, but posted bail and escaped to Italy. They were taken into custody in Italy in May of 2012 and extradited back to the U.S. On May 17, 2013. Bail was set at $2 million for each of them. After pleading guilty to four felony counts on Tuesday, the couple are scheduled to be sentenced to four years and four months in state prison on Aug. They need to be in jail.
Author Posted on Categories, Tags,. The Globe and Mail published this a few days ago entitled, “Do You Have What It Takes To Be A Landlord?”. It offers a sober look at the pros of being a landlord and the benefits of income property ownership.
It’s a great counter piece to all of the discouraging things you might hear from people who’ve tried it and had it not work out. If you’re reading this, you know property ownership and are hard. This piece is refreshing because it paints an accurate picture of the situation with rental property ownership. In short – it’s a marathon, not a race. Read the piece here: Author Posted on Categories, Tags,. Mistake #1 for landlords: renting on a hunch.
When we built, we made it a quick priority to include access to background checking within the app. To make this happen we were fortunate to partner with, Canada’s leading background checking service. One of the reasons we did this was because basic credit checks are just one piece of the pie. It’s good to have access to other background checking elements like employment verifications and a criminal background check.
I had the opportunity recently to sit down with at BackCheck to discuss some interesting stats when it comes to landlords “checking” who they’re renting to:. 10% of Canadians have a criminal record. That’s over 3 million people.
28.5% of tenant applicants will have poor credit. 12.1% of tenant applicants will lie about their employment. Almost 25% of landlords would not recommend a former tenant to another landlord. About 45% of BackCheck’s small landlord customers will request a criminal background check. Conducting criminal background checks is more important than landlords might realize — an individual with a criminal history, who continues living a life of lawful offense, can have a great impact on a building and even an entire community.
While a check is not exclusionary, it has the potential of reducing the number of thieves and violent ex-criminals who wish to neighbour among other tenants. With that said, a criminal check can uncover any one of a number of offenses — not just violent crimes. People get charged with minor offenses like fraud and theft — things which most landlords would want to know before making a decision to rent to a tenant or not.
There is no such thing as too much information for a landlord. Any kind of criminal background is something you should be aware of.
Landlords have the right to refuse to a tenant because of their criminal history and ultimately the responsibility lies with you when it comes to introducing new tenants into your property. This great info sheet published by Crime Prevention Ottawa in September 2009 that discusses how landlords can avoid and overcome the challenges of crime and disorder (such as drug dealing) on their property. Author Posted on Categories, Tags,. Today in Ottawa it’s -38°C. It’s ridiculous.
As a matter of fact, large portions of the United States and Canada are getting reamed with a cold weather snap.20 celsius weather is being reported in places like Minnesota, Illinois, New York City, Toronto, and Montreal. It’s prime weather for water pipes to freeze and burst which can create a damage nightmare for small landlords and a more-than-minor inconvenience for tenants.
This generally sucks. It’s a sneaking problem for many of us to deal with (especially those of us who aren’t renting all inclusive units and whose tenants are covering their own utilities) and it’s made even more painful when self-managing landlords have to deal with it during weather that makes Antarctica look like a beach vacation. First why do pipes freeze?.
Poorly protected pipes which haven’t been sufficiently insulated. Exposure to icy draughts, usually as a result of cracks or gaps at the point where the pipe enters your home.
Pipes located inside cupboards — warm air from inside your home may not reach these pipes if your cupboard doors are closed most of the time. Generally insufficient heat in units. Secondly, what makes pipes burst?.
Water freezes and expands inside household pipes. Continual freezing and expansion of water inside the pipe causes pressure to build up between the ice blockage and the closed faucet. As a result of repeated pressure on this section of pipe, the pipe eventually bursts How can I prevent frozen and bursting water pipes?. Let a thin stream of cold water run from a faucet. The stream should be a continuous flow, about the thickness of a pencil. This water can be caught in a bucket or pail to be recycled for another purpose later, if desired.
Be sure pipes in unheated areas of a unit or crawlspace are insulated. Many hardware and home improvement stores carry foam insulation for this purpose. Leave interior cupboard doors under sinks open, especially if the water pipes are adjacent to an exterior wall.
This will allow heat from the room access to the pipes. Plug drafty cracks and repair broken windows that could allow cold air to get inside where pipes are located. Shut off and drain pipes leading to outside faucets. Educate your tenants on the necessity to be mindful of cold weather snaps. Have you ever dealt with freezing or bursting pipes? Share your stories with us.
Author Posted on Categories, Tags,. Professional tenants aren’t a myth. The exist for real, and they’re creating major pains for small landlords all over Canada. Came across at CBC news today concerning small landlords getting burned in British Columbia.
A few first time landlord missteps being counted on, and an intimate knowledge of the loopholes with the B.C. LTB’s process allows for free living arrangements for a long stretch on end for pros who know how to work the system.
Went on record stating that professional tenants can work up to 6 months of living for free on a landlord’s dime by simply exercising their right to appeals. “We’re probably dealing with anywhere between one and two per cent of the tenant population that is doing this scam,” said the federation’s Vince Brescia. “ The activity of the ‘pros’ is creeping up it’s a growing phenomenon.” is about due diligence. Landlords should always ask for a certified check for first and last month’s rent – something clearable prior to the tenant moving in or handing over the keys.
They should also be diligent about not only credit checks and other tenant screening, but with references from previous landlords. What do you think?
Do you think provincial legislations in Canada are in need of tweaking? Author Posted on Categories, Tags, Recent Posts.
Collecting rent has never been so easy! Imagine never again having to struggle to track down rents every month.
Imagine being able to collect rents from the comfort of your own home or anywhere in the world. With nothing more than a computer and a TrueRent account, you can! With TrueRent QuickPay, tenants can easily transfer rent payments and payments for other fees directly into your bank account. You can also set monthly reminders and alerts to help you and your tenants keep track of payments. To start the application process for QuickPay, click the ‘Create QuickPay Account’ button below.
Note that the application will take 3 business days to process before approval. However, note that there is no application process for tenants; your tenants will be able to use QuickPay as soon as you are approved. Cost. One time setup fee is cost $35, which is charged upon submission of the application. ACH payments are 100% free for landlords and tenants.
Credit/Debit card payments cost 2.5% which is paid by the tenant. Updating existing QuickPay accounts will be assessed a $45 fee. For example, changing the bank account where your funds are deposited is considered an account update. Insufficient funds payments will be assessed $25 per incident.
Chargeback Fee: $25 per chargeback (A chargeback fee is charged by the consumers bank when a debit is disputed by the consumer. The fee is passed directly to the landlord/merchant.).
Save time and reduce tenant interaction with work orders. TrueRent has designed a simple interface which allows anyone related to the work the option to track and update work order status, reducing coordination efforts by all involved. TrueRent will automatically generate a unique link that can be shared with any repair person (vendor). (Tenant and/or Vendor access can be revoked anytime at the discretion of the manager.) Once a ticket is created and assigned, the repair person (vendor) and tenant can work together to complete the repair. As the manager, you will control and monitor the entire process with just a few clicks, removing the hassle of coordinating repairs. Note: A paid TrueRent account is required to use this service. Screen tenants quickly and easily!
Choosing the right tenant is one the most important decisions you can make for your property. Tenant screening is a critical first step in ensuring that you find trustworthy, reliable, and quality tenants to fill your units.
This small up-front investment is more than a formality; it will help you avoid problems and hassles down the road. It will allow you to find tenants who will likely maintain the condition of your property, who will pay rent in a timely fashion, and be good neighbors. Red flags such as previous evictions or criminal troubles will be revealed.
Tenant screening also helps protect your legal liability by providing you with tangible data that can inform decisionmaking when choosing which applicants to offer a lease to. If you turn down an applicant based on their poor credit, eviction, or criminal history, you will be liability from legal action if they assert that you rejected their application unfairly. You will also help protect other tenants living on the property by ensuring that their new neighbor has been through a proper vetting process. You can never be 100% sure that a tenant is risk-free, but proper screening helps reduce your risks substantially. What is included Each tenant screening includes:. Credit History Check, with score.
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Nationwide Eviction Notice Check. Nationwide Criminal History Check These checks will provide information on potential tenants’ payment habits and histories, other legal names, evictions, payments for damages, foreclosures, employment history, etc., data that will help confirm the accuracy of the tenant application, and help you make an informed decision when offering a lease. TrueRent also offers an easy-to-navigate Screening Portal, allowing you to keep your records on potential tenants organized and in one place. It only takes about 5 minutes to set up tenant screening and reports are available instantly.
TrueRent clearly shows who has paid and who has not paid. Clearly identifying who has paid and who has not will save you time each month when collecting rent. Plus, when you use QuickPay, collecting rent each month will require very little effort. TrueRent will also automatically generate late fees when rent becomes delinquent, giving a tenant the new total due amount including both the rent and the late fee. This helps prevent any awkward conversations with tenants regarding late fees. Recurring Billing by TrueRent has a ton of flexibility and works great with month-to-month tenants and long-term multiyear leases.
Generate detailed reports with one click. TrueRent provides customizable income and expense reporting. Select and sort by property and date range to generate a quick summary or a detailed report that includes a list of all transactions.
Also, with TrueRent’s “At-A-Glance” reporting, you can quickly audit up to an entire year’s worth of transactions on one screen to help spot inconsistencies, missing rents, or double payments, enabling you to avoid inaccurate tax reporting and prevent missed tax deductions.