There are countless landlord horror stories of mayhem and destruction when it comes to rental properties, but most damaging are the problems landlords have when collecting rent. The most basic aspect of the landlord-tenant relationship is that the landlord agrees to provide housing for the tenant in exchange for money. A landlord’s worst nightmare begins if the tenant pays late, or doesn’t pay at all.
Landlord123’s Rental Collection feature is one that has been developed with this problem in mind, which is faced by landlords and property managers everywhere on a daily basis. When rent is late or there is no payment at all, it puts a landlord in a pickle. With no money coming in and the unit still occupied, the landlord has few options for paying their own bills, saving money or moving forward.
Using the Landlord123 property management mobile app, the landlord is not only reminded about rental collection, but also allows the landlord to send consistent rental reminders to the tenant during the month. Landlords can choose to Snooze (postpone), Dismiss (stop notifications for the month), or immediately Send Notification to Tenant with a single tap.
From personal experience as well as feedback gathered from landlords and property managers, the Snooze function is programmed to remind you on different days throughout the month. As long as the rental for that particular month has not been updated or dismissed, a rental collection notification will pop up on the 7th, 14th, and 21st of the month. If the rent for a particular month has not been paid or updated by the landlord, it will remain in the Pending My Action and Rental Collection tabs in both the landlord and tenant’s dashboard.
This allows the landlord to stop all rental reminder notifications for the month for the chosen property. However, if the rental payment is not updated by the landlord, it will remain in the dashboard under Unpaid Rental until further action is taken.
Send Notification to Tenant
Once the landlord taps on the Send Notification to Tenant option, the tenant will receive a notification to remind them to pay their rent. Once they have made payment via their preferred channel and informed their landlord, the landlord can then update the status of the property in the app, and include a remark/comment if necessary.
The purpose of Rental Collection feature is not only as a rental reminder for both landlord and tenant, it also allows the landlord/property manager to record rental payments and keep track of a tenant’s payment history. This is important, especially when it comes to reporting taxes and if legal issues arise during or after the tenancy period.
Click on the links below to learn more about each feature of Landlord123!