Blog

Feb
5
0

How to collect & account for Security Deposits

Information you need to know!

 

It goes without saying that collecting security deposits when leasing rental property is a must, but as a Real-estate professional working in the age of Covid19 collecting security deposits online is really the best option. 

Of course, before you start collecting security deposits, it is prudent to check your state’s local landlord-tenant law. Some states set specific limits on the size of security deposits and other states do not (see state limits). Other factors to consider is how to hold and account for a security deposit. State laws vary throughout the country on how you can hold security deposits and you may or may not be required to keep the deposit in an interest-bearing account and provide the tenant any accrued interest upon return of their deposit in part or in whole (use our calculator). Many savvy Real-estate professionals also set up separate bank accounts specifically for security deposits to help with accounting. 

A security deposit and first month’s rent are usually the first payments tenants make during the leasing process. The amount of the deposit and rental price should be clearly stated on any advertising for a vacancy and included in the application and lease agreement. The security deposit and first month’s rent should be collected after signing the lease but before allowing tenants to take possession of the property. It is always best to collect these amounts separately (ie: separate checks, payments or receipts) as opposed to one lump sum to further distinguish the accounting for both payments. It is also a good practice to ensure that the funds are available in your bank account before turning over any keys and allowing the tenant to take occupancy of the property. 

(more…)

Read more Leave a reply

Mar
1
0

iManageRent – more than just rental listings.

Create your rental listing with iManageRent

 

There are plenty of listing services in the rental market place. Most are very different but they all have one thing in common: tenants looking to rent and live in their dream home.

To maximize exposure landlords and property managers should post on to multiple rental platforms (listing sites). Hence, the more sites the more visibility and the more interested prospects. However, listing on multiple sites can be very time consuming and picking one or two sites that you think will be effective is a crapshoot.

Just imagine if you decide to list on 10 different sites: Zillow, Trulia, Craigslist, Apartments.com, Livelovely, Rentpath, Apartmentlist, Rentjungle and etc… You have to signup on each service individually and get verified before you can start listing.  Then the repetitive task of inputting your rental information and uploading photos begins. And the arduous task of proof reading never ends. Thirty minutes can pass by very quickly before your done on one site.  That’s five hours for ten sites, yikes!!!  There must be a faster and more accurate way to accomplish this task.

This is where iManageRent saves the day! Using this service allows you to create a listing that works and post automatically on to more than 20 sites! With its’ comprehensive listing wizard you will be guided to enter all pertinent information to the last detail. You will have the added value and the confidence that you created your marketing campaign in a proper way because the system will help minimize mistakes. Furthermore, based on a quick analysis of the entered information our recommendation for “Best Marketing Practices”  will be suggested to you automatically.

(more…)

Read more Leave a reply

Feb
21
0

Need more from your website?  

Hi, we are excited to introduce our website integration service.

(more…)

Read more Leave a reply

Sep
20
0

Water Savings for Tenants

Water conservation is a concern to tenants who are both environmentally conscious and budget conscious.  Water and sewer costs are frequently included in typical residential lease agreements as a landlord obligation.  These hidden costs are added into the monthly rent payment calculation. Possible local ordinances may allow water and sewer costs to pass through to tenants as a supplement to base rent payment.  In addition, tenants often pay separately for their direct electricity and gas utility usage.  Monthly rent payments are high already. Where is the water expense savings? (more…)

Read more Leave a reply

Sep
12
0

Water Savings for Landlords and Managers

In some states water is becoming a precious commodity. Governor Brown has declared a water emergency for the State of California mandating a 20% decrease in water usage to cope with the drought.  Landlords and Managers should see this as an opportunity to increase net income from rental units and increase the market value of their properties.  Periodic conservation reviews are part of every property owner’s management plan to ensure the lowest utility operating costs possible.  Purchasing a replacement or upgrade to Energy Star® certified appliances is another smart move. Capital improvements or remodeling to LEED® certification by the U.S. Green Building Council is one of the best investments to ensure increase in market value. (more…)

Read more Leave a reply

Recent Posts
Feb 05
How to collect & account for Security Deposits
Mar 01
iManageRent - more than just rental listings.
Feb 21
Need more from your website?  
Sep 20
Water Savings for Tenants
Sep 12
Water Savings for Landlords and Managers