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Jun
12
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Managing Rent Payments for Vacationing or Out-of-Town Landlords

Many landlords suffer monthly anxiety awaiting timely tenant rent payments to provide sufficient cash to pay the mortgage. This tension often increases when the landlord considers an out-of-town vacation or business trip between the 28th and the 10th of the month. Powerlessness, defined as the inability to control outcomes, may drive the landlord to hover over his/her tenants, experience nervous moments by the post box, and suffer long lines at the bank. The solution for the stressed landlord desperately needing an out-of-town break is clear: iManageRent.

Regain control over your fiscal life with iManageRent online rent collection combined with personal banking online/mobile solutions. Tenants are reminded and automatically pay their monthly rent without incurring late fees.  Should the tenant pay late, fees are assessed automatically. Funds are deposited directly into the landlord’s bank account without waiting for the mail carrier or standing in interminable bank teller lines.  Automatic payment of the property owner’s monthly mortgage loan amount ensures a payment is never missed or a mark suffered on your otherwise pristine credit report. Your personal banker and iManageRent customer service representatives are available to assist you in signing up for these automatic services.

Incredulous landlords know that financial matters can go wrong and there is a cost. Nonsufficient funds available in a property owner’s bank account for automatic mortgage payments can result in the dreaded “NSF” alert and a corresponding fee. This problem can be compounded, if not resolved quickly, with a negative report to Equifax, Transunion, and Experian credit bureaus. Resulting low FICO scores can impact a property owner’s ability to refinance, leverage built up equity, and seek new investment opportunities.  Do-it-yourself landlords often believe that manually handling rent collection and loan payments ensures their control over their fiscal destiny. All should think of the cost in time, manual effort, and stress!

Modern information technology controls and compensating penalty fees used in iManageRent landlord tools assure personal control while eliminating the time consuming manual processes. Finally, an out of town vacation business trip is possible, bridging the anxious end of the month. Landlords are still personally in control and may check online rent collection status and bank balances. Check status and control your investments from Maui or Hong Kong instead of home. Enrollment in an overdraft protection service ensures you neither miss a payment nor impact your credit. Bank “NSF” fees become a thing of the past. Any cash advance/overdraft protection fees charged by your credit card company are compensated, at least in part, by the late fees automatically assessed against your rent delinquent tenant. Go ahead, book the trip-of-a-lifetime. You can control it all!

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