Tyler
Thank you so much …if I ever need a form again, I will use your website. The lease agreements were so easy and talk about saving time! All the wording is there and it was so easy to fill in the blanks and your done. Have a great weekend and thanks again for your help

Kelly

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Thank you for your timely response and explanation of the difference!

As new Landlords, we were excited about finding this site. The electronic application process was wonderful as it allowed us to simply enter the applicant’s name & email address then sit back and wait to view the three reports (Employment, Background & Credit). The applicant paid the fees and your service handled the consent forms & other authorizations.

The contract was nice too but we did run into some glitches:

First, it doesn’t have option to pull any information from rental application. We tried to find the applicant’s address & phone numbers to get started but they were not viewable so we had to call them.

Once entered we were moving along well but it didn’t pull any information set up originally with applicant such as Pet Deposits, Non smoking, state variances, etc.

Once finished, we purchased the contract download. The download could not be saved. We even tried copying it into MS Word and had difficulty saving the soft copy. There were several typos, spacing issues and grammatical & punctuation errors.

We had to add property description, correct verbiage to state house rather than apartment, insert missing paragraph on Inspections (copied from sample), delete repeated paragraph, etc.

Overall, I believe the terms of the contract will serve as protection to us but I thought you might like the feedback.

We have already told several people about your site (Realators, Investment Bankers, Insurance Agents and other acquaintances).

Thank you again!

Eugene
Kellyville, OK

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Hello, I am looking for someone who can help me with a dilemma regarding taxes on one of my rental properties. If not yourself, if you can direct me in the right direction as to who could help answer my questions, that would be very much appreciated. Thank you

Jill Pleune

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What is Online Rent Pay?
Our service allows Renters to pay their rent and deposits, over the Internet. All transactions are deposited into the Property Manager/Owner’s bank account.

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What are the benefits of using the Renting Authority service?
Online rent payments will be the norm in the near future. Enjoy the ease of not cashing checks, automatic deposits, and electronic record keeping, avoiding lost or late payments, and improved service for your Residents.

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The Internet is increasingly the place of choice for businesses to reach and connect people. Prospective Renters are turning to the Internet now more than ever to fulfill their living needs.

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How do the transactions occur?

1. The Payer submits their payment in the secure Pay Rent section of your website.
2. The transaction is processed in the Automatic Clearing House (ACH) network.
3. The payment is deposited into the Payee’s checking or savings account.

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What are the fees for using Online Rent Pay?
There is a $5 transaction fee for each payment paid by check submitted through the service.  Credit card transition fee is $5 plus 3% of the transaction.  All paid by the tenant.

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Do you receive a confirmation that a payment has been submitted?
For each payment submitted on Renting Authority, the Payer and Payee will receive a confirmation email with the transaction id if a valid email address has been entered in the profiles for the users.

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How do I know the system is secure?
All transactions on Renting Authority are 128-bit encrypted and we use industry-standard Secure Socket layer (SSL) technology to protect your information.

We will never request or send your bank account information through email, if you ever receive an email requesting your bank account information please contact us immediately.

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Member FDIC
Renting Authority processes every electronic payment through institutions insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in banks and thrift institutions for up to $250,000; identifies, monitors and addresses risks to the deposit insurance funds; and limits the effect on the economy when an insured institution fails.

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CISP Compliant
Renting Authority is in full-compliance with Visa’s Cardholder Information Securty Program (CISP). Since its launch in April 2000, CISP has defined a standard of due care for securing Visa cardholder data, wherever it is located. CISP compliance is mandatory for all entities storing, processing, or transmitting Visa cardholder data.

Renting Authority adheres to strict policies for providing the highest level of data security at all times. Renting Authority maintains CISP compliance by adhering to all of the following security requirements:

* Working firewalls
* Up-to-date security patches
* Protection of stored data
* Encryption of public networks
* Regularly updated anti-virus software
* Restricted access by “need to know”
* Unique ID to each person with computer access
* No vendor-supplied defaults for passwords and security parameters
* Access tracking to data by unique ID
* Regularly tested security systems and processes
* Regularly maintained information security policy
* Restricted physical access to data

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How does the ACH process work?
The Automated Clearing House (ACH) Network is a nationwide batch-oriented electronic payment network to transfer funds between financial institutions. ACH payments provide improved cash management capabilities and lower costs than traditional paper payments by electronically debiting or crediting a company’s or individual’s deposit accounts, such as checking and savings accounts. The ACH Process consists of the following steps:

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1. A company or individual (Receiver) authorizes another company or individual (Originator) to initiate a transaction to their financial institution account.
2. Then the Originator submits the transaction to an Originating Depository Financial Institution, known as an ODFI.
3. The ODFI collects ACH transactions and then submits the consolidated information to an ACH Operator.
4. The ACH Operator processes the transactions from the ODFIs and distributes the transactions to the Receiving Depository Financial Institutions, know as an RDFI.
5. The RDFI receives the entries for its customer accounts and then posts the entries on the settlement date of the transaction.

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How do I contact Renting Authority?
You can use one of the following options to contact us, please let us know if you have any questions, comments, or suggestions:

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Email
support@rentingauthority.com

Renting Authority Customer Service Representatives are available to assist you Monday through Friday 9:00 AM MST to 5:00 PM MST
Telephone
1-(888) 674-9181
Fax: 1-(801)-406-0104

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Renter’s Common Questions

What are the Registration steps for a Renter?

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The renter clicks on the pay rent tab located in your website.  Follow the step by step instructions.

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Do I have to create a profile?
Yes, Renters are required to create a profile on the Renting Authority service in order to submit a Rental Payment. Creating a profile allows the Renter to easily submit Rental Payments without having to re-enter their account information for each payment.

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Can payments be submitted via telephone?

No

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Does Online Rent Pay allow credit cards to be used for paying rent?
Yes.  Renters pay a transaction fee of 3%  of the rent amount plus $5

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Property Manager/Owner’s Common Questions:

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What are the Registration steps for a Property Manager/Owner?

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Fax the following information to (801)406-0104:

• A copy of a voided check for the checking account associated with the property.
• A copy of a valid government issued I.D.

After we receive the voided check and I.D. we will activate the property so you can begin accepting rent payments online.

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What is required to Activate a Property after it has been added?
For your security we require the following be faxed or emailed to us for each bank account used for receiving online payments:
- A copy of a voided check for the checking account associated with the property
- A copy of a valid government issued I.D.

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Fax: 1-(801) 406-0104

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Once we receive these two items we will activate your property so that you can begin accepting rent payments online. If you have multiple properties and use the same bank account for each property you only need to send the information once. If you use different bank accounts for your properties please send a voided check for each bank account.

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How fast will I get my rent money?
First time users of Renting Authority’s Online Rent Pay are required to wait a minimal of 5 business days.
Landlords in good standing with Renting Authority receive sub sequential Rent Funds in 3-4 business days.

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The funds will be deposited into the Payee’s banking account within 3-4 business days of the payment submission.  Payment must be submitted before 3pm EST to count for that day.  Payments received after 3pm EST will be processed the following business day.

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What happens if a rent check bounces?
The tenant is charged a $25 fee.  If Renting Authority has already transferred funds to the landlord, funds will be pulled back out of landlords account.
If funds have not yet been transferred to landlord’s account, landlord receives an email from Renting Authority informing of returned check.

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Renting Authority reserves the right to hold future rent checks transfers for a minimal of 5 business days with 2 of more returned checks within a 3 month period.

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Is Renting Authority acting as a collection agency?
Renting Authority’s Rent Payment Service assists both you and your Renter by facilitating electronic transactions between the parties. Renting Authority simply provides an electronic alternative to the traditional forms of rent payment. While this electronic alternative will bestow numerous benefits on both Property Owner/Managers and the Renter, the collection of such rents and related payments remain their legal responsibility. Renting Authority is in the business of simplifying the rent payment process, but unfortunately we are not in the business of collections.

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Can I use Online Rent Pay for any type of property?
Any property you are collecting payments or fees for can be used with Renting Authority, such as residential properties, multi-family properties, commercial properties, and vacation properties.

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Can I use different bank accounts for each property?
Yes

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Can I charge a late fee for late rent payments?
With Renting Authority you can specify what day of the month rent is late after and what fee to charge for late rent payments and the system will automatically generate a late fee transaction for late rent payments. When a fee is charged for late rent payments a separate transaction will be created to debit the renter instead of adding the fee amount to the rent payment.

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There isn’t an additional transaction fee for the late fee transaction though. The late fee transaction is scheduled for 2 days after the rent payment in order to provide time for the property manager to cancel the late fee before it is transmitted to the ACH system if warranted. The automatic late fee only applies to rent payment transaction types and not other transaction types, such as security deposit or utility payment for example.

We all have a lot to be grateful for. Take 10 minutes today and write down 5 things you are grateful for. I am sure your list is longer, but focus on what’s most important.

No one succeeds without others. Call two people today who help you succeed and tell them thanks.

Happy Thanksgiving,

Troy and the rest of Renting Authority gaggle

Troy Boldt
888-674-9181
tboldt@rentingauthority.com
http://www.rentingauthority.com

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Thank you so much for all the excellent reminders Troy! I can’t tell you how nice it is to have your tried and true methods and reminders. You have thought of everything!!

Sarrah

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1. It takes a special kind of courage to pour your money into investments in an economically depressed area. Most people, including me, aren’t that brave. So if you live in a part of the country where people aren’t doing that well, you’ll probably find better properties elsewhere. On the other hand, there are special risks involved in real estate investments far from your home.

2. If you decide to look for investments elsewhere, your first problem is finding the right area. Your second task is to learn the area well enough to make a smart buying decision. Finally, you have to pick the right property or properties for you. You only have so much money to spend, and you want to maximize your return on investment. Of course, the worst possibility is that you could lose all your money, or more (which would mean filing bankruptcy).

3. There seem to be two ways to do long-distance real estate investing. The first way, which I don’t recommend, is by talking to a salesman marketing investments in what he says are a hot area. It’s possible that some of these are good deals. I guarantee that many of them are terrible. In any case, it makes a lot more sense to be methodical; pick your area first, your city next, your property last.

4. There are also a couple of different ways to pick your area, and as usual, the harder way will give better results. The easy way is to find a newspaper story: “Hottest Real Estate Markets in America.” The problem with these areas is that they are usually at the halfway point, at least, of their growth trend. They may be near the peak of their growth trend; the next few years will bring a stable real estate market at best, or a declining market at worst. (more…)

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Jack Hough published an excellent Yahoo article earlier this week.

This weekend I’ll throw $1,100 down the drain. That is to say, I’ll pay my rent. Pop-finance pundits have long used the drain cliché to describe how renters like me waste money, while homeowners with mortgages “pay themselves” and “build equity.” In April 2007 I argued something different: Renting Makes More Financial Sense Than Home ownership. Basically, houses produce poor returns over long time periods while stocks and other investments produce good ones, and the outlook for houses is especially poor now, so I’d rather rent cheaply and funnel my extra cash into something other than a house.

Even though house prices have plunged and I have enough money to buy one, I’m still not nearly tempted. In what follows I’ll give five reasons. (The first two form the core of my original argument.) Before all this starts to sound too self-congratulatory, I’ll also explain the one big thing my essay got wrong.
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Reason 1: Houses produce lousy returns, while stocks produce good ones

Houses looked like smart investments in 2007. They had returned 9.3% a year for a decade, while stocks had returned just 5.9%. This year, with investors fleeing both houses and stocks, both probably look like a waste of money. But be careful about succumbing to what psychologists call recency bias — the tendency to form beliefs based largely on the most recent observations in a long series of data. For U.S. investors, reliable data on stocks and houses goes back well further than 10, 20 or even 50 years.

Stocks returned 7% a year for 200 years ended 2004, according to Wharton professor Jeremy Siegel. That’s after subtracting an average of 3% a year for inflation, or the gradual rise in prices of ordinary goods. The plunge in stock prices over the past 16 months makes me all the more sure that shares are poised to deliver good returns over the next decade or two. Houses returned 0.4% a year over 114 years ended 2004, according to Yale professor Robert Shiller, co-creator of the most widely used index for house prices. That number is suspiciously close to zero. Indeed, it might have been zero, reckons Shiller, if not for two periods of aggressive house buying, one spurred by government incentives following World War II and another created by the Federal Reserve’s drastic interest rate cuts in 2002 and 2003.

(more…)

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I use Craig’s List as a way to find my tenants. I have found several good matches this way. I always post in my adds that I require an in person appointment and that I will require a credit & background checks.

This way it helps to weed out the scammers and losers. Thanks to Renting Authority, I have the ability to screen them, even though I am just one person with one property renting out separate rooms.

Beth

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Thanks, for what it is worth I plan to use your system for my rentals in the future; this is the place where I believe I have been lacking. I like the online option.

I have four rentals currently and have one that is about to be ready to rent again so I plan to run your checks on any potential renter.

Thanks,

Bob

Stanwood, WA

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