Are you a new or small Landlord? If you are, chances are there’s going to be two factors that are incredibly important to you while developing your rental operations.
August 15, 2022
6 min read
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Are you a new or small Landlord? If you are, chances are there’s going to be two factors that are incredibly important to you while developing your rental operations. Those factors are generating stable, reliable income, and reducing risk. How do we know this? Tenantcube was founded by Andrews Moses after a rental went bad. Like you, he was new to renting and in his goal of becoming a housing provider, got a first hand lesson on why it is important to properly screen and verify potential tenants. You can learn more about his experience here and some of his advice for screening here. With the understanding of what can go wrong, here’s how you can use Tenantcube to help make sure your rental runs smoothly.
Screen and Lease
Having learned a lesson on the importance of screening, Andrews set out to develop a complete onboarding system which allows users to reduce risk and improve decision making by providing a more complete and accurate picture of your potential tenants. This starts with the Tenantcube application. A tenantcube application is completely digital and can easily be sent via your mobile and web app. This can be done using an applicant email, an easy copy link, or even sharing it across social media channels. When a digital application is sent out, it will come back complete with not only the information applicants provide to you, but also the information they can prove via uploaded documents, such as pay stubs and reference letters.
While the information an applicant provides is important, it is also important to collect third party information to help verify any information that has been provided, this is why we’ve integrated Equifax credit reporting and ID verification services to allow users to easily access tools which can help provide more clarity and improve decision making. When your screening is complete, simply approve the applicant and complete any remaining onboarding steps like collecting deposits, reviewing insurance, or generate a digital lease and send it out for e-signature.
Automate Rent Collection
Once you’ve selected the appropriate tenant to take advantage of your housing opportunity, you can help improve the chances of getting paid on time, everytime by automating rent collection, rent collection is done through our secure payment processing partners at Zum rails and is integrated directly into Tenantcube, this means that you can easily send our a payment request and have money drawn directly from the tenants account and paid directly into yours for any day in which you’ve chosen. The easy setup system via Zumrails sets up directly with the bank and can be done in under 1 minute!
Now that you’ve selected the right tenant and set up the rent, you can be more confident about collecting stable and reliable income via the rent. But what if there’s still doubts? Well, you can sleep easy knowing you’ve helped to minimise the risk by adding a rent guarantee. What is a rent guarantee? This is a program in which you can offset the risk of payment default in case your tenant loses a job or is unable to pay. If your Tenant is approved, our program will help protect up to $60,000 in missed rents, $10,000 in damage coverage, and even help with paralegal costs. This program is designed to help provide greater peace of mind and is an excellent choice for new and experienced landlords alike. Want to learn more about our rent guarantee program? You can read our FAQs on our rent guarantee page.
Whether you are a new landlord or a seasoned real estate investor, you likely know the importance of risk reduction when trying to fill a vacancy. This is why we’ve made it even easier for users to screen applicants and run credit reports in our latest Tenantcube update.