rent

April 15, 2013

Property profile page new design

This weekend saw the new design of the property profile page being released. We have been busy listening to our users who have asked for an even quicker way in reconciling rental payments as received and paid to landlords.

property profile page

Now agents can do all of these tasks on the Property Profile Page. However if a rental payment due needs to be edited or history viewed this can still all be done through the Schedule page.

Managing financials

Once your rental payment is received you can process it from your Rentview account to the landlords here also. It will now show the deductions to be taken and held from the rent. You can also click through to the invoice page to add/edit or delete any payments from this invoice. As with the rental schedule page you can also click through to the Statement page to view history etc.

Property Notes

Lastly you can also now add notes to the property which are date stamped with which ever agent left the notes. These notes are for internal use only.

To find out more about how Rentview’s letting agency software can help your letting agency enquire at info@rentview.com

by Rentview

March 5, 2013

How to collect rent

Collect rent

One of the fundamental tasks a letting agent or property manager will undertake when managing a rental portfolio is to effectively manage the rent collection. There is a whole ecosystem working here and if you have a good Rental Management Software system in place, it saves you a lot of time and effort. It also helps if you have managed to secure good quality referenced tenants for your properties, then you can reduce the possibility of the extra work load.

The reality for some letting agencies is that managing the rental payments from tenants is quite a stressful (Full time) job. If all goes to plan and tenants pay on time via standing order or direct debit then the rent paying eco system flows perfectly. Tenant paying on time means the letting agency receives fees on time and the Landlord / Mortgage is paid on time. Usually what happens here is your landlord has a very good experience dealing with your letting agency and you retain the landlord as a customer.

collect-rent

When managing rental properties it is important letting agents and property manager’s setup efficient ways to collect the monthly or weekly rent. Agents who use Property Management Software can reduce admin time. Below I have listed some of the most popular methods.

How to collect rent

Standing order: The most cost effective way to manage rental payments is by setting up a standing order with your tenants for the rental payments. Make sure if you are managing multiple rental payments you include a reference code to identify the rent payment.

collect-rent-software

Direct debit: This is a great way to collect rent payments and gives letting agencies great control when administrating rental payments. Similar to a standing order but with better controls, please beware of any cost implications for your letting agency if tenants funds bounce. I recently came across a company who facilitate the collection of funds via direct debit called www.gocardless.com who charge up to £2 per transaction.

Collecting cash: The oldest method used to collect rent. When managing rental payments, this is the one method I would not recommend you implement if you are managing a mid-size portfolio. There are too many issues with collecting rent via cash from tenants each month. I hear from too many letting agencies who allow their office to be used as a bank for tenants to lodge cash. It is better to use another method to collect rent. Some of the issues which could arise include:

Losing or misplacing cash in office.
Leaving your office open to robbery.
Fraud issues with staff members administrating cash transactions.
Cost of bank charges for cash lodgements can be expensive.
Administration time managing cash lodgements.

Bank lodgement: Allowing your tenants lodge funds directly to your bank is another method used by some property managers for their rent management. Agents need to be aware of the bank charges levied for allowing tenants to lodge to your bank account when using this method to collect rent. You will also need to be aware of lodged rental payments which are not referenced and from previous experience managing a rental portfolio, I can tell you that this can be an administration nightmare.

Credit card: With increased access to debit and credit cards this could be a way to collect rent in the future but the costs are just too high at the moment and to get a merchant ID from a provider is sometimes difficult. Would you pay 2.9% or (£14.50) to collect rent of £500 from your tenants?

You may also be interested in this infographic on The Costs of taking Monthly Rental Payments .

Let us know what your experiences are in rent management, or if you have any questions, do get in touch!

by Colin Napper

January 18, 2013

Letting agency accounts

Letting agency accounts update

We have been busy gathering feedback from our users and implementing changes to improve your experience and needs with your Rentview agency account. So what’s new?

With the development team’s time spent primarily on accounting and preparing the client account for the last quarter of 2012, there was not a huge amount of visual changes to Rentview. Your Rentview account will now track all monies in and out of your client’s account in line with regulation.

Via the Accounts toolbar there are now 5 Tabs

Rents- The “Rents” tab allows you to track what rents are overdue, due today and due within the next seven days. This is shown through a traffic light system. Here, you can reconcile the payments as received and partially paid. As you know, this is can be the busiest part of the maintenance of your letting agency accounts.

Statements- The “Statements” tab monitors what rents have been processed as received; either in your client account or in cash en route to be deposited into your client account.

Deposits- The “Deposits” tab reports on what tenancy deposits you are holding in your client account. This will only report on the deposits that are selected as held in client account when starting a new lease term on a property. Once a tenancy has ended after the lease term or prematurely the deposit can be reconciled out of the client account.

Fees– The “Fees” tab reports on what Agency Fees are currently being held in your client account. An agency fee will appear in your client account after you process payments from a landlord’s statement page as paid. An agency fee needs to be added as such under the landlord’s statement page under each monthly invoice. You can clear your agency fees from your client account into your business or office account as often as you wish.

Tradesman- The “Tradesman” tab allows you to track what deductions are in your client account and due to be taken from rental payments. A tradesman invoice is any deduction to be made from a rental payment which is not an agency fee. Deductions could represent a tradesperson, supplier, petty cash, ad hoc expenses etc. You can select any tradesman account to see what is currently outstanding in payment, what is in your client account and can be paid, and what was paid in the past.

Making your letting agency accounts easier to manage

All of the information here will allow you to reconcile and report on what monies are currently in your client account and who they belong to in line with client account regulation. An accounts summary tab in your agency configuration will report on the accumulated amounts. An accounts feature to be released in early 2013 will be the accounts statement / ledger page. This will show you the history of money in and out of your client account, similar to your bank statement.

That’s it for today folks, if you have any questions, you can get in touch with us on our Facebook!

by Rentview

Articles of interest

How to collect rent

Letting agent revenues

September 5, 2012

Rentview Launches new Free service for Tenants

The team have been hard at work lately preparing for the launch of https://tenant.rentview.com/ a new free service to tenants. The new service was designed to help a tenant through the letting cycle by:

Aiding them in securing a property and becoming more marketable.
Help with the moving in process and management of Utilities.
Help them protect their deposit and the landlords assets through Inventories
Act as a payment reference for future properties or loan requirements

All great services to offer to people currently renting property throughout Ireland and abroad.Take a look at the homepage below for a better idea of the service:

As mentioned in point one above the online service aids a tenant in securing the desired property of their choice. Once a tenant joins tenant.rentview.com they can start building their profile. This can include uploading a profile image and a short description of who you are and your requirement. You can also begin to upload some previous landlord references, a work or college reference , guarantors reference etc. All of this important information is now stored in one secure place and ready to be shared with the landlord or letting agent of a property you wish to rent. This saves you time and money in organising your references and also improves your chances of securing a property which may be in high demand. Here is a quick video describing how to get started with your account:

I will be continuing this blog series over on the new tenant blog at http://rentviewtenantprofile.tumblr.com/ along with the student renting series. Look out for some more great content on this blog as we look to continue the online marketing series and up the humorous content too! Thanks for listening guys, follow me at @Rentview_ and the new @Rentview_Tenant profile and don’t forget to like us on Facebook here and here.

by Rentview

July 24, 2012

Product Development: Partial Payments on Rentview

How to record a partial rental payment from Rentview on Vimeo.

Welcome to the latest product development blog where today i’m going to give you a quick update on our latest property management software feature set to go live this week.

Receiving a partial rent payment

When you are managing rental payments, you make get some tenants who don’t pay the full rent amount each month. We spoke to agencies who were having this problem and now the Rentview platform allows and agency to record and manage partial rent payments.

Example of Rent schedule : In this case the rent due is €800 from the tenant as per the rent schedule image below.

Unfortunately the tenant has only come up with €700 in rent for July’s payment meaning the €100 will have to be paid at a later date, previously on the software you would have to add a new payment term to manage this issue. Now with partial payments it automatically alters the payment schedule:

Above : Marking the payment of €700 received on time (20Th July 2012)

Below : The new and updated Rent Schedule – €100 Rent arrears due

Thats it for now, like to keep the product development blogs short, for more information visit the website and make sure to follow Rentview on Twitter. Thanks to Colin for the help on this one too. Goodbye , Cormac!

April 2, 2012

Property management and good customer service

Property management – How important is good customer service?

Customers are the lifeblood of your business. Without them, your business would more than likely not exist. Due to the fact that they’re so vital, it’s important that they’re retained and don’t take their business elsewhere. One of the best ways to do this is by offering excellent customer service. This is especially important for property managers, as you’re in direct contact with your customers a lot more than many other businesses.

property-management-customer-service

Poor customer service gets talked about. A lot. People are very willing to spread negative stories, whether it is just to their friends, or more dangerously, by posting their experience online. Marketers are waking up to the power of word of mouth, and so should you. It has been proven that negative word of mouth is more common and effective than positive word of mouth, but that’s not to say that positive experiences are ignored entirely. Providing excellent customer service encourages positivity and loyalty to the company, which is exactly what you want. After all, it can cost up to five times more to attract a new customer that it does to retain a current one. In saying that, current/old customers can do some of the job by attracting potential customers through positive word of mouth.

If your customer service is not up to scratch and you don’t know how to begin to improve it, it may be worth your while looking at the customer service life cycle model. Often mentioned in relation to the area of information systems, this model breaks the business/customer relationship down into a number of stages. Identifying these stages is a good starting point as it will be easier to pick out areas that need improvement and what priority they should get. Doing this may be a bit time-consuming, so in the meantime there are some basic guidelines you can follow to improve your customer service.

Customer service in property management

Build rapport with your customer – it doesn’t matter whether it’s a landlord or a tenant; you need to connect with your customers. For first time customers, simple things like introducing yourself, engaging in a little bit of small talk and asking how you can help them all work towards building a lasting relationship. Don’t forget your manners and do show genuine interest in the customer by listening and taking notes if necessary.

If you’re dealing with a landlord/tenant when another one appears needing your attention, politely ask them to wait a few minutes and offer them a tea or coffee.

Deal with problems immediately, as much as is possible. Complaints mean unhappy customers and unhappy customers leave very quickly. If a rent is late, keep chasing it and reassure the landlord that they’ll get it soon.

Keep your promises. If you say you’ll get an electricity account switched over by the end of the day, make sure you do.

Finally, go that little bit further for the customer. Even if it’s not fully part of your job, doing something small like offering advice will make customers feel that you truly care and increases the chances of the customer engaging in positive word of mouth.

There is letting agency software available that will help you provide greater customer service, why not research the area and see what fits your needs?

Please feel free to comment and share!

Thanks for reading!

by Andreas Riha

February 29, 2012

Mould in rented accommodation

Mould

Mould is a type of fungi that occurs completely naturally in nature and its main function is to help with the decomposition of organic matter such as leaves. Not the type of thing anybody would want in their property. They reproduce through spores that float around in the air and only grow into visible colonies when they spend enough time on a suitable surface containing moisture and nutrients.

Mould Growth

Materials that are used in the building of most homes like plywood and carpets are perfect breeding grounds for growth so the key to prevention is reducing moisture. Excess moisture appears after flooding, plumbing leaks, buildings that are too airtight so moisture can’t escape, not enough ventilation near ovens and showers resulting in condensation and general high humidity levels. Condensation also occurs when air gets colder and it loses its ability to retain moisture. Add moisture to warmth and give it a bit of time and you’ve got a new addition to the household.

The most common cause in Irish homes is probably condensation. It’s an internal problem arising from moisture that can’t escape. To prevent condensation and in turn contribute largely to the prevention of mould you should:

Have a good ventilation system in place – extractor fans in bathrooms, exhaust fans in cooking and laundering areas and open windows
Dry windows and windowsills when you notice condensation forming
Insulate cold surfaces well in order to keep central heating low to stop build up on windows, walls and floors
Try to keep carpets and rugs away from water sources like sinks and showers
Dry washed clothes outside as much as possible
Air cupboards and wardrobes frequently

Choosing the right tenant for your property

Removing Mould

If mould is already a problem in the home, the best thing to do is get rid of what’s already there and then take preventative measures. Mould killing sprays can be bought in most local supermarkets and these are effective in removing small growths, although a mixture of water and bleach can also help. If on walls or skirting boards, fungicidal paint can be used after the clean-up to prevent a recurrence of the problem. When cleaning, don’t forget to protect yourself. Rubber gloves, protective goggles and a dust mask are a must for protection against spores, and stop and go outside to get some air if you develop a headache or become nauseous. For larger growths it is recommended to call a professional mould remover. Certain materials like insulation and carpets can’t just be treated, they need to be removed and replaced.

If you spot the beginnings of mould growth (black pinpricks) take action immediately. While not generally toxic, mould can be an irritant and can contribute to respiratory problems. It also causes stains and eventually rots and/or causes deterioration depending on the material it’s growing on.

Whose Responsibility is it?

The simple answer is it’s both the landlords’ and tenants’ responsibility. Before they let a property, landlords should ensure there isn’t any mould growing or remove what’s currently there. Tenants should be informed of how to prevent it, what to do if it starts to grow during their tenancy, and should notify the landlord in case structural changes need to be made.

Other blogs of interest Keeping a tenant happy &

Final inspection and return of a deposit

by Andreas Riha

Rent management software

January 24, 2012

Cost of Renting – 5 costs of renting for Tenants

Cost of Renting – for Tenants

Cost of Renting #1 – Rent

All tenants have to remember that the rent isn’t the only cost they’ll be facing when they move. The average rental in Dublin, for example, is approximately €950, but as with every other non-rental household there are a number of costs to be covered.

Cost of Renting #2 – Deposit

Most, if not all landlords will look for a deposit before tenants move in. This is usually one month’s rent and may be used to cover repair costs, unpaid rent or utilities at the end of the tenancy. The general rule for all other costs is the user pays, although it is always worth clarifying with the landlord first. These costs include the following:

Cost of Renting #3 – Electricity/Gas

Rates vary between the Electric Ireland (operating as part of the ESB Group), Airtricity and Bord Gáis and may be affected by government policy. Information on the rates can be found on their websites www.esb.ie , www.airtricity.com.ie and www.bordgais.ie . The letting agent can now no longer switch a tenant from one service provider to the another, unless in certain circumstances.

Cost of Renting #4 – TV:

A TV license (at the time of writing) costs €160. A tenant may query why he or she has to pay this instead of the landlord. The answer can be found on the TV license section of the An Post website (www.anpost.ie). ‘Any person in occupancy at an address where a television set is held is legally responsible for the licensing of the television set regardless of ownership of either the premises or the set itself.’ Similarly, any TV subscriptions to UPC, Sky or any other internet, phone or television company must be paid by the tenant. Costs will vary depending on the package sought. For those who think they can avoid this cost by not having a TV, a proposal exists to launch a broadcasting charge for all households, regardless of whether they have a TV or not. It covers those who watch programmes on non-traditional media e.g. laptops. The proposal is in the early stages so it’s unclear if it will be passed.

Cost of Renting #5 – Waste:

This applies if the property rented is a house. Recent changes have seen Dublin City Council pass control of waste collection services to Greyhound, a private company. As most readers will know, this changeover has not been a smooth one and there’s much confusion about collection dates and fees. Charges on waste depend on the colour of the bin and size. Our advice is to keep up to date with the situation and discuss with the landlord whether to remain with Greyhound or to switch to another private company.

All of these costs require careful consideration before renting a property. Is it worth renting?