Page 67 - AAGLA-JULY 2022

Property Management
YThe Simple Trick That Helps Renters Pay YOU on Time! By Nicole Seidner
our tenant applicants are in a tricky as increasing their credit score, access to emergency cash situation – a low credit score makes life and late-payment forgiveness where PayRent works with more difficult for them, but most of their you to cover the expense.
money usually goes to a bill that doesn’t
improve their credit score. Basically, if a credit score matters then the priority bills to pay are the ones that improve
your credit score. Well good news, everybody! You can now make it easy for your renters to pay you each month with the added benefit that paying you will increase their credit score.
This is also the perfect time to consider our partner, PayRent, with recent laws being passed that require many property owners to offer a rent reporting solution to their tenants.
What Legislation!?
The requirement to offer rent reporting to tenants is part of California Senate Bill 1157. The bill is aimed at California landlords with fifteen or more units in assisted housing and requires them to offer credit reporting to “at least one consumer reporting agency.” However, PayRent went a step further and makes reporting to all 3 bureaus easy. The three major credit bureaus (Equifax, TransUnion, and Experian) tend to only allow landlords with more than fifteen properties to report rent payments on their own. PayRent can do it for everyone, no matter the size of your portfolio and at no cost to the property!
How Does it Work?
PayRent is full of benefits for your renters’ that encourage them to stay on top of paying their rent each month. It begins with your tenants’ having multiple ways to pay from credit card to bank account withdrawals, as well as the ability to setup multiple payments amount rather than a lump sum on rent day. Each on-time payment builds your renters’ RentCred which unlocks additional resources such
It might seem obvious at this point, but the simple trick to getting your renters to pay on-time begins with making it clear what’s in it for them. Every property owner would love renters who are purely incentivized to pay rent on-time in order to keep living in the property but offering some additional help can go a long way. Help your renters and improve how well you cover your liabilities at the same time. It’s a win – win!
Never Miss a Month’s Rent
PayRent goes beyond transactions to give landlords the payment controls they need to never miss a month’s rent. Set due dates, require automatic payments, block partial payments, offer incentives for paying early, and enforce your late rent policy with automatic late fees. PayRent helps renters iron out cash flow problems by giving them the option to pay rent with a credit card. Additionally, renters with a history of paying their rent on time have access to emergency, interest-free loans to help cover their rent- so that their cash flow problem doesn’t become your cash flow problem. For more information, go to www.PayRent.com/ AAGLA.
Nicole Seidner is a copywriter at ApplyConnect, an affiliate of Contemporary Information Corporation (CIC). She holds a degree in Writing from Savannah College of Art and Design with a focus in creative nonfiction. Her free time is spent taking pictures of her dogs or reading deep- dive analysis on movies that she hasn’t seen. This article has been contributed by CIC. CIC and ApplyConnect are the preferred tenant screening service providers of the Apartment Association of Greater Los Angeles. For more information, go to https://aagla.org/cic-apply-connect.
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