Providing an online vacation rent payment for your guests or renters is perhaps one of the best ways for a landlord to manage rental payment. It is an affordable way to accept income from renters. It also greatly reduces one of the greatest burdens owners face – that of rent collection. With every rental agreement, you should offer your guests the opportunity to pay online.
Features of a Rental Payment Agreement
As a landlord, your rental agreement with renters includes certain vital information that you have to collect by law. You have the obligation to know the names of each tenant living at the premises. Each adult tenant has to sign this document to make their presence on the property legal. If just one renter violates the terms of the contract, you have the right to evict all tenants from your home. You can set other requirements on their contract, as well.
The renter has to agree to a limit to the number of people living in the unit. Only people who have signed your lease and minor children belonging to the signee can live at that address. They have to get special, written permission from the landlord to change the parameters of this agreement.
Terms of Rental Agreement
The rental agreement should clearly list any fees each tenant is responsible for. They are usually for a short-term, much as you see in the vacation rental industry.
In the case of vacation rentals, guests may agree to rent for a month at a time, for a few weeks or even just for a day or two.
A lease, though, is usually for a minimum of a year. It is up to the landlord to determine how long the contract is for, based on how much flexibility you want with your guests.
Your agreement should also include full disclosure of any down payments or additional charges that will be added to the bill. This eliminates any possible miscommunication between renter and owner.
In the document, you should clearly specify what the tenant’s warranty will be used for and the conditions for return. Follow state laws regarding the amount you are allowed to request.
If you do not want the tenant to be allowed to use their deposit for the last month’s rent, be sure to specify that in the rental agreement. Also, clarify what it will be used for if withheld, such as repairs and cleaning upon departure.
Specify the difference between returnable and non-returnable extras and deposits.
Maintenance of Property
There will be certain maintenance required of each tenant. By clarifying your expectations for the renter, you reduce the chances of misunderstanding when they request a return of their retainer amount.
The document should be accessible online. Many young people who have no credit history still pay their rent on time. Therefore, they elect to pay rent with a credit card. By paying off the card monthly, they build their credit score.
With an online payment plan, you offer a service that consumers are looking for. Many of them will remember over latte that their rent is due tomorrow, and will use their smartphones to make an immediate payment.
A rental payment agreement eliminates a lot of confusion when it comes time for a landlord to collect rent. In many ways, it is easier for the renter to pay online, which puts the money in the landlord’s bank account sooner. Payment software interfaces with your management software, making it easier to streamline a sometimes time-intensive process. With the many ways of rendering payment available to landlords these days, it makes sense to allow for online payment.