TurboTenant’s Rent Payments

May 26, 2023

The video features Samantha and Krista from TurboTenant’s education and community team, along with Adrian, the principal product manager responsible for rent payments at TurboTenant. The session is designed to demonstrate and discuss the rent payment process within TurboTenant’s platform.

Key Discussion Points and Demonstrations Include:

  • Introduction to Rent Payments: The team emphasizes the importance of setting up rent payments early, highlighting the flexibility to customize according to a landlord’s situation, including the ability to skip steps if rent amounts or security deposits haven’t been decided yet.
  • Setting Up Rent Payments: Samantha walks through initiating rent payment setup, including adding monthly charges, security deposits, and enabling automatic late fees. The process involves specifying the charge amount, due dates, and the charges’ recurrence, showcasing TurboTenant’s user-friendly interface.
  • Bank Account Linking: The demonstration covers linking a landlord’s bank account for rent collection. Adrian explains the necessity of personal information like social security numbers for security checks to ensure the transaction’s authenticity.
  • Tenant Perspective: From the tenant’s side, the process for viewing charges, making payments, and setting up auto-pay is showcased. Adrian clarifies tenant bank account verification, emphasizing security measures to prevent failed payments due to insufficient funds.
  • Recording Offline Payments: The video also touches on how landlords can record offline payments, such as checks, within the platform, providing flexibility in payment methods while keeping the system updated.
  • Boosting Credit with Rent Payments: A notable feature for tenants is the ability to enroll in rent payment reporting to credit bureaus like TransUnion and Equifax, aiding in building or improving their credit scores based on their rent payment history.
  • Landlord Dashboard Insights: For landlords, the platform offers comprehensive insights into payment statuses, including pending verification, amount due, and successful setup completion. Advanced features like viewing tenants’ payment methods and managing multiple bank accounts are highlighted, stressing the premium plan’s benefits.
  • Understanding Deposits and Withdrawals: Adrian explains the deposit timeline and the upcoming features like entity management and instant payouts aimed at giving landlords more flexibility and control over their finances.
  • Feedback and Interaction: The session underscores TurboTenant’s commitment to incorporating user feedback into their platform’s improvements, showing a responsive and evolving service.
  • Contact and Support: Adrian provides his direct contact and encourages feedback, while the team shares additional resources and support options available through TurboTenant including a help center, onboarding courses, and direct support channels.

Throughout the session, the friendly banter, including opinions on pineapple on pizza, creates an engaging atmosphere. The video serves as a comprehensive guide for both new and existing TurboTenant users on effectively managing rent payments, offering insights into both the landlord’s and tenant’s perspectives within the platform.

Video Transcript

Samantha: You are here for a rent payment demo and chat. So my name is Samantha. I’m on the education and community team here at TurboTenant, and I am the face on screen for our onboarding course if you’ve checked out any of those videos on how to use TurboTenant. I am co-hosting today with Krista, who is also here on the education and community team at TurboTenant. Krista is responsible for all of our blogs and our educational webinars and also writing our weekly newsletter, The Key. And of course, we have our superstar VIP joining us, Adrian.

Adrian: I am the principal product manager here at TurboTenant, and you are responsible for rent payments. So that’s why we’ve got you here today. This poll is a good opportunity for us to get to understand who is in the audience today, participating. We’ve just got a few questions there.

I want to know how many years of experience you have as a landlord, how many rentals you own or manage, how familiar are you with TurboTenant, how do you collect rent, and the most important question in my opinion, pineapple on pizza. And I know you’re all wondering, we’re pretty evenly split as of right now. Yeah. Krista, Adrian, what are your thoughts, pineapple on pizza?

Krista: Man, I’m a firm no. I don’t like sweets and cheese together, but I could be persuaded. What about you, Adrian?

Adrian: Spending more than five years in New York City, I used to be a staunch non-believer in pineapple on pizza, but it has its place. It really does.

Krista: Is that place the garbage can? Because it can be.

Adrian: No, I mean, everybody, it’s the sweet and savory kind of just mix. It just hits taste buds differently. So I mean, at the end of the day, it’s a personal kind of flavor profile choice, I guess. Valid.

Krista: That’s what we like to do here at TurboTenant. We get a little personal to make sure that we are in the know with all the things that you guys are, even down to what you like on your pizza.

Samantha: That’s right. Well, I am a pineapple on pizza fan. I like pineapple on all pizzas, especially if it’s mixed with jalapenos, because I know you all wanted to know. And now you know.

Adrian: Now that’s weird. That got weird. Pineapple and jalapeno on a pizza.

Samantha: Thanks for your feedback, Adrian. You’re so welcome. I think we should get started. I think we should talk about rent payments. How are we feeling? Let’s do it. All right. So we’re going to look at TurboTenant. This is a TurboTenant landlord portal.

If you’ve used TurboTenant before, you are familiar with this. And if not, we are focused on rent payments today. If you have other questions outside of rent payments, we do have that chat and Q&A available. You can ask your questions or we do have the onboarding course that I mentioned where you can walk through all the features of TurboTenant.

So getting started in my landlord account here, there’s a few things going on. I have already added my property here in the properties tab. I’m not marketing because I already have a tenant in place. And I’ve already added my tenant to a lease profile. So from the leases tab here, I’ve got my lease profile set up. If I click into here, you’ll see I’ve already got a tenant ready to go. So what we’re going to do first is set up the rent payments process. We have to request rent payments from TurboTenant.

If I go here into the payments tab, you’ll see we’ve got this pop-up here letting us know that we can get started. It’s free for landlords. We can automate your rent collection and your late fees with reminders and receipts.

And we use the same processes that big banks use. So let’s go ahead and get started. Now, Adrian, I’m setting up these payments. I already have a tenant in place. Is this the best time to set up rent payments, or what would you recommend?

Adrian: Yeah, I mean, as early as you can, set up rent payments, the better. Mainly because it lets you have it in place when you do get a tenant. So that’s why we allow you to set it up. Whether you have a tenant, whether you don’t, and whether or not you know what you’re going to be charging for rent or you don’t.

So you can skip this step as well if you haven’t decided. Or if you don’t know how much you’re going to charge for like security deposits, etc. It’s pretty much customizable to whatever your situation is.

But I mean, the earlier that you can set it up, the better. As Samantha said, you know, we do have a security process that we have to go through. Just to ensure that, you know, the money is going to who it needs to go to at the end of the day. So, you know, that process we don’t want it to interfere with you needing to collect rent, you know, really quickly.

So if you set up on the 25th and then you’re trying to get your first payment due on the first, but you’re not setting up until the first, that’s going to present a problem.

Samantha: Absolutely, absolutely. And so like Adrian said, we have this button up here to skip for now. So if you’re not sure about the actual charges, I have already added my tenant. I know they’re moving in June 1. So I know I need to get those charges set up for a June 1 due date. So what I’ve done here is I’ve categorized a monthly charge, which is a recurring charge that’s going to happen every month.

I’ve categorized it as rent, put in my dollar amount here, indicated the due date, and when I want these charges to hit my tenant’s account. This lease starts June 1. It’s a 12-month lease that goes through the end of May. So I went ahead and set up my last month of charges for May of next year.

That means that there won’t continue to be charges beyond that date. Now, if you have a month-to-month lease, perhaps, or you’re not sure about how long the lease term is going to be for the charge, you can always select no end date here, which will continue to push out that charge until you go in and stop it. We also have this feature to add automatic late fees. So you can either do a flat late fee like I’ve done here, or you can do a percentage of the amount that is unpaid. And then you can also indicate when that late fee is being applied. So if my rent is due on the first, and I’m applying my late fee one day after then that late fee would be applied on the second. We do also have these links to late fee policies for specific states so that you can read up on the requirements or the stipulations in your area. So I’m going to go ahead and add that monthly charge you can see right up here. I’m also going to do this one-time charge which is for my security deposit because I don’t want this to charge multiple times over a period of time I just want that one-time charge. So let’s go ahead and add that and move on to our next screen. Now on this page, we’re asking for information to link your bank account with our payment processor. You can see that this information should match the info on the bank you are using to collect rent. Let’s just go ahead and add in some details here. I am using a test account so not all of this information that I’m using is going to be true and accurate information. But if anybody wants to send me a birthday present, it is on June 13. Adrian, why do we need this information why did you need my social security number and my address and my date of birth?

Adrian: Yeah, so whether you’re a company or whether you’re an individual operating so like a private or ship. We’re going to need that information just essentially to pass through our security check just to make sure that you are who you say you are that the bank account information that we receive back matches up with that, just so that the money that’s going out is going out correctly.

Samantha: Perfect. And if I’m managing rentals for somebody else, let’s say that I’m a property manager and I have the money. I’m the owner and their name is on the bank information. What do I do in that case?

Adrian: So yeah, in that case, you’ll just need to supply the information for that owner or for that LLC that matches that bank account. So we don’t prohibit you, you know, I’m managing properties for my brother, for example, I just need to have his information that’s going to get tied back to where that money is going at the end of the day. And we’ll check sure make sure that everything lines up. And that’s one of the first processes in our security process. Nice.

Samantha: And I just went through really quickly and linked my bank account. We do have the ability to link instantly by using your login credentials now again I’m in a test account so you may have noticed I didn’t actually type in login information or get a verification code I just kind of switched through that. But when you are setting that up you link your bank account, and it is just as fast as this is getting that setup. There is also the opportunity to link your bank account manually. What does that process look like Adrian?

Adrian: It’s pretty similar. It’s just straight up going to a form and entering in the owner of the account’s name. So whether that’s you personally or whether that’s your company name, and then adding in your account number and routing number. And then we verify that on the back end outside of kind of what you see. And then it gets added to your account.

Samantha: Awesome. And I see here this is giving me the opportunity to add another bank. You can see this little star indicates this is a feature that’s built into our premium plans.

So if I click in here. You’ll see more information about our premium plan it is $99 for the year. And as it relates to rent payments specifically, you’re going to get faster rent payment deposits if you opted for that. You have the ability to add an unlimited number of bank accounts, and then there’s also an ACH fee that can be waived with that premium plan subscription. I am not going to get premium right now, but we’re going to go ahead and click next. We’re confirming the setup the lease profile the lease term the tenants charges bank account, and we’re going to go ahead and finish our setup here.

Perfect. You’ll see that the setup is complete and I am now pending verification. So this is going to our payments and security team to make sure that I am who I say I am, and to make sure that everything is set up the way that it should be. All right, now here you can see I can collect rent online soon. I have these two charges that have not yet been sent to my tenants these are draft charges, and they won’t be sent until my account has been approved.

So let’s do some magic, like a cooking show. Now, look at this rent payments approval, I’ve got it. Now it is not typically that fast it does take I believe 24 to 48 hours for that rent payments approval process. But here we are we are approved. You can see I have a total unpaid amount but nothing yet passed to. And if we go and take a look at our lease profile.

Here’s my tenant. And we’ve got the sent charges. Clicking into those so you can see the details the sent charges mean that they can be viewed and paid by your tenants. Adrian is there a difference between the one-time charges like the security deposit and the recurring charges and when they get sent? Yeah.

Adrian: So the recurring charges will be sent out about 15 days before your due date. And then the one-time charges those are immediately sent out to your tenants. So they’ll be visible in that portal so if you have something set up in December of this year, and you create it today, it’ll show up in that tenant’s portal. It will be categorized, you know by date, so it won’t be like at the top, if they have other things there. But at the end of the day, the notification periods are the same. So even though it’s posted into your tenant’s portal at the end of the day. We don’t actually notify your tenants of a charge being due until about seven days before it’s due. And then I believe after that it’s three days and then day of. We also have automatic reminders for when they’re past due too. So we’ll notify them I believe that one day two days three days. And then I think like a final one at like five days to let them know like hey this charges still passed it. Perfect.

Samantha: So we’ve got this one-time charge here it’s got the little coin indicator. And we can see that this payment will be deposited into my bank account. Then down here we have our recurring rent charge, and you can see that matches up here with our recurring charge that’s due on the first every month. We also have the opportunity here in the lease profile I kind of went through this quickly, but if I click on edit.

You’ll see the option down here that you can allow partial payments from your tenants and you can also allow your tenants to pay recurring charges so set up auto pay, and you can change that within your lease profile settings so if you do want tenants to submit partial payments, for example with roommates you can click yes, or no if you want them to only pay the full amount of the charge. Another thing to note.

Adrian: So yeah, I was just, yeah I was going to say if you’re back on payments and if you can click on a charge I’ll call out something else. So this statement right here that says sent to your tenants on May 27 May 24. If you ever get confused or you want to know when the last kind of like notification whether it’s email gets sent out to your tenant, this actually updates dynamically. So, you know, Samantha once this charge gets to Jim first, it’ll actually go ahead and say your tenant was reminded of this charge being due today kind of thing. Same thing with late fees so if you ever, if you ever kind of want to know where your tenants at in terms of notifications, click on your charge and I’ll let you know. Perfect.

Samantha: Another thing you can do here within the charge is recording offline payments. So let’s say that this tenant. They actually paid me $500 with a cashier’s check when they came to visit half of their security deposit and then they wanted to pay the other half online. I can click record payment right here, indicate the tenant on the lease that made the payment. We’ve got the security deposit amount here, and the amount they paid. Now I could also select another charge but again we’re doing a partial payment on a security deposit.

It was a cashier’s check. Hey today. And we’re going to say. She has checked number this. And we’ll go ahead and send a receipt to the tenant. Okay, we can see here. We’ve got that offline payment recorded and now there’s $500 due here. So what does this look like for the tenant?

Well, I can show you. Look at this refresh your page here. And we’ve got our tenant’s portal set up right here. If I scoot into the payment section you’ll see up here I still have unpaid charges but nothing’s past due yet remember it’s due June 1. By going to the payments tab. You’ll see if I click into rent this is an unpaid amount $2,000. And then I have my security deposit. The whole amount has not been paid balances 500 and here’s that offline payment. So let’s go ahead and make a payment as a tenant.

Now again, using a test account. So this is not real and true information that I’m putting in keep that in mind, but this is how tenants can link their banks.

Adrian: So just a call out the tenant experience is pretty similar to like more experience when you’re linking a bank account. So we utilize primarily plan to connect to those bank accounts, either through my crew deposits, where they enter their account number routing number and then verify the amount that gets deposited or the code that gets deposited alongside that transaction, or they meet or they log in.

And mind you, we don’t see any of the information that they provide when they’re doing those things but if your tenants ever have an issue with adding their bank account method. Just know that you’ve experienced already you’ve gone through pretty much the same exact flow. So it doesn’t differ in any way. And usually ends up if they have an issue adding it usually ends up being something because they’re really they’re using like a really small bank, really small credit union. And then there’s ways that we can work with them to fix that but experiences very much the same.

Samantha: Absolutely. And then I want to show off one other thing I’m going to go back to that other landlord account that’s still pending. If I go take a look at my tenant. Now this is my other landlord account you’ll see that my tenant was invited to the portal.

Right. And if I click into my tenant’s information here. This is showing me there’s no payment method on file. Now remember I just added that method of payment for my other landlord.

So if we go here. Check out our tenant. And we have the bank account added right here so you can keep track of that and see where your tenants are in the process. So Sasha is going to go ahead and submit the payment for this remaining $500. You can see I don’t have the option to make a partial payment here. Let’s go ahead and submit that payment. Oh no I have insufficient funds. What is this Adrian?

Adrian: Yeah so another way that we work to protect landlords from receiving payments that we know are going to fail is we’ll check the way the renters bank account if they’ve logged in. Before they process it just so that we don’t get in a situation where they say it says that they paid on the first. But then their payment fails three days later.

Meanwhile you’re waiting for that to come through. So we try to preemptively protect landlords as much as possible from getting any kind of false signal that something’s been paid prior to. And then you know it kind of works the same with cards cards are secured forms of payment so they don’t have the balance they’re not going to process either. So that’s that’s usually what happens there. Perfect.

Samantha: So I don’t get paid till tomorrow I can’t make this partial payment but I can go ahead and set up auto pay. So if I click on enroll in auto pay. We have our payment method up here and the renter can of course update that if they like a different method of payment.

We’ve got our receipt down here from that other payment that partial payment we made and recorded as a landlord. And I’m going to click enroll in auto pay. Now you’ll see here that I’m able to select this charge. So this is that monthly recurring charge. I’m only able to set up auto pay on monthly recurring charges. So if a tenant has let’s say utility charge that you go in and you manually input as a one time charge every month based on usage. That will not be rolled into the recurring charges because that’s going to fluctuate each month and it’s going to be different. But for these recurring monthly charges we’ve got that set up and we’ll click save auto pay. Nice. So when will this come out of my bank account Adrian?

Adrian: So that will come out of your bank account on the first pretty much starting when it is actually the first in the time zone of the listing. So if you’re a landlord and you have a listing on the West Coast but you’re in the East Coast.

It’s obvious and it’s midnight still going to be 9pm in California for example. So that’s going to be a good time to get to the rental. Rent or won’t get charged until three hours later. So we really depend. We really base it based on where that renters ultimately located in that listing.

Samantha: And it’s not going to come out before the due date though.

Adrian: No, we will not come out before the due date. Perfect.

Samantha: Awesome. And then another feature that we have here for tenants if we go back into our dashboard. We have the ability to boost credit or build credit with rent payments. So that’s going to be a good time to get to the rent payments. Can you tell me a little bit about how this works, Adrian?

Adrian: Yeah, so essentially if a tenant is making payments and enrolls into a rent reporting, they can get that payment cycle reported out to TransUnion and actually as a little surprise teaser we just got approved to report out to Equifax as well.

So we’ll have two out of the three major credit bureaus being able to report out to and essentially just create a revolving account with one of those saying that they’ve been paying their rent on time in the case of some of them late if it goes past like 30 days and just lets them essentially just help boost their credit to show that they’re continuing to pay something. So.

Samantha: Perfect. Then if we go back into our landlord portal, check out our lease and our payments. Okay, we’ve still got that 500. We’ve got this set up. Everything looks good on our tenant side of things. If we wanted to take another look at payments or let’s say that you manage multiple units or you have multiple renters or multiple leases, whatever the case may be, we have this payments tab here and this is going to give you an overview of your account. So for this month, which is May, remember my charges are due June 1st, so they’re not in this month, but for this month in May, I don’t have anything past due, unpaid, no charges, nothing deposited, nothing in transit and nothing paid. Again, because my charges start June 1st, I can click over to year and it will show me all of the years.

So previous coming up. If we go into our charges, this is going to again break down those charges and you can even see that auto pay has been scheduled for this tenant. So you can take a look and say, oh, they haven’t submitted a payment, but I see they have already enrolled in auto pay.

So you’re ready to go there. You can also sort all of your charges by a specific property. You can look at specific leases or categories, statuses and specific times as well as exporting those rent payments. And then once those funds have been deposited in your account, you’ll be able to track the money here. We didn’t talk about deposits. I don’t think what should landlords know about deposits with TurboTenant? Yeah.

Adrian: So deposits, that tab is just really tracking the other side of that money movement. So if you think about charges as money coming in, money kind of being requested to come in and then deposits as money actually coming into your bank account, we’ll show you two different statuses. So in transit, so it’s usually when a payment has been made electronically and is on the way to your bank account, just so you can track that as an estimated deposit date that’s assigned with it, that varies whether or not you’re a free member or a paid subscriber. And then once those get deposited, it essentially just shows you all that relevant information around when it was paid, by who it was paid, what bank account it’s getting deposited into, if it was successful, it gives you a timeline, stuff like that still. And then it will even update in the case of for some reason, a rent payment getting disputed by your mentor or renter, or if it ends up failing for some reason too. So all that happens dynamically and just keeps you kind of in the know and lets you know, especially if you use the Overview tab, it lets you know kind of what you need to take action on as everything is moving in and out. Awesome.

Samantha: And speaking of keeping you in the know, we’ve just released a new feature, just, I think it was this morning, perhaps, with our notifications. So I went to the account settings under the Advanced and we have these notification preferences. We are very excited about this update. If we go into the email summary here, if you are one of those landlords that has multiple properties or multiple tenants, this is going to be life changing for you, I think, because you can turn on a daily payment summary and a rent payment deposited summary, so that you’re not getting an email every single time you’re getting a summary of the information for all of your tenants at once, which is fantastic. And I’m so excited about this feature. But that was a lot of information and we went kind of quickly. So, Krista, how are we doing with questions?

Krista: Doing pretty well. You covered one of the more recent ones. So I’ll scroll back. We had a question come in about late fees. Specifically, will there be a late fee feature for continual auto late fees? For example, mine is first day late cost $25, but then it’s worded so that it costs $5 each day thereafter. The $25 auto sends, but then I have to manually go in and add each continual day.

Adrian: Yeah, so that’s something that’s been popping up a little bit more recently. We’re considering it. It’s kind of an idea on the backlog to tackle that. The reason, and I’ll explain that a little bit, the reason that we didn’t come out of the gate with it is that if you look at the laws around late fees, there’s maybe one or two states that allow that. The other states are either ambiguous towards it or very definitive and say you can only charge one time fees in a certain amount and you can’t go above that. So, fortunately, we’ve been having more landlords reach out from those states that allow it. So it’s something we’re looking into and going to start planning out to more than likely tackle.

Krista: Perfect. Love it. All right. Next question here from David. If I have a short term rental, can I charge the rental weekly or only monthly?

Adrian: Right now, you can only do a monthly, really current basis. I mean, what you could do, and it’s a little bit of a work around because we’re not really focused on short term rentals right now and we haven’t gotten a lot of feedback asking for that, is you could split up the amount that you’re requesting and create several reoccurring charges and they’ll all send out appropriately month over month. And that’s kind of the hacky solution to it. Just takes a little bit more manual work, unfortunately.

Samantha: Yeah. So I’ve seen landlords set that up on like a seven day, so the first, the eighth, the 15th, the 22nd, so that it charges every week. And then you can, of course, do automatically fees on the rent charges. So if they do make weekly payments and you still have a late fee to assess, you can certainly set it up that way.

Krista: Beautiful. All right. If I received an email that my payment has been paid, how many days does it take to deposit into my account? Is there anything else I need to do to get my deposit or will it just be auto deposited?

Adrian: So good question. So you don’t need to do anything. It will be auto deposited unless there’s an issue with your bank account or anything along those lines. As far as timeline, if you’re on our, if you’re a free user, our average is around four days for ACH for cards, you know, it’s probably a lot lower.

It’s probably around two wish days. And that stays consistent against whether you’re premium or not. Premium, though, you can elect to subscribe to that plan and that’ll speed up your deposit timeline for ACH payments. And that gets them to about two days or so, two business days, just to clarify that. So weekends don’t count, holidays don’t count. It’s just straight up business days if it’s done within business hours. So we are at the mercy of banking hours on that.

And I’ll share a teaser towards the end of it around how you can kind of get around that. And then as Samantha is showing on the screen right now, too, there is a risk with expedited payouts in the sense that the ACH network is kind of slow to settle funds. So sometimes, and it’s a very rare case, I can tell you it’s about 1% of the time, we’ll have a renter make a payment, and then they’ll go out and buy a cup of coffee or something, and then they’re balanced steps. So by the time it actually gets pulled out of their account, it’s less than what it should be. And then it usually ends up failing.

And what that happens is it kind of just messes up the timeline of when you can get a payment, or if the payments are even deposited to you because it looked like everything was good, where we have to try to reconcile that and fix it. It doesn’t happen a lot, but just in case you’re wary of that risk, we do give you the ability to turn that off and on as one of the features of premium. There’s a lot more to premium though, so don’t let this dissuade you from that.

Samantha: Yeah, to give you just a peek at premium, I see there’s a couple more questions that came in. On this account, I do have premium, and these are the tools that I’ve unlocked. So boost marketing or prioritized marketing, that means when I’m trying to find a tenant, and I’ve created my listing, it is going to be prioritized over the non-premium users in terms of getting that pushed out to third-party sites. You’re also going to get those enhanced rent payments, like we mentioned, the faster deposits, the unlimited bank accounts, the waveDCH fee. You have access to income insights, which is a perk on our screening reports with TransUnion. You’ve got unlimited customized state-specific lease agreements, as well as unlimited electronic signature requests, phone support, live chat, and we are frequently adding more things.

If you have questions about any of these features or premium itself, again, we do have that onboarding course where I go through every single one of the features of TurboTenant, and you can ask questions there in that course as well. All right, let’s see. I saw somebody asked about rent, about the rent reporting.

Krista: Yes, could you please show again how a tenant can submit rent payments to credit reporting services? Perfect.

Samantha: So I’m on the tenants dashboard here. I can either go into the settings area or onto the payments tab, and well, there we go, billing. And we’ve got turn on rent reporting right here. There is a help center article. If you have more questions about how that works, this is also great to send to tenants too if they have a question. And then you click turn on rent reporting. There we go. And that will report on time and early payments to TransUnion.

Krista: Fantastic. And that works automatically, right? There’s nothing else for the renter to do.

Samantha: Once they’re enrolled, they do have to, I did go through the process already on this renter account to input my personal information. So again, verifying that I am who I say I am, and that my information is being reported for the correct person. So I had already gone through that flow here, and then it is, I believe, 490.9 a month for tenants for that rent reporting.

Krista: Beautiful. Thank you very much. Pam asks, can I input a far bar realtor blank lease?

Samantha: Yeah. So if you are referring to a lease agreement, you certainly can. The leases here in TurboTenant, somebody’s saying the screen is blank. Is it looking okay to you all?

Krista: Looks good to me. Sorry, Tara, that might be something on your end. If you want to leave and come back, that might solve it, but it’s looking good to me. Okay.

Samantha: So the leases here, these are going to be our lease profiles. So this is not the lease agreement, contract, or document. This is instead like an old school file folder where we put all the information for a specific renter, for a specific rental, for a specific period of time. So you do have to add these details for the lease profile, which is done right here.

Just fill in the blanks. And then if you have your own lease agreement, you can upload a document that has already been signed if you just want to store it, or you can upload a document to send it out to be signed. And we did do a lease demo in chat last week or the week before, where I go through this a little bit more in depth, as well as in that onboarding course. So we do have resources available for that as well. Absolutely, we do.

Krista: Okay. So it looks like we have a question in the chat about the length of time. So a premium member asked, they said, I got my first email yesterday that I received my rent payment. So if I heard correctly, it could take two business days.

Samantha: It looks like it’s been trying to respond to you, but sent just to hosts and panelists.

Adrian: Yes, my bad. I didn’t even realize that. Yeah. So yes, on average, it should take about two to three business days from that time payment. The factor that obviously affects that the most is just if the renter paid it inside or outside of business hours. But like I said, our average is about two and a half days or so business days. I got to make sure I say that. Yeah.

Krista: And as Adrian said, we are beholden to the banks in terms of this timeline because they have to settle the money. So we rely on business hours quite a bit. Another question, does the system interface with QuickBooks?

Adrian: So not directly, no. It’s rather difficult to partner with QuickBooks at our level kind of thing. We do have a partnership with an accounting software that is pretty much like TurboTenant in the sense that it is professionally, it’s built for professional kind of use around real estate specifically.

So it’s tailor made to essentially just rental property investment and management. So you won’t have to deal with pretty much learning QuickBooks and all the functionality that corresponds to a thousand different things. And yeah, it’s cheaper than QuickBooks as well.

I mean, if you’re beholden to QuickBooks because your CPA that you use on a regular basis is wanting that to be the case, that is the reason why we allow exportation of the data of your charges or deposits through the payments dashboard. Beautiful.

Krista: Okay. Looks like just one more question. Adrian, what do you think is the best part of our rent payments feature?

Adrian: Everything. Yeah, I don’t know. It’s hard to say. I mean, my team especially has done a lot of work just to make sure that we can move your money securely in as fast as possible. And we make the experience to invoice your tenants as easy and as intuitive as possible.

And we’re continually trying to just update that. So I mean, overall, it’s kind of a cop out, but I would say the best part of it is just it’s very focused on the experience of the landlord getting everything set up and getting it set out and not having to really worry about doing anything manually and just letting a lot of it be automated. So from creating reoccurring charges to having reminders sent out to not having to click a button to make sure the deposit’s actually going through, I think that’s the biggest call out against Venmo, PayPal, etc. is like you get paid, but it sits there until you say you want to come out to your bank account. We just automate everything and kind of let you just go on about your day. And then the same thing with the renters, we keep it very focused on the actions they need to take and just make it as easy as possible for them to pay you and not have any issues. So a little cop out, but I think it’s just the general user experience at the end of the day for rent payments that really come to mind for me.

Samantha: Absolutely. I actually would like to piggyback on that. All of that, but also the most, I think the coolest thing about it is that we actually do listen to feedback from landlords and renters. So like this thing that I showed you here, this invited to Portal and this payment method, these are features that have been added in like the last what, two weeks, maybe a month, because landlords were requesting it.

Adrian: Yeah, about a month ago. Yeah, I mean it was kind of one of the common features and it was just, it was an easy win to put it in there for landlords just to make their job a lot easier and not have to reach out to the tenants and be like, hey, like, I don’t know if you’re going to pay me because it was all a little bit navulous there. So yeah, absolutely.

Samantha: And if you do have any questions that come up along the way about rent payments, about using TurboTenant, if you’re logged into your Portal, there’s always this little chat bubble down here you can click on. This will help get you in touch with our support team.

If you are a premium plan subscriber, you already have that live chat access unlocked, so you don’t need to do anything extra. If you are one of our free users, you can expect a response in under 24 hours. And then we also have this need help tab over here on the left. If we click into there, you’ll see that as a premium member, I have the ability to schedule a phone call with customer support. I can also visit the help center. So these are going to be step by step guides and walk through instructions on using TurboTenant. You can also send a message. And if you’re looking for that onboarding course, we’re going to hop into Academy here.

And you’ll see there I am right there for the free onboarding course. So you can walk through using TurboTenant. Did we have any other questions come up? Krista, got one more screen. There we go.

Krista: No, it looks like we have answered all of the questions. So now it’s our turn to ask you just a couple final queries here. Gonna go ahead and just one.

Just one. Really curious how you enjoyed this event. We are always looking to take your feedback and offer you even better events, products, etc. So thank you in advance for sharing your perspective. Yeah.

Adrian: And while everyone answers that, I’ll give you a little sneak peek onto what’s coming out current payments soon. So two big features to call out is one called entity management. Sounds complex, but really all it is is the ability for landlords to go in and just reflect the business structures that they have. So in the case that we talked about at the beginning of like I’m managing properties for my brother, for example, that doesn’t restrict me from also managing properties for myself, managing properties for my mom or anything along those lines, I can accurately reflect all that, have all the information correct, so that, you know, those payments don’t get restricted or nothing goes wrong and all the money flows really easily. And so, you know, if you’re a large landlord and you have, you know, five LLCs, six LLCs, what have you, you’ll be able to input all that information, all the respective bank accounts and just make sure that your money doesn’t ever get interrupted because of a security reason.

And then another one. So similar to Venmo, PayPal, Cash App, etc. We are implementing instant payouts. So similar to the, similar to those applications, whenever your payment gets made, whenever your payment gets made, for about two days or so, you’ll have the option to go in and elect to instantly pay that out.

So when I was leading too early, we have a solution to the holiday problem, to the weekend problem, this is it. So you can pay those out on the weekend, you pay them out on a holiday, and typically they’ll get deposited into your bank account within about an hour. There is a fee associated with that. Good news is it’s not going to be more than Venmo, PayPal, or Cash App.

And in some cases, it might even be lower. So those are the two things that are coming out, you know, this quarter. So what do I mean by that before the end of June? So, yeah.

Samantha: And we will have one final survey at the end of this webinar. We would love if you could take a moment to answer that survey, especially if you have any feedback on how we can improve. We do actually read the feedback and we love to hear it and see it and act on it.

So there is a survey that’s going to pop when we end this webinar and I would really just appreciate and love if you could all take a moment to fill out those last final questions. But I believe we’ve done it. We’ve demoed and chatted about the rent payments. We have.

Adrian: Yep. No, thank you. Thank you all for putting this together. And the last call I’ll say for the people that are meeting here. If you want a direct line of me, it’s really easy. My email is [email protected]. Feel free to feel free to ask me for help or give me feedback as much as you want. Beautiful. All right.

Krista: Well, Samantha, you have been a treasure as always, Adrian. Thank you for popping in and offering your expertise. Everyone, I hope you have a wonderful rest of your day and remember to take that survey at the end. Thanks.


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