Accept security deposits online.
I was asking about tenants paying their security deposits online. Support said that:
"Our system is not designed for tenants to pay their security deposits online, it's designed to accept rent payments from tenants."
So yes, they can pay money that is applied as additional rent and I can manually transfer it to the security deposit on the ledgers, but doesn't it make sense to just accept security deposits separately from the tenant portal?
This seems like a no-brainer. Please implement this change!
Cozy Condo, My commented
Hi everyone, I worked with Rentec support to implement the following procedure which seems to be working for me for new tenants. This is a complete workflow which helps me get around deficiencies and "gotchas" in Rentec. This procedure includes directions on how to receive security deposit payments online, but it also includes all the other steps I follow. I hope it helps someone:
1. Review the received application online in Rentec, then do online background check using Rentec.
2. Approve application in Rentec. This creates only the primary tenant. So I have to create the co-renter manually (if there is one).
3. Notify new tenant(s) they have been approved, and that they will receive the lease via email from Docusign.
4. Make sure the current primary tenant (if any) has been moved out (set the move-out date to the future if necessary).
5. Edit the property for the Default Rent and Default Security amounts.
6. Edit the new primary tenant so that their grace period and late fees are correct. I've also created about 6 tenant custom fields that I want to go into the online lease, so I fill those out on the tenant page at this point. This includes their rent, move-in fee, pet fee, start/end of lease dates, etc.
7. Place the new primary tenant into the property. Choose "Keep Tenants Separate" if there is an existing tenant. The rent charge should include any extra monthly fees (e.g. pet fee, parking place, etc.). Save changes.
8. Right-click the new primary tenant and choose Update Lease. On the right-hand side, set the New Lease Begin date to the correct date, then click the Update Lease button.
9. If there is a co-renter, right-click the new co-renter and choose Add to Group. Choose the Master Tenant (i.e the new primary tenant), then click Add to Master Tenant. That will group them together.
10. Post new charges (using the "110 Charge" category) to the primary tenant's ledger:
--Non-refundable one-time fees (move-in fee, pet fee, etc.). Make these individual charges so the tenant can see them online.
11. Send the tenant the lease to sign using this method: Right-click the new primary tenant and choose Forms. Choose the correct lease. (IF THERE IS A CO-RENTER: Click Add Signer and manually type in name and email of second tenant.) Click Download link to preview the lease to make sure all the dynamic custom fields are filled in correctly! Then send the lease via Docusign.
12. After all signatures are in: Share the lease file with the new primary tenant (it is in their file library). That way they can see it online.
13. Notify the tenant that they will receive an email from Rentec Direct using this wording in the email: "You will be receiving an email from Rentec Direct, our online rental system. (The email will come from ‘email@example.com’ so please allow that email address past any spam filter you have.) Use the directions in that email to log into the system and review/pay your current charges, i.e. security deposit, move-in fee, and pet fee (if applicable)."
14. Right-click the new primary (and co-renter) tenant(s) and Edit them to turn on email notifications and turn on their portals and generate passwords; have Rentec send the email(s). BE SURE TO SAVE THE CHANGES!
15. Once the tenant has paid their initial security/move-in/pet fee, you need to split that single transaction so that it gets credited correctly. It is important that you use the '100 Security Deposit' category for the security portion of the transaction so that it will get credited to the tenant's security ledger.
16. DELETE the 110 Charge for their security deposit from the tenant’s ledger (if you don't know the differences between the tenant's ledger and the deposit ledger, stop at this point and get educated. You MUST know the difference!). That should make them come out even for the security deposit, and they should now have the security fee payment credited to their deposit ledger.
Cozy Condo, My commented
Renters can pay application fees and rent via ACH, but not security deposits? Doesn't make sense. Please implement this!
Michelle Wardwell commented
Yes, this seems like a basic feature.
Gaines, Nicholas commented
I agree with this recommendation.