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RENT COLLECTION

  • Transcript

    Speaker 1: Hey everyone, Ryan Leonard with Wolfnest Property Management. Today, I want to talk to you about rent collection and how we do it here at Wolfnest. So, first thing we have here is our process. We handle every piece of the management of that property, we're full service. So, from the lease signing to the collecting of the first month's rent to the monthly rent, we're going to handle all that for you. Also, we have a variety of ways for our tenants to pay. This is a big one to allow them to pay on time. We have a lot of ways for them to be able to pay. So first, we have a portal for those tenants. They can pay online with a debit card or a credit card, or a lot of our tenants opt in for the automatic withdrawals or auto payments to ensure that they're always going to be on time each month. We also allow tenants to drop off rent to our office or mail in the rent, as long as we have it by 5:00 o'clock on the 1st. And lastly, they can go into any 7-Eleven, Western Union, or Wal-Mart, pay cash and we'll receive funds that day into our trust. So, by giving them every option available to pay rent, it's a great way to ensure that they do pay on time. 

    Next one is a big piece or something that we see a lot of DIY landlords love when they come over to Wolfnest. It's we handle all of the accounting from the generation of the 1099 for the reporting, the, the detailed cash flow statements, monthly statements, detailed invoices or work orders when maintenance is done. Pretty much anything that runs through our trust or your, your account or portal with us is all going to be documented. So come tax time, it's a great way to make sure that you account for all the expenses for this really revenue generating business.  

    Next one is the rent collection services. Again, our system is unbeatable, and it really starts with the, the tenant screening, you know, ensuring that a tenant is going to be able to afford rent by looking at their monthly debt to income ratio, verifying income and employment, looking at credit, landlord preference or landlord references. These are all things to ensure a tenant's going to be a great tenant, but also be diligent if rent is not paid on time. So how that looks for us is again, rent's due on the first of the month. We do not have any grace periods and we don't waive those late fees. Again, my mortgage is due on the first, I pay it on the first. That's kind of how we're the same here at Wolfnest. As far as rent, it's late as of 12:01 on the second. Now, Tenants have until the fifth of the month to pay online with that portal because obviously some things, you know, sometimes things can happen like they're waiting for their check to come in or they're traveling, and they just couldn't get to their computer to pay. So as of the sixth, we actually turn off that portal, meaning the only way for a tenant to pay rent that month is getting us the certified funds or certified check so that we can process it and get our owners paid on time. And then as far as the ninth, if we still have not received rent, we are posting a three day pay or vacate, meaning you need to pay rent, otherwise we could be moving forward with the eviction process, which is again something that Wolfnest handles every facet of. So even if a tenant's not paying rent, we're going to be taking care of that for you, but also providing our owner some updates, so you're not waiting around looking for your rent. Great. You're going to be notified.

    Again, another big piece of this is electronic payments. We're not going to waste time sending you a check in the mail. We do ACH or direct deposits into our owner's account on the 10th of each month. So, this is a way for you to avoid a trip to the bank and let us handle every piece and not have to worry if something gets lost in the mail.  

    Utility payment services. We have a lot of clients who have large portfolios, and they do not want to deal with the hassle of paying for the monthly utility fees. And another one is the landlord agreements. We actually assist all of our new clients with their onboarding manager who's going to be working with Rocky Mountain Power, Dominion or the city to help add Wolfnest on as an authorized third party so that we can ensure that the landlord agreements are in place and the tenant has transferred to their name. And also, it goes back to the owner's name when the tenant moves out. So, we handle all of that for you. And like I mentioned before, tax data preparation. There is nothing better than coming really a one stop shop and not only for the current year, we've had clients that are, you know, redoing their taxes or their CPA wants to take a second look, great. We can actually pull, you know, 1099s from previous years or even the cashflow details summaries for an entire year, five years ago to help make sure that you get all those deductions come tax time.  

    If you have any questions about the rent collection process or how we can help you give me a call. That's my email, my phone number. Love to discuss your portfolio and see if we could be a good fit for you. Alright, thank you.  

We make sure you get paid on time, every time. You no longer have to worry about rent showing up in your bank account.

Our goal is to make sure you are paid in full - and on time! Therefore, we prepare and handle the lease documents, lease signing, and rent collection each month. Tenants are offered a variety of ways to pay rent, so you can get your money as quickly as possible.

DETAILED STATEMENTS AND ACCOUNTING


Owners can access a variety of reports within our customizable web-based owner portal. Here you’ll find owner statements, tenant directories, and paid work orders along with dozens of other, more detailed, accounting measures.

RENT COLLECTION SERVICES


Our unbeatable collection techniques ensure that rent is received from your tenants in a timely manner. If it isn’t, immediate steps are taken to initiate the eviction process and collect any unpaid balances.

If we have not received rent by the 1st of the month, rent will be considered late. Wolfnest will tack on a 10% late fee which is added to the tenants ledger. The tenant has until 5:00 p.m. on the 5th of the month to pay online through their tenant portal. As of the 6th Wolfnest will turn off their portal and post a 3-day pay or vacate at the property. At this time, the only way for the tenant to pay rent is by certified funds dropped off to our office.

ELECTRONIC PAYMENTS


Sending checks by mail creates an unnecessary delay for you and a needless expense for us. So, we offer the convenience of direct deposit via ACH transfer. By utilizing this handy service, we receive rent from your tenants more efficiently, reconcile accounts quicker, and pay our owners faster.

UTILITY AND MORTGAGE PAYMENT SERVICES


Owners can turn over all property responsibilities including the completion of Landlord Interim Billing Agreement S ervices and monthly utility payments to our staff. We will pay all property obligations and simply send you the remaining balance. This makes our management services a turn-key solution.

TAX DATA PREPARATION


Our detailed accounting platform makes tax time easy with a comprehensive packet that outlines all income and expenses as well as provides all IRS required documentation. This packet can then easily be forwarded to your CPA or tax professional.

EVICTION PROTECTION COVERAGE


Evictions can be very expensive. For this reason, we offer comprehensive eviction protection that covers you in the event we must file an unlawful detainer action against any tenant we place. If the unpaid-rent balance is over $750 we will move forward with an eviction.

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