Did you know that you can get credit for the rent you pay if your landlord uses a certain online rent payment service? Better yet, the use of the service to pay your landlord and to report your rent to a credit bureau will be free to you as a tenant (your landlord pays a small service fee for automatic rent collection)! If your landlord does not already use ClearNow (www.ClearNow.com) have them sign up for the service and use it to debit your rent each month automatically.
Credit Scores Are Important
As you are probably aware, a good credit score nowadays has countless benefits. Whether it is a credit card or an auto loan, a higher credit score means lower interest rate on a loan. Additionally, nowadays everyone from landlords to employers may run a credit check on you when you applying for a new apartment or a new job.
Rent Payments Can Build Credit History
Since 2011, Experian, one of the “Big 3 Credit Bureaus”, has allowed tenants to build credit by reporting rent payments. ClearNow was the first service to partner with Experian to offer this service to renters who use a small landlord. To this day, ClearNow (unlike other services!) does not charge the tenant for this benefit.
Ask Your Landlord To Use ClearNow
It is a no brainer for you as a tenant to have your rent reported to a credit bureau for free! Will your landlord be willing to sign up for ClearNow so that this can happen? If you ask, most landlords are willing to pay the small service fee ClearNow charges when they realize that rent will be automatically debited from your bank account and sent to their bank account, reducing the work for both of you. So text them a link to www.ClearNow.com and ask if they can debit you for rent automatically!
Online rent collection is almost a no-brainer for landlords and property managers. It allows you to collect rent faster, with fewer excuses and less procrastination from tenants. On top of that, online rent collection is less work – rent arrives automatically into your bank account. However, landlords often think that to implement online rent collection they need to sign up with a full property manager suite like Appfolio or Buildium. Nothing could be farther from the truth. In fact, there are strong benefits to just signing up for a standalone online rent collection service.
Less Disruptive to Your Process
You do the things you do for a reason. It works for you. While change is good, it usually doesn’t make sense to throw away your whole process to attain one benefit.
Yet, many providers of online rent collection want you to undertake their entire “ecosystem” of property management software just to do online rent collection. Why replace how you do your accounting just to do online rent collection? Fortunately, standalone online rent collection is available through services like ClearNow (www.ClearNow.com). You can just setup online rent collection without changing the rental processes that you are comfortable with.
Potentially Way Less Costly
Moreover, one of the big benefits of using a standalone online rent collection service is that it is often cheaper. Appfolio charges at least $280/mo.Buildium charges at least $50/mo with additional fees for online rent collection. Holy Moly! Once again, fortunately, standalone services exist and they can be less expensive. ClearNow (www.ClearNow.com) starts off at just $14.95/mo for one tenant and each additional tenant is just $2/mo extra.
Don’t despair if you are looking to try out online rent collection for your rental business and feel like it will be a complex process. Enjoy the benefits of easy-to-implement and inexpensive standalone online rent collection services like ClearNow.