For you to enroll in ClearNow, your landlord has to first enroll and set up a ClearNow account. Because ClearNow is an efficient way for tenants to pay rent electronically (and for landlords to collect rent electronically), both the landlord and tenant have to be enrolled. If you have not talked to your landlord about ClearNow, please have him/her visit www.ClearNow.com or call us at (866) 882-5327 so we can answer questions. Once your landlord has enrolled, then you can enroll in ClearNow.
Today, Bloomberg.com has an article on a recent landlording trend: New Retirement Plan Is Millennials Paying Rent
There are some really great statistics in this article describing the huge number of small landlords in the United States. For example,
- Two thirds of single family rentals are owned by landlords renting 3 or fewer units.
- Over thirteen million rental units belong to landlords renting 10 or fewer units.
Of course, the size of this market is not a surprise to us. Throughout our history, ClearNow has been a leader in online services for landlords.
Sixteen years ago, ClearNow launched its core service of easy-to-use, inexpensive online rent collection. Today, thousands of landlords and property managers use ClearNow’s core service to put rent collection on auto-pilot. Over the years, ClearNow has continuously innovated. Our “owner proceeds” capability for property managers continues to be unmatched as the simplest way for property managers to directly deposit collected rents between themselves and their property owners. In 2012, ClearNow became the first service that allowed landlords and tenants to furnish rent payment data to a “Big 3” credit bureau – a milestone in allowing renters to benefit from making on-time rent payments.
And, this year, ClearNow launched RentalIncomeExpense.com, a free service for landlords to track rental income and expenses and generate reports in a way that an Excel spreadsheet cannot easily match.
Going forward, ClearNow plans to continue to innovate to address the needs of the huge market of small landlords.
Similar to landlords, property managers can enroll in ClearNow to collect rent from their tenants. The individual representing the property management company will need to complete and submit the Property Manager Enrollment Agreement along with bank documentation for the account they would like the funds deposited into. Once the property manager is enrolled in ClearNow, they can have their tenants enroll for auto-debits. Additionally, the property manager can use ClearNow’s owner proceeds feature whereby the property owner enrolls in ClearNow and a portion of the rent collected from the tenant is directly deposited to the owner’s bank account while the property manager’s fee is directly deposited to the manager’s bank account. Both deposits occur three banking days after the debit day.
When you log into your ClearNow account, you will have the ability to view and print different reports regarding your ClearNow activity. One of the reports is a summary of the rents collected and fees paid for a year. Simply click on “Reports” from the menu on the left-hand side. The top drop-down box for the “Report Type” will automatically default to “Reports By Date”. From there, you can select the year to view (e.g., 2015 summary).
ClearNow can furnish rent payment data that is made while a tenant is enrolled in our service but we cannot report rent payments your tenant made prior to enrolling in ClearNow. Once you and your tenant are enrolled in ClearNow and your tenant opts in for credit reporting, we will be able to furnish the data from that point forward.
Owner proceeds is a ClearNow feature that enables a property manager to directly deposit a portion of the rent collected to the owner’s bank account. After the property manager enrolls the tenant and owner, the property manager can designate a set amount or percentage of rent collected per tenant to be deposited into the property management company’s bank account for property management fees. The remaining amount collected will be deposited to the owner’s bank account. The fee for owner proceeds is $2 per tenant, and it is charged to the property manager.
Credits to the property manager and owner bank accounts occur on the same day – three banking days after the tenant’s debit day. With owner proceeds, property owners receive their funds faster and efficiently while property managers save time.
Throughout its history, ClearNow has been a leader in online services for landlords. Sixteen years ago, ClearNow launched its core service of easy-to-use, inexpensive online rent collection. Today, thousands of landlords and property managers use ClearNow’s core service to put rent collection on auto-pilot. Over the years, ClearNow has continuously innovated. Our “owner proceeds” capability for property managers continues to be unmatched as the simplest way for property managers to directly deposit collected rents between themselves and their property owners. In 2012, ClearNow became the first service that allowed landlords and tenants to furnish rent payment data to a “Big 3” credit bureau – a milestone in allowing renters to benefit from making on-time rent payments.
Building on this legacy, ClearNow is now introducing RentalIncomeExpense.com – a free and easy rental income and expense tracking tool for landlords.
Expensive property management software (like QuickBooks) is overkill for the small landlord – costing more in time and money than it is worth. On the other hand, an Excel spreadsheet isn’t nearly powerful enough. For example, it cannot easily generate the different reports that a landlord needs.
RentalIncomeExpense.com is the best of all worlds:
- Simple to setup
- Designed for landlords
- Instant reports that matter (such as profit & loss and the 1040 Schedule E helper)
- Accessible from your smartphone
- Backed up by ClearNow’s proven online infrastructure (since 2000)
- Access to ClearNow’s superior online and telephone-based customer support (Monday thru Friday 9am to 5pm ET)
Existing ClearNow customers have been using the income and expense tracking features in RentalIncomeExpense.com for the last few years. For everyone else, there’s no better time then now to try it out today!
A Non-Enrolled tenant is a tenant of yours who is not yet enrolled in ClearNow. Creating a Non-Enrolled record from within your ClearNow account, allows you to input their email address and send enrollment materials to them. Once the tenant is enrolled in ClearNow, their Non-Enrolled record will be converted and their automatic debits may begin.