Tag Archives: property management advice

Using Facebook as a Tenant Screening Tool

This is a recent article from American Apartment Owners Association, of which I am a member.  This was posted on their blog today and I found the information to be especially helpful for landlords:

——————

Q: When I screen potential tenants, I talk to their current landlord and their employer, ask for references, and order a credit report.crystal ballSome of the landlords in town are also regularly looking on the Internet, to see if the applicant blogs, has a Facebook page, and so on.

One friend told me that when he looked at the Facebook page of an applicant he was about to rent to, he saw that the person is really into partying and drinking. My friend didn’t rent to him.

Should I be looking at Facebook pages, too? –David R.

A: Your question calls for two answers: a legal one and a practical one. From a legal point of view, should you be checking applicants’ Internet postings? And, from a practical point of view, is it a good idea?

The steps you’ve been taking when screening tenants are the tried-and-true methods that careful landlords have been using for years to weed out risky applicants: those whose past actions indicate that they may not pay the rent or may not be considerate residents and neighbors. Although these methods are commonly used, they are not legally required.

It’s possible that a court might rule that these tools are the “industry standard,” which might make them quasi-mandatory, but it’s unlikely. Running a residential rental business (unlike, say, car manufacturing) is engaged in by too many people, in too many varied ways, to conclude that it’s an “industry” with common metrics and procedures.

So because you’re not legally required to do even what you’re already doing, it’s very unlikely that a judge would consider checking for Internet postings to be a legally necessary step in the screening process. Consider, for example, the issue of screening for those who are legally required to register as convicted sex offenders.

No state requires landlords to go online and look for their applicants on these lists, and California specifically forbids them from doing so. If you’re not required to consult the Internet for information as serious as registration for one of these crimes, it’s not reasonable to think that you’d have any duty to search for evidence of partying.

This conclusion has to be adjusted, however, for one situation: If you’re hiring a resident manager, you are screening not only a tenant, but a future employee, who will have access to tenants’ personal information and even their homes. You have a duty to make sure that you do not place a dangerous tenant manager in that position — in other words, your duty to screen has changed significantly.

Careful landlords do investigative background checks for tenant managers, with the legally required advance notice to the applicant. These investigations may turn up relevant information, including the applicant’s postings on the Internet.

So much for your legal duty. What about the practical value of hopping online and checking out your applicants? It’s hard to resist, and indeed you may learn information about your applicants’ lifestyle and habits that would reasonably lead any landlord to say, “No thanks on this one.”

As long as you’re looking at Web postings that are available to the public, your applicants will have no legitimate beef if you reject them based on what you see and read. But be careful — you can safely reject any applicant only when your reasons for doing so, no matter where you found the information, are legally justified, and not based on that applicant’s membership in a protected class, such as race and religion.

——-

For the rest of this article, please visit:  American Apartment Owners Association.  This link will take you directly to the article.

Top 10 Tax Deductions for Landlords

Every year, millions of landlords pay more taxes on their rental income than they have to. Why? Because they fail to take advantage of all the tax deductions available for owners of rental property. Rental real estate provides more tax benefits than almost any other investment.

Often, these benefits make the difference between losing money and earning a profit on a rental property. Here are the top ten tax deductions for owners of small residential rental property.

1. Interest

Interest is often a landlord’s single biggest deductible expense. Common examples of interest that landlords can deduct include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity.

2. Depreciation

The actual cost of a house, apartment building, or other rental property is not fully deductible in the year in which you pay for it. Instead, landlords get back the cost of real estate through depreciation. This involves deducting a portion of the cost of the property over several years.

3. Repairs

The cost of repairs to rental property (provided the repairs are ordinary, necessary, and reasonable in amount) are fully deductible in the year in which they are incurred. Good examples of deductible repairs include repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows.

4. Local Travel

Landlords are entitled to a tax deduction whenever they drive anywhere for their rental activity. For example, when you drive to your rental building to deal with a tenant complaint or go to the hardware store to purchase a part for a repair, you can deduct your travel expenses.

If you drive a car, SUV, van, pickup, or panel truck for your rental activity (as most landlords do), you have two options for deducting your vehicle expenses. You can:

  • deduct your actual expenses (gasoline, upkeep, repairs), or
  • use the standard mileage rate (55 cents per mile for 2009; 58.5 cents per mile for July 1, 2008 through December 31, 2008 and 50.5 cents per mile from January 1, 2008 through June 30, 2008). To qualify for the standard mileage rate, you must use the standard mileage method the first year you use a car for your business activity. Moreover, you can’t use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a Section 179 deduction for the vehicle.

5. Long Distance Travel

If you travel overnight for your rental activity, you can deduct your airfare, hotel bills, meals, and other expenses. If you plan your trip carefully, you can even mix landlord business with pleasure and still take a deduction.

However, IRS auditors closely scrutinize deductions for overnight travel — and many taxpayers get caught claiming these deductions without proper records to back them up. To stay within the law (and avoid unwanted attention from the IRS), you need to properly document your long distance travel expenses.

6. Home Office

Provided they meet certain minimal requirements, landlords may deduct their home office expenses from their taxable income. This deduction applies not only to space devoted to office work, but also to a workshop or any other home workspace you use for your rental business. This is true whether you own your home or apartment or are a renter.

For the ins and outs on taking the home office deduction, see Home Business Tax Deductions: Keep What You Earnor Every Landlord’s Tax Deduction Guide, both by Stephen Fishman (Nolo).

7. Employees and Independent Contractors

Whenever you hire anyone to perform services for your rental activity, you can deduct their wages as a rental business expense. This is so whether the worker is an employee (for example, a resident manager) or an independent contractor (for example, a repair person).

8. Casualty and Theft Losses

If your rental property is damaged or destroyed from a sudden event like a fire or flood, you may be able to obtain a tax deduction for all or part of your loss. These types of losses are called casualty losses. You usually won’t be able to deduct the entire cost of property damaged or destroyed by a casualty. How much you may deduct depends on how much of your property was destroyed and whether the loss was covered by insurance.

9. Insurance

You can deduct the premiums you pay for almost any insurance for your rental activity. This includes fire, theft, and flood insurance for rental property, as well as landlord liability insurance. And if you have employees, you can deduct the cost of their health and workers’ compensation insurance.

10. Legal and Professional Services

Finally, you can deduct fees that you pay to attorneys, accountants, property management companies, real estate investment advisors, and other professionals. You can deduct these fees as operating expenses as long as the fees are paid for work related to your rental activity.

Did You Know?

Did you know that:

  • Landlords can greatly increase the depreciation deductions they receive the first few years they own rental property by using segmented depreciation.
  • Careful planning can permit you to deduct, in a single year, the cost of improvements to rental property that you would otherwise have to deduct over 27.5 years.
  • You can rent out a vacation home tax-free, in some cases.
  • Most small landlords can deduct up to $25,000 in rental property losses each year.
  • A special tax rule permits some landlords to deduct 100% of their rental property losses every year, no matter how much.
  • People who rent property to their family or friends can lose virtually all of their tax deductions.

If you didn’t know one or more of these facts, you could be paying far more tax than you need to.

by: Stephen Fishman , J.D.

Holding an Open House Saves Time & Money!

In my dreams I fill my vacant units with the best tenants on earth who pay their rent on time, keep the apartment clean, and never move out.  But unfortunately my dreams aren’t reality.

When I’m looking to fill a vacancy I prefer to show the unit like I would an open house.  I’ll pick a day, say Saturday, and set aside a period of time for propsective tenants to view the unit.  For example:  Open House, Saturday, 2-4pm!

I’ll tell as many prospective tenants to come on that same day and time too.  This helps create a sense of urgency and competition amongst the fellow renters visiting the property.  Plus it saves me time from having to meet prospective renters at different times and different days.

By creating a buzz, prospective renters feel the unit is special, limited, and could be rented in a blink of an eye.  This is their chance to grab it before anyone else does.  You never want to eat at an empty restaurant, do you?  Well you don’t want to live at an apartment that no one else is interested in either.

The prospective tenants that are interested will fill out an application right there and then.  Depending on which property I am at, I can also run their credit report on the spot (I check eviction, criminal and some other stuff too).  For screening providers I’ve used and others, click here.

First Drop in TransUnion Credit Risk Index Since 2008; Signals Improved Consumer Credit Risk Conditions

TransUnion’s Credit Risk Index (CRI) declined during the first quarter of 2010after five successive quarterly increases, signaling thatconsumer credit risk conditions in the U.S. are beginning to improve.  The Credit Risk Index is a statistic developed to measure changes in average consumer credit risk within various geographies across the nation.

TransUnion’s Credit Risk Index decreased nationally 85 basis points to 128.82 from 129.67 during the firstquarter of 2010, the first decline of this measure sincethe third quarter of 2008 — the early stages of the current recession.

“Based upon the Credit Risk Index it appears that weare finally beginning to see improvement within theconsumer credit economy and possibly the beginningof an economic recovery,” said Chet Wiermanski, globalchief scientist at TransUnion.

TransUnion CreditRisk Index- Statistics

After reaching an all-time high at the national level theCredit Risk Index’s percent decrease of 0.65 percent wasrelatively small compared to previous times when thenational index declined. “It is not out of the ordinaryto see the credit risk index decline 1 or 2 percent on aquarterly basis, but the direction of the change is whatmatters at this point in time,” said Wiermanski.

On a year-over-year basis, the Credit Risk Index stood1.23 percent higher than it did at the end of the firstquarter of 2009; however, at the end of the first quarterin 2010, 43 states and the District of Columbia experienced declines in their credit risk indices signaling that a broad improvement in consumer credit conditions is finally taking root. Four NewEngland states (Connecticut, New Hampshire, Rhode Island and Vermont) along with Montana, Utah and Wisconsin experienced slight increases in the credit index.

On a state basis, the order of states with the highestCredit Risk Index did not change with Mississippi having the highest Credit Risk Index at 167.46, fol-lowed closely by Nevada (166.26) and Texas (163.09).Continuing from the previous quarters, the least riskystates are predominately concentrated in New Englandand the Upper Midwest areas of the country, withNorth Dakota coming in at 82.51, Minnesota at 91.14 and Vermont at 93.54. North Dakota, theDistrict of Columbia and South Dakota experiencedCredit Risk Index declines of 2 percent or more.

Analysis

“We are cautiously optimistic that the Credit RiskIndex will continue to experience small declines as consumers keep reducing their debt burden and remaincurrent on their existing credit obligations,” saidWiermanski. “After experiencing one of the mosttumultuous economic periods since the GreatDepression, it is possible that consumers may be reluctant to take on significant debt in the near future,which could possibly temper an economic recovery.”

The Credit Risk Index is defined as the weighted average probability of 90-day delinquency or worseamong consumers in a given region relative to the nation as a whole. The Credit Risk Index uses thefourth quarter of 1998 as a baseline for comparison.Therefore, it measures changes in consumer credit scoredistributions relative to the national distribution anddelinquency rates as a whole at the end of 1998.

TransUnion considered 1998 as a representative year of credit performance within the usual dynamic of the historical credit cycle.  A value of more than 100represents a higher level of relative risk.  For comparisonpurposes, the Credit Risk Index in recent years has generally ranged between 110 and 120, experiencing a one- or two-point shift between quarters.

TransUnion’sTrend Data DatabaseThe source of the underlying data used for this analysisis TransUnion’s Trend Data, a one-of-a-kind databaseconsisting of 27 million anonymous consumer recordsrandomly sampled every quarter from TransUnion’snational consumer credit database. Each record contains more than 200 credit variables that illustrateconsumer credit usage and performance. Since 1992,TransUnion has been aggregating this information atthe county, Metropolitan Statistical Area (MSA), state and national levels.

www.transunion.com/trenddata

About TransUnion

As a global leader in credit and information management,TransUnion creates advantages for millions of peoplearound the world by gathering, analyzing and deliveringinformation. For businesses, TransUnion helps improveefficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data andadvanced analytics and decisioning. For consumers,TransUnion provides the tools, resources and educationto help manage their credit health and achieve theirfinancial goals. Through these and other efforts,TransUnion is working to build stronger economiesworldwide. Founded in 1968 and headquartered inChicago, TransUnion employs associates in more than 25 countries on five continents.

No-Fuss Wallpaper Removal

Q: Do you know the best way to remove wallpaper that’s about 20 or 30 years old? I just bought a house that has old-time country wallpaper in the kitchen, and I really don’t like it. Besides, they didn’t do a very good job putting it up in the first place.

I’ve tried some over-the-counter spray that’s supposed to work, but it only succeeded in having me put a bunch of little holes in the wallpaper. My dad suggests I just cover it up with drywall, but then the wall would be sticking out beyond the kitchen cabinets and I would need to redo the trim.

I just want to remove it and put some paint in its place. The kitchen is not very big, and there’s not a lot of wallpaper to remove. Any suggestions?

A: Wallpaper of this vintage is probably vinyl on a paper backing. The vinyl prevents the spray you bought from penetrating the wallpaper to the glue. We assume the little holes in the wall are from your attempt to score the paper so the solution could penetrate.

Don’t abandon the job. You just need to tweak your method a bit. Follow these steps and you should have the offending paper off the walls lickety-split.

First, prepare the area. Shut off all circuit breakers that control the kitchen outlets and lights. Remove covers from outlets and switch plates, and keep them and their screws in a safe place. The job will require fairly significant amounts of water. You don’t want to fry your electrical system or yourself.

Put drop cloths over anything you want to protect. Old wallpaper and glue get everywhere. And once it dries on the floor, it’s a pain to get off. Tape plastic sheeting to the cabinets. Use cloth on the floors. The drops on the floor will move, so be careful.

Next, slide a metal putty knife under the edge of the wallpaper. Odds are some of the seams are loose. Take the edge of the paper and peel it back. The vinyl face should separate and expose the paper backing. Peel as much of the vinyl off as you can.

Fill a bucket with water as hot as you can stand. If you are using commercial stripping solution, mix it with the water according to package directions. You can also get good results with a 20 percent solution of vinegar in hot water or a 50-50 mix of fabric softener and water. Use a paint roller to get the hot-water stripping solution mix on the wall.

Apply the solution liberally. The idea is to saturate the paper and the glue holding it to the wall. Do an area only as big as you think you can strip in 15 minutes. Any longer and you risk the paper drying out.

The wallpaper darkens as it gets wet. Let the solution set for a few minutes to thoroughly saturate the paper. Now start peeling. We like to use a 4-inch drywall knife for this part of the job. It’s small enough to maneuver, yet large enough to take big pieces of paper off at a time. Have a big garbage can nearby to contain the paper.

Once all the paper is off, you’ll be left with little specks of wallpaper residue on the walls. A Scotch-Brite pad dipped in stripping solution will take care of the stragglers.

The solution mix will cool down or get contaminated with old wallpaper glue. When that happens, dump it out and make a new batch. Don’t dump it into a sink or tub, as this may make your drains go slower. Dump it down the toilet — don’t worry about clogging — or outside if you are using nontoxic substances.

For larger jobs, rent a wallpaper steamer. This is a metal plate connected to a tank by a rubber hose. The tank contains a heating element. When plugged in, water is heated to create steam that escapes through holes in the metal plate. The advantage is that the water never cools, making the job go more quickly.

With clean walls, a little spackling, priming and painting will make your kitchen look like new.

 Copyright 2009 Bill and Kevin Burnett

10 Steps Toward Low-Risk Landlording

Learn how to protect your rental property from common mishaps and risky situations.

Most rental property owners worry about protecting their investment. From physical damage to the property to insurance claims to lawsuits brought by tenants, there are myriad ways that you can lose money. Fortunately, minimizing risks in a rental business doesn’t require a ton of money or a staff of experts. All you need to do is learn where you’re vulnerable and then take commonsense steps to minimize that vulnerability.

Here are ten steps you can take to protect yourself against liability as a landlord. By acting now, you’ll enjoy a big payoff: reduced likelihood of lawsuits, harm to tenants and guests, damage to your property, and financial distress to your business.

Step #1: Get the Right Insurance for Your Property and Business

Don’t wait until a loss occurs before you determine whether you have the right insurance for your business and property. Review your current policy with your agent or broker, then discuss coverage options that fit your needs.

Step #2: Make Your Property Physically Sound

Keep your property safe so that people don’t get hurt. To do this, learn the basic legal requirements for repairing and maintaining your property, and then follow them.

Implied warranty of habitability. Virtually every landlord must comply with a legal rule known as the “implied warranty of habitability.” This means you must make sure your rentals are in a “fit” and “habitable” condition when tenants move in, and you must maintain this condition throughout the tenancy. Get familiar with your state and local health, building, and safety codes, and strive to keep your property compliant.

Take steps to prevent injuries and losses. In addition, take other reasonable steps to prevent injuries and other losses. For example, take all tenants’ repair requests seriously and fix problems promptly. Inspect your property yourself for hazards. If you can’t address a hazardous situation immediately, warn tenants and visitors about the danger. (For example, put traffic cones around a pothole, or post signs and safety tape near a spill on the floor.)

Step #3: Make Your Rental Property Accessible to Disabled Tenants

Make your property accessible to tenants with mobility impairments and other disabilities. Check whether structures on your property must follow the Fair Housing Act’s “design and construction” requirements. (Generally, multifamily buildings that were designed and constructed for first occupancy after March 13, 1991 must comply.)

Regardless of when your buildings were constructed, seriously consider all requests from a disabled prospect or tenant to modify your building in order to meet that person’s needs. Review each request on a case-by-case basis and grant it if it’s reasonable. For example, a prospect’s request to install grab bars in the bathroom or lower kitchen cabinets is probably a reasonable modification request.

Step #4: Remove Environmental Hazards from Your Property

Removing environmental hazards is often trickier than removing other physical hazards. Environmental hazards often can’t be seen, and they may not become apparent until they cause injury or property damage. For example, a landlord might not learn of lead paint dust on her property until a family gets their child’s blood test results showing elevated levels of lead. What’s more, in some cases environmental hazards remain invisible even once they’ve caused damage, as in the case of carbon monoxide or radon.

Do your best to address environmental hazards before they cause serious damage. Here are some ways to do so:

  • Require tenants to report all leaks and flooding to you promptly so that you can take quick action to prevent mold.
  • Maintain your heating systems and appliances, and install carbon monoxide detectors in order to prevent carbon monoxide build-up.
  • Comply with federal testing requirements when employees or contractors work on asbestos-containing building materials, such as sprayed-on ceilings. These tests will reveal to workers what’s in your building, and you can use this knowledge to protect your tenants, too.

Step #5: Prepare for and Handle Disasters and Emergencies

Take steps to safeguard your business and protect your property, tenants, and employees in an emergency. For example:

  • Back up your computer files and keep important documents (such as a mortgage, note, and management contract) in a secure and fire-proof off-site storage facility.
  • Report suspicious objects, activities, and mail to the police, and take bomb threats seriously.
  • Document the location of utility shut-off valves, a step that can save lives and minimize damage if a fire or other disaster occurs.
  • Create an emergency procedures manual with an evacuation plan that’s tailored to your property.

Step #6: Lower the Risk of Crime at Your Property

In recent years, courts have increasingly found landlords partially responsible for crimes on their properties because they didn’t provide adequate security.

To prevent problems and keep your property and tenants safe, comply with state and local laws concerning security measures on rental properties. Screen your applicants and employees carefully — don’t just look for experience and know-how when it comes to filling a position on your staff. Adopt a smart key policy so that keys don’t fall into the wrong hands, and make sure your intercom system doesn’t link tenants to their apartment numbers. Answer prospects’ questions about security candidly, and deliver on any promise you make to increase security.

Step #7: Avoid Fair Housing Complaints When Choosing Tenants

If a prospective tenant believes you violated her civil rights, she may take legal action against you. Even if you win, defending yourself takes time, money, and energy.

To avoid problems, learn the basics of fair housing laws. The key to compliance is treating everyone the same. Some ways to do this include:

  • putting your screening criteria into a written tenant selection plan and giving a copy to applicants
  • rejecting applicants for legitimate business reasons, such as poor credit or negative references from prior landlords, and letting applicants know your reasons for rejecting them, and
  • keeping an updated log of apartment availability, and granting prospects’ requests for reasonable accommodations. For example, if you have a “no pets” policy and a prospect needs a guide dog to accommodate his disability, let him keep the dog as an accommodation.

Step #8: Adopt Careful and Consistent Business Practices

Many landlords create risks just by the way they go about their business. Be a careful and consistent landlord by using a written lease or rental agreement with tenants and by enforcing lease clauses consistently. Create house rules for tenants to follow (for example, regarding pets or children’s health and safety) and enforce them. Don’t let a friendship with a tenant interfere with your professional relationship. Also, to prevent identity theft, don’t use tenants’ Social Security numbers any more than needed.

Step #9: Avoid Problems When Hiring Help

Hiring help brings the promise of efficiency, savings, peace of mind, and profitability to your business — but it also brings risk. To lower your risk, determine whether you must classify a helper as an employee or an independent contractor.

For employees, be sure to withhold the appropriate payroll taxes and create a zero-tolerance policy against sexual harassment.

When using contractors, make sure they have insurance and sign a written contract with you.

If you’re considering hiring a management company or need to hire a lawyer, ask questions until you’re satisfied you’re choosing the right one.

Step #10: Taxes: Stay on Good Terms with Uncle Sam

Take steps to avoid a tax audit and to maximize your deductions. For example,

  • Establish a recordkeeping system for your business so that you keep track of every document that will substantiate your claimed income and expenses.
  • Understand how your choice of business structure and tax year affect your taxes.
  • Find out what deductions you’re entitled to claim, and then claim them.
  • Finally, hire the right type of tax pro for your business, and review your past returns for evidence of trends or problems.
Information obtained from nolo.com

For more help regarding these issues please visit:

https://helpforlandlords.com/landlord-state-guide-assistance/

Landlords Get Help with Managing Rentals

Many landlords love the income they get from their rentals but hate the business of managing their properties. Meanwhile, other people are interested in becoming a landlord but are concerned that it’s too much work. That’s where Rentometer (a free service to compare rent rates) and its advanced product, RentometerPro (an automated rental management system) are helping ease the work load for landlords.

“We’re essentially acting as an impartial third party for both people [landlord and tenant] to interact in a really convenient way that is up to date with the times,” says Allison Atsiknoudas, CEO of Rentometer.

Atsiknoudas says people who are interested in becoming landlords but also have some fear about the expense and cost of managing a property should note that there are simplified ways to manage your rental. “Now, there are options,” says Atsiknoudas. “It’s only been recently that there have been management solutions for people who own just a few units.” That’s good news for the approximately 90 percent of United States rental owners who each manage only a few rental properties.

“The tool Rentometer itself is a way to compare actual active rental rates for the market in a specific area. One of the things that we focus on is being able to present rent comparables in a very close proximity,” says Atsiknoudas. For tenants, it allows them to compare how their current rent rate compares in their local neighborhood. They enter an address on the website and a free report is instantly generated by Rentometer.com.

“If you’re an owner or a real estate professional and you wanted to find out what you might be charging these days for a vacancy, you enter the unit information and find out,” says Atsiknoudas.

“A majority of our clients are individuals or small partnerships and those folks really own a majority of the rental property in the United States. Most of the people who fall in that category are people who are in an industry other than real estate and they’re just managing some properties on the side—their own properties as long-term or mid-term investments for additional income,” says Atsiknoudas. The Rentometer tool and the rental management service that is provided by the company help landlords manage their properties easier and without all the loads of paperwork that often accompanies rentals. “The one thing that these people have in common is that typically they’re managing small portfolios. … between two and 35 units,” says Atsiknoudas.

She says that most of these properties owner are in situations where they don’t have large staffs (if any) to manage their rentals. So, they seek ways to simplify the process. “We have about 22 units in Northwestern Pennsylvania. The process of managing the rent and collecting the rent checks became pretty cumbersome,” says landlord Matt Angerer.

He uses Rentometer’s services to help manage his properties. “My tenants can now send their rent either directly to the processing facility that RentometerPro owns and operates in Rhode Island and, in turn, they will actually cash the checks and deposit them into my account, or my tenants can pay online via electronic fund transfer or they can pay with a credit card,” explains Angerer. Here are a few other services offered by the company.

Creating rental forms. Rentometer and EZLandlordForms.com provide a way for landlords to use a forms builder to create their own documents for their rental properties. Landlords can find forms such as lease agreements, lease renewals, rental applications and even eviction notices on Rentometer.com.

(Note by Help for Landlords!  The AAOA for any level of membership, provides a 15% discount to EZLandlordforms.com!)

Simplifying rent processing. “We do everything from the monthly invoicing of tenants, (both electronic and snail mail), to the acceptance of rents,” she says. Atsiknoudas emphasizes that the company accepts all forms of payments from credit cards to paper checks.

Automated late reminders. The payments are automatically posted to the landlords accounting ledger and to the tenants account. “Part of our automated system is that if you have late payments, [it] automatically sends out friendly reminders to people to pay their rent,” says Atsiknoudas.

Pricing starts at $7.99 per month for up to five units and increases for additional units with $50 a month buying unlimited access. “We’d like to be able to simplify management on every level,” says Atsiknoudas.

I found this article on Yahoo.  It was by Phoebe Chongchua and dated Fri, Apr 9, 2010
http://realestate.yahoo.com/info/news/landlords-get-help-with-managing-rentals