We've compiled a list of the top ten questions our TenantCloud users have, and the answers (including links) are all in one place for your convenience.
1. How do I set up online rent payments in TenantCloud?
Setting up online rent payments in TenantCloud is a quick and easy process. TenantCloud offers an online payment option powered by Stripe. To set up an account:
- Go to the main Settings menu and click “Set up” in the “Online payments” section.
- Select an account type and continue entering basic information.
- From there, link or add the bank account you would like to use for receiving rent payments.
Once your bank account is connected, you can set up automatic recurring rent payments or request one-time payments from your tenants. After your tenant makes a payment, the funds will be transferred directly to your bank account within 2-3 business days for card payments, and 5-7 business days for ACH payments. You can also view payment history and download receipts from your TenantCloud account. With online rent payments, you can save time, reduce the risk of late payments, and streamline your rent collection process.
In TenantCloud, users can choose who will cover the transaction fees associated with online rent payments: the landlord or the tenant. This can be set up in the payment settings for all tenants. By default, the transaction fees are paid by the tenant, but the landlord can choose to cover the fees if they prefer.
2. How can I use TenantCloud to manage maintenance requests from tenants?
With TenantCloud, managing maintenance requests becomes easier and more organized. To manage maintenance requests from tenants in TenantCloud, you can follow these steps:
- Tenants can submit maintenance requests online via their Tenant Portal.
- Review the maintenance requests and assign them to Service Professionals.
- Communicate with your tenants and service professionals via the TenantCloud messaging system to inform everyone about the request's status.
- Track the progress of the maintenance request and mark it as completed once the work is done.
- Set up recurring maintenance requests and avoid the need to remember everything, making it easier to manage your rental property without last-minute calls or reminders.
3. Can I screen potential tenants through TenantCloud?
TenantCloud provides a dependable tenant screening service that allows landlords to verify the applicant's background and credit history and check their criminal record, work history, previous evictions, and other information. TenantCloud, in partnership with TransUnion, offers full tenant screening reports that include background and credit checks, as well as a search of National Eviction Records, allowing you to identify the ideal tenants and have confidence in the people renting your rental property.
TenantCloud offers three types of tenant screening reports, including Full Check, Credit Check, and Background Check. These reports offer credit history from multiple sources, data about the applicant's credit history in an easy-to-understand format, and verification of their criminal record, education/job history, and other critical information about their past. Once you've ensured that your rental property is in good hands, you can focus on other matters.
4. How can TenantCloud help improve credit score?
TenantCloud's Rent Reporting feature, which reports rent payments to credit bureaus such as TransUnion and Equifax, can help improve credit scores. By reporting your rent payments to credit bureaus, your on-time payments will be reflected on your credit report, potentially improving your credit score. This may make it easier for tenants to qualify for loans, credit cards, and other financial products in the future.
Important: Late rent payments can negatively impact credit scores as they may be reported to credit bureaus.
Related: Boosting Credit Scores: The Importance of Rent Reporting for Tenants and Landlords
5. Can users purchase renter's insurance directly through TenantCloud, and what coverage options are available?
Yes, TenantCloud allows tenants to purchase renter's insurance to protect their personal belongings. TenantCloud has partnered with Assurant to offer renters insurance to tenants.
The coverage options available include protection for personal property, loss of use, personal liability, and medical payments to others. Coverage limits vary, and tenants can choose the coverage level that best suits their needs. It is important to note that the landlord's insurance typically only covers the structure and not the tenant's personal belongings.
TenantCloud's renter's insurance options include coverage for personal property, liability, and additional living expenses. It's important to review the policy carefully to ensure it meets your needs. Landlords can request Renter’s Insurance from tenants when creating a lease agreement.
6. How is my data protected within TenantCloud?
We take online security very seriously. All data within TenantCloud is encrypted. We use 256-bit encryption through SSL and store user information in highly secure AWS data centers.
7. What can I do using TenantCloud?
TenantCloud is all-in-one property management software that helps landlords and property managers manage their rental properties more effectively. It enables tenants to apply for and pay rent online. TenantCloud allows owners to keep track of accounting transactions, while service professionals can accept maintenance requests online, among other things.
Landlords and Property Managers can use automatic accounting features to collect rent online, store rental information, upload move-in/out pictures, manage maintenance requests, accept online rental applications, electronically sign lease agreements, pull financial reports, communicate with other users, market their vacancies on rental websites, and much more.
Tenants can use the website to find a new home, pay rent online, request maintenance, apply for rentals online, sign lease documents online, communicate with their landlord, and track their rental history.
Owners can access property reports, keep track of accounting transactions, communicate with property managers, and receive and send money.
ServicePros can use the platform to create a business profile, accept maintenance requests online, create task lists and calendar items, send and receive online payments, keep track of accounting transactions, and communicate with clients.
8. What types of leases can I create using TenantCloud?
TenantCloud allows you to create a variety of leases, depending on your rental property needs. You can create standard, month-to-month leases and lease renewals from our platform.
Standard leases are the most common lease agreement, typically lasting for a year or longer. Month-to-month leases offer more flexibility for both landlords and tenants, allowing either party to terminate the lease with proper notice. Lease renewals are used to extend the lease term once it has expired.
To create a lease using TenantCloud, you can either use a standard lease template provided by TenantCloud or create a custom lease agreement tailored to your specific needs. You can also add various clauses and provisions to the lease agreement, such as pet policies, maintenance responsibilities, and security deposit terms.
Once you have created a lease agreement, you can easily share it with your tenant for e-signature, making the process quick and efficient. Using TenantCloud's lease management tools, you can ensure that you have all the necessary lease information and documents in one centralized location, making it easy to manage your rental properties.
9. Is there a limit to the number of properties I can manage with TenantCloud?
There is no limit on the number of properties you can manage with TenantCloud. Whether you are using the Starter plan or any of our plans, you can manage as many properties as you need without any restrictions. This means you can expand your rental business without fear of exceeding your property management capacity. So, feel free to add new properties to your account and manage all of your rental properties with TenantCloud in one place.
10. What are some of the key features of TenantCloud that make it stand out from other property management software?
TenantCloud is a perfect tool for landlords to prepare for tax season by simplifying their record-keeping and reporting requirements. With our property management software, landlords can easily track income and expenses, generate detailed financial reports, and export all necessary data for tax filing.
We also make it easy to organize and store all relevant documents, such as leases, receipts, and invoices, which can be accessed and downloaded as needed. Our helpful tools provide tracking expenses related to repairs and maintenance, so you can use them to offset taxable income. By using TenantCloud, landlords can ensure that their financial records are accurate and up-to-date, making tax preparation a breeze.
TenantCloud stands out from other property management software because of its extensive experience serving DIY landlords and larger communities with many properties. TenantCloud began as software for small landlords but has since expanded to serve a much larger audience. Despite this expansion, TenantCloud has never forgotten its roots and understands the unique requirements of landlords with a few properties. TenantCloud is also equipped to handle the complex needs of large communities with multiple properties. TenantCloud has provided high-quality service to landlords of all sizes, regardless of the number of properties they manage, thanks to their understanding and flexibility.
If you have any additional questions, please visit our Help Center or reach out to our awesome support team.