Slowly creating wealth by buying investment properties and then selling them at a later date for a profit is a method that’s been around for more than a century now. When it comes to residential properties, unless the buyer is EXTREMELY deep pocketed they will often need to rent these properties during the duration of their ownership of them. Some owners have the means of doing this, but for others a property management company is the way they choose to go.
A new digital resource has arrived on the scene that promises to be very advantageous for homeowners who are renting out a property and have encountered headaches from doing so on their own in the past. As a real estate agent, you’re more than likely going to have clients that fit this description, and if you’re able to share helpful information with them that of course goes a long way to creating repeat clients.
Here at Real Estate Leads, our online real estate lead generation system is an excellent way to get more out of your prospecting efforts and gain more in the way of opportunities to meet potential clients of ALL types. It’s been especially well received by realtors all across Canada, and of course anything you can do to build on your knowledgebase increases your chances of turning making clients out of these opportunities.
Which leads us back to our topic here today..
RentSteady – Providing Landlords with Payment Assurance
Get Digs™ is a digital service that improves the way renters make rent payments, and landlords receive them. Renters can pay their rent by one of five methods: credit card, VISA Debit, Debit Mastercard, Interac e-Transfer, or cheque. They can also set up alerts to make sure they’re never late with a payment.
On the other side of the equation, landlords get the assurance that they will receive their rental income in a timely manner each month, even if the tenant is late with paying it. That’s made possible with a feature called RentSteady, and it works to ensure they get paid on time no matter what goes on with the tenant. The appeal for landlords is that it helps remove the negative impact on cash flow associated with late rental payments, and giving the landlord the security and peace of mind when it comes to their making necessary payments of their own.
How does RentSteady work? Landlords receive an e-mail notifying them that the tenant is late paying the month’s rent. From there, RentSteady handles all of the follow up associated with late payments and continues to send weekly notifications to update the landlord of the renter’s payment status.
Long story short, the important part for most here is that if the renter defaults, the landlord will continue to be paid on the first of the month, and for up to 4 months of consecutive non-payments.
Truly Unique Product
Other products in the market that attempt to protect landlords do exist, but the consensus is that most aren’t particularly effective. Most add more tasks and processes to what is already required of landlords and do not solve the main issue of being out of pocket for the rent owed.
If you’re looking for a validation of that, consider that Get Digs is backed by RBC Ventures. We believe it’s going to have a long-term impact in the Canadian market. Being backed by RBC provides a legitimacy and peace of mind that other products aren’t capable of providing.
Having tenants fails to pay rent on time can have serious ramifications for homeowners with their own payment schedules for the property. RentSteady can help with that and you’re encouraged to recommend it to your clients.
Sign up with Real Estate Leads here and receive a monthly quota of qualified, online generated buyer and / or seller leads delivered to you exclusively for you own private region of any city or town in Canada. It’s a dynamite way to supercharge your client prospecting efforts and so many professionals like you can’t recommend it highly enough..
