collection or payment service, WellPaid uses simple bank transfers to move money and works with existing bank accounts. Additionally, the service is flexible and costs only $3 per month for landlords or property managers to request an unlimited number of rental properties.
Additionally, WellPaid provides automated transfer routines between accounts to help simplify auto-saving for taxes or putting money aside for future maintenance. Whether you need to move money one-time between accounts or split rental income to pay mortgages, setting a routine for money is intuitive and fast. Finally, WellPaid allows your tenants to lookup sharing restrictions for their common household subscriptions to make auto-splitting even easier. A better experience for landlord and tenant.
Renting a room
In the past several years, room renting or coliving has blossomed into a meaningful share of the rental market. Companies such as Bungalow now offer fully furnished and all-inclusive living spaces for a fixed price per month on the tenant. These units are targeted at the upcoming Gen Z renters that are less likely to commit to a full 12-month lease.
As with anything in managing rentals, standardization is tough. Some renters prefer a 12-month lease, but there is always the possibility of switching or early move outs. Some renters prefer fully managed properties. However, you plan to manage your rental, the reality that short-term rentals are more profitable, when not vacant.
The more experienced property managers will tell you that you can make more on marketing rent by itself than including utilities in the total. However, auto-requesting utilities on tenants is more convenient, reduces revenue lost from transitions, and gives you flexibility to maximize rental listing prices.
Ultimately, it’s best to keep your tenants incentivized to manage utilities, but with WellPaid’s auto-requesting features, you can simplify the billing function and give the experience of an all-inclusive property. Additionally, the auto-savings and auto-splitting features makes managing tenants effortless with simple alerts to let you know if someone is late. Try out WellPaid here to learn more.
