The objective of the rental applications is to help a client who is looking forward to build a rental management portal that can showcase the properties based on the preferences API of the tenants who are looking forward to getting the same on lease, over a particular period of time. For the app, the users would need to focus on the automation of accounting (holding deposit, timely rent, returns and refunds), troubleshooting all the hassles (plumbing, appliance repairing, etc), but it shall be upgraded on due course of time as per the client’s requirement.
Business Requirements of rental applications
Here we are going to talk of the business requirements of rental applications and its operation in details. Read on…
- The rental properties featured on the application should be limited to the concerned nation, and all the texts, and amenities are usually addressed on the site. It will provide all the requisites that are offered by the client himself. It is only the client who is rightly aware of the business assurances, as featured.
- The rental applications today generally offer a simplistic, yet the most-apt template and logo for the client’s website. The app makers sit back with the client to ideate the logo and the template as it does not get changed once the website is live.
- The landlords would have to register on the website to list a property and then they get it acknowledged by the client. This is meant to ensure that it abides by all the mandatory protocols (No listing will be addressed without the client’s permission). There can be a few compulsory, and optional fields that are mentioned here right below, and the landlords will have to fill them with the appropriate credentials. Post the consent and the submission of identity credentials, an email verification is conducted (The landlord needs to click on a link sent to his/her email ID, to make sure they have access to their email IDs). The profile will be activated only after email verification.
- The to-be-tenants’ registration is optional only till the time they are browsing on the rental applications for viewing the properties. In case they are going ahead with taking up the rental service or discuss about any of the properties that they are interested in, all kinds of communications will happen, only after they have registered themselves by filling up the below -mentioned credentials.
- This will assure the client to identify the tenants and keep a note about them in respect to the inventory. This further denotes that one can easily figure out the customer and the list of properties that he/she visits. It is also going to help the landlord understand that which property manager is dealing on the same (say a landlord has listed 90 properties, and allots 3 property managers to take a note of all the steps needed prior to the onboarding, with 30 properties assigned to each of these managers). All the communication will be done only through the rental applications.
- All sorts of enquiries from potential tenants regarding a property are to be put on the rental app with an access to the corresponding landlord. Registration on the rental applications includes signing up with the email address, the name, and the password, which is compulsory for all further proceedings such as site visit, or start with an enquiry related to the featured properties. Once a probable tenant registers, and looks forward to confirm a site-visit, he or she can post a request on the app. A real-estate agent (employed by the landlord) will then fix an appointment according to the availability of both the parties, which shall be accessed by both the landlords and the clients. This request will be monitored via the rental applications only.
- The real-estate agent will hand-over the property to the tenant, and all the acknowledgements are to be made on the rental app itself. Those acknowledgements include holding deposits to be paid completely; background verifications to determine if the tenant has been a good tenant earlier. The system will also verify with the tenant’s employer if he/she has a permanent job that will not get him into any kind of trouble to pay the rent during his tenure of stay. The system will ask them to provide their previous landlord’s email, along with their employer’s email, and then shoot an auto-generated email to verify the same. The landlord will be able to keep a track of the vacancies, and the acquisitions right from the portal.
Accounting module of rental applications
A tenant will access the payment gateway on the rental applications for the very first time at the time of depositing the holding amount. Once the Paypal ID is registered on the website, you can set your password, and then, you will be able to use it every time you make a payment, be it for the purpose of paying the rent every month, and also for making all sorts of transactions such as repair costs, renewal costs, electricity bills, etc. The accounting procedure needs to be automated, which denotes that once a tenant is ready to move, he/she will have to pay the holding deposit (which is refundable post the tenure of the lease agreement). The tenants shall be making the payment via Paypal, and thus, the redirections from the client’s website to the payment gateway is automated.
The user may see the tenant invoices, balances, closing tenancy payments and refund options as well. There will be other options too, such as Invoices Due, Overdue Invoices, and Unpaid Tenant Invoices. The person can also keep a track of your transferable income right from here, which will be credited to your bank account directly from PayPal.
There shall be a reminder for the tenant regarding rent every month so that there is no skip, and the online gateway media comes into the picture once again to address the transaction. In any case if there is a delay in the payment, an additional interest of 5% will be imposed over the rental amount, calculating the late hours as a penalty. This particular mechanism will be admin configurable from the backend, and the percentage shall be decided by the admin himself.
In order to resolve any kind of discrepancy, be it water leakage, electric failure, refrigerator being not operational or if there is a trouble with any other appliance, the tenant will have to raise a ticket on the rental applications and the landlord will take care of the requirements for the same. The charges levied in fixing the problem will have to acquire the approval of the landlord, and the amount shall be adjusted with the rent thereafter. In case an appliance repair is supposed to cost $100 but if the mechanic sees to the problem and thinks that it is going to cost $400, the tenant will have to raise a ticket citing the issue and the job will be done only after the landlord approves the same.