PerfectPayRent
Landlord Services FAQs*
Effortlessly collect your rent with our digital rent payment platform - all managed seamlessly.
Rent Collection Management
We Guarantee On-Time all rent payments are paid by the 4th business day after it's due, even if tenant rent is late or in default.
Guaranteed On-Time Rent Payment
We co-guarantee all tenant rent payments for the term of your lease agreement.
Lease
Co-Guarantee
For waiving a tenants deposit, we will guarantee and pay you up to one months rent if a tenant has malicously damaged you property.
Security
Deposit
PerfectPayRent ensures hassle-free rent payments for tenants, free of charge. Landlords benefit from transparent, fee-free rent tracking, with tenants securely paying through various methods. This commitment to transparency aligns with our Landlord Services Agreement, offering a seamless payment experience.
Tenants can set up automatic monthly payments, ensuring on-time payments by the 4th day after the due date. This convenience is part of our Landlord Services Agreement.
PerfectPayRent prioritizes privacy, employing encrypted payment systems and adhering to PCI compliance standards, ensuring the highest level of protection for financial data.
Currently facilitating ACH payments, with plans to integrate credit card payments and cash options through Western Union in the future.
Landlords can track payment status in real time through the user-friendly dashboard, providing instant access to the latest rent payment information.
The PerfectPayRent platform sends timely notifications to tenants, helping them stay organized and avoid late payments.
Digital receipts for rent payments are available in the PerfectPayRent platform, ensuring transparent and comprehensive transaction records.
PerfectPayRent commits to delivering 100% of rent guaranteed on time, even if it is late, or missed or in default, by the 4th day of each month after the due date, providing financial security for landlords as outlined in the Landlord Services Agreement.
Landlords can rely on consistent, on-time rent payments, ensuring a net zero loss rent loss, a fundamental component of the Landlord Services Agreement.
Guaranteed On-time rent payments offer financial security by eliminating uncertainties related to late payment timing.
Guaranteed On-Time Rent Payment applies to all properties, providing a hassle-free payment experience for landlords with diverse investment properties as per the Landlord Services Agreement.
The Landlord Services Agreement includes a limited Lease Co-Guarantee for on-time rent payments and malicious tenant recovery during the term. PerfectPayRent LLC's directly self-procured performance bond [the “Performance Bond”] insurance coverage for this limited Lease Co-Guarantee relies on the exact terms, conditions, and policy exclusions outlined by the actual insurer. This coverage is specifically dedicated to PerfectPayRent LLC's obligation for on-time rent payment in the event of late or missed rent and the recovery of malicious damage costs. The Performance Bond excludes any other services specified in this Landlord Services Agreement.
PerfectPayRent LLC is eligible for coverage under the Performance Bond coverage placed or underwritten by World Insurance Associates LLC (“World”), with Performance Bond policy coverage limits not exceeding the amount defined in the Landlord Services Agreement and the Performance Bond policy issued by the insurer to PerfectPayRent LLC. World operates as a general agent for various performance bond issuers, maintaining a minimum A.M. Best rating of "A- (Excellent)" or higher. See our Legal and Regulatory Notice.
Landlords must adhere to steps outlined in the Landlord Services Agreement for the limited lease co-guarantee, including issuing notices, initiating eviction, and keeping PerfectPayRent informed.
Notify the tenant, initiate eviction if default persists, provide court order, inform PerfectPayRent when the tenant vacates, and keep updates on new tenant referrals.
Tenants must adhere to the Tenant Services Agreement. Failure to meet lease terms may result in eviction as per the Landlord Services Agreement.
Landlords are required to provide timely rent lease updates through their account, ensuring effective real time support.
Tenants are not required to make a security deposit payment, reducing initial rent costs. Landlords can recover malicious tenant damage costs, up to one month's rent. Tenants are responsible to repay us the recovery cost that we paid the landlord. Excess malicious damage costs can be recovered directly by the landlord from the tenant.
Access your account on the app to initiate recovery. Landlords may pursue recovery directly from the tenant for amounts exceeding this recovery.
The security deposit waiver is not transferable.
Laws vary by state. PerfectPayRent provides rent loss malicious tenant damage recovery, and state security deposit laws may still apply. Adhering to laws ensures compliance and a clear understanding of the legal framework.
Malicious tenant damage refers to intentional harm caused by a tenant to the rental property. This could include vandalism, destruction of property, or any deliberate actions that result in harm.
Normal wear and tear are the expected changes to a property due to regular use, while malicious damage involves intentional harm. Scratches, burns, or destruction beyond what is reasonable for daily living may be considered malicious.
PerfectPayRent has waived the tenant's need for a security deposit with their landlords. So, PerfectPayRent will cover the cost of any damage caused maliciously by tenants, up to the lesser of one month's rent or the actual damage cost.
No upfront security deposit for tenants. In the event accidental damage occurs (Malicious Tenant Damage), then PerfectPayRent will try to recover from the tenant the malicious damage amount paid to the landlord. If the damage is more than one month’s rent amount, then the landlord will need to recover that amount from the tenant.
Landlords should thoroughly document malicious damage with photographs, written descriptions, and estimates for repair costs. The landlord must first try to claim the damage amount from the tenant. If the tenant does not pay, then the landlord needs to submit this documentation to PerfectPayRent as evidence of the costs incurred due to malicious tenant damage.
Yes, landlords are encouraged to have comprehensive rental property insurance that includes coverage for malicious damage. This can provide financial protection in case the cost of repairs exceeds the tenant's security deposit.
Conducting thorough tenant screening, including background and reference checks, can help identify potential issues. Regular property inspections and clear communication about expectations regarding property care can also deter malicious damage.
Landlords can include clear clauses in the lease agreement regarding tenant responsibilities for property care. Providing an informational document or handbook on proper maintenance and care can also be helpful. Regular communication about expectations is key.
Landlords can usually ask to pay for the full cost of repairs beyond regular wear and tear. However, local laws may dictate specific limits on deductions from the security deposit and will only apply if the lease agreement mandates the tenant to pay a security deposit for malicious tenant damage.
The use of a security deposit is subject to limits. In some cases, the damage may exceed the deposit, and landlords may need to pursue legal action to recover additional costs.
Legal Steps:
-
The landlord is to inform tenant about the discovered malicious damage and try to recover the damage amounts from the tenant.
-
Notification: Through the PerfectPayRent app, the landlord is to inform PerfectPayRent about the discovered malicious damage and provide proof that the landlord has been unsuccessful recovering the malicious damage amount.
-
Documentation: The landlord includes photographs, written descriptions, and repair estimates as evidence of the malicious damage.
-
Legal Action: If the security deposit is insufficient to cover the full cost of repairs, the landlord may consider pursuing legal action against the tenant for the remaining amount.
In this example, the malicious damage goes beyond normal wear and tear, and the landlord has a legitimate reason to request reimbursement from the security deposit. The specific legal procedures and rights may vary by jurisdiction, so landlords should consult local laws and regulations or seek legal advice in such situations.
A rent payment platform that fits your needs perfectly!
Notice and Disclaimer*
The information provided in this FAQ is for informational purposes only. If there are any discrepancies between the content of the FAQ and the terms and conditions outlined in the Landlord Services Agreement, the latter shall prevail. The Landlord Services Agreement governs the relationship between the parties, and any conflicting information in the FAQ is superseded by the specific terms and conditions outlined in the agreement.