A Rent Schedule contains all of the necessary information to manage your rent collection activities. Once you set up a Rent Schedule you shouldn’t need to lift a finger to collect rent from your tenants for the remainder of the lease.
What information is needed in a Rent Schedule:
Name - this is how you will differentiate between different rent schedules in your account. Additionally, this is the name your tenants will see on their invitation. We recommend the name contain the street address and any unit number
For example: Main St. Unit #2
Amount - the recurring rent amount that you collect each month for the entire unit. If there is one tenant, it will be their full rent amount. If there are multiple tenants on a lease, this will be the entire monthly rent amount. If there are variable charges like utilities, one time charges like pet deposits, those will not be included in this amount (we will get to those later).
Recurring day - the day of the month that rent is due each month. Typically this is the first day of the month.
Start date - the first date you will be collecting rent in Rentdrop, not necessarily the start date of the lease.
For example: If you are in the middle of the month and currently the date is July 15th but you will only collect rent starting on August 1st, you will select August 1st as this date because that is the first payment collection date.
End date - the date of the last payment you will collect from this lease in Rentdrop, not the lease end date.
For example: If the lease goes until December 31st but the last payment will be made on December 1st, you will put December 1st as the End Date.
If a lease is month-to-month, you will select skip and the Rent Schedule will continue without an end date until you close it.
Late fees - the amount you charge tenants after a number of days you specify have passed without payment.
We ask for the Late Fee Amount and Days Unit Late which outlines how much the fee will be and how many days after due date is it considered late. We will automatically apply this for you. If you do not charge a late fee, you can click skip.
Link Bank Account - for each Rent Schedule, you will be asked to link a bank account that the funds from that Rent Schedule will be deposited into. If you only use one bank account for all of your rental properties, you will link the bank account on the first Rent Schedule you create, and for all future schedules you will select Use Existing Account.
Inviting Tenants - on this step you will put the names and phone numbers of the tenants associated with this schedule. Invitations will only be sent via SMS message after you complete the setup of your Rent Schedule on the final confirmation page.
What happens once you invite a tenant
A text message will be sent to the number(s) you provided for each tenant. This text message will describe the invitation and provide a link for them to download the app.
Once they have downloaded the app, they will create their account including entering some basic information that is used for fraud protection but is not saved or used by Rentdrop.
Date of birth
Last 4 digits of SSN
They will see your invitation waiting for them in the app and they will accept or decline (if they don’t recognize) the invitation.
They can link a bank account to start paying their portion of rent every single month.
How does a Rent Schedule operate
Once you have a Rent Schedule created, you will not need to take any further action unless you have variable fees like utilities that differ from month to month.
Your tenants will be sent an invitation, directing them to sign up.
We will send them payment reminders starting 4 days before rent is due.
We will automatically apply late fees if the tenants are late on payment.
We will automatically deposit funds into the bank account you linked.
We will notify you via text each time your tenant as made a payment. This will include their name and amount paid.
You will be able to add on one time payments or in-month fees as the Rent Schedule works in the background.
We will end the schedule and notifications once the End Date has been reached or you end the schedule.
Q: Is a Rent Schedule legally binding?
A: No a Rent Schedule is not legally binding for you or your Tenant.