Optimize Your Workflow with a Property Management Invoice Template for Quality Assurance

Property management invoice template for Quality Assurance

all right welcome back to another product demo and interview here my name is Nathan with every REI tool.com the most comprehensive catalog of tool software apps for Real Estate Investors and real estate professionals and today I'm super excited to be here with Dave from inaugo and Nago is a rental property management software and one of the names that pops up the most on all of the various Bigger Pockets in real estate forums so I'm super excited to be here with Dave Dave welcome how you doing I'm doing great Nathan thanks for having me we're very excited to be presenting today very very cool so why don't we kick this off typical format I got a few questions for you before we jump into the demo and then towards the end we'll talk about referral links and codes and whatnot for for everyone listening and watching this um so Dave what's the elevator pitch here for inaugo yet we are rental management software designed for small to mid-sized landlords we have the tools you'd expect with with uh within that space online payments digital documents signing tenant screening tenant communication maintenance tech management ticket management Etc I think the uh the big difference with inaugo uh it may seem pretty obvious but I think we recognized very early on that landlords are almost all DIY and that the software needs to be catered to a DIY landlord which means a it needs to be incredibly easy to pick up and use because these folks usually work a nine to five and have just a couple hours maybe a week to work on managing their properties and investing in their properties and two that these landlords are very price sensitive which is why inaugo is the only at least the only one I'm aware of the only truly free property management software for small independent landlords out there awesome you're making my job super easy here you're already uh going into all the questions I typically like to ask so perfect but so um you kind of touched on this a little bit who would you say because there are obviously a lot of solutions out there for you know property management software and and most tools available to real estate professionals and investors there are multiple flavors or you know versions of those same tools is there um a a better like Persona or Target customer like who is inaugo4 I guess and then the flip uh question there is going to be who is inaugo not for yeah great question so inaugo is really designed for those small to mid-sized independent landlords or smaller property managers that are working in a relatively independent uh manner so we usually say anywhere from one to 100 units you know if you're not typically managing a fleet of employees um if you if you're uh in residential commercial those types of spaces more traditional rental property housing is is where inaugo is going to be perfect inauga is really not for the larger landlords with one caveat to that we do not usually work with landlords that have thousands of units we do have a few exceptions we offer Integrations to some of the larger software platforms so if you just want to kind of upgrade your tenant experience you can use inaugo as the tenant facing side but we are not going to offer the same level of features that an Entrada has or a Yardie has for those larger landlords got it makes total sense and you touched on this a little bit here but one question that I always like to ask is what do you feel inogo does better than other Solutions out there yeah I think it is that DIY piece just recognizing that most landlords of DOI I know it sounds like a really obvious thing but I think there's so much software out there that kind of misses the boat on that um sorry to drop here but can you say a bit more what what you mean when you say kind of you know features and and aspects that inaugu does better for that uh DIY um landlord well I think fundamentally a a land landlords often learn as they go right it's you didn't go to school to be a landlord for the most part that's what most of those professors are yeah exactly like you have a successful nine to five job you're an engineer you're in sales or whatever it may be and you say hey I want to set up my Nest Egg for the future I'm going to start investing and you jump on Bigger Pockets so you start reading the books the blogs you're listening to the podcaster going to every REI tool to go do some research right and you Cobble together your own kind of formula of of building your real estate portfolio and managing that portfolio and yours is going to be a different uh structure and approach and flavor than the next person so everybody is really unique in the real estate space it's not as much it's not like you know gap-based accounting where the rules are really tight and set in place right your late fees may be different the way that you collect rent whether or not you allow partial payments you know your different documents that you use all these these teeny tiny variety of little decisions and uh uh requirements that you have is going to be completely different than next so what we tried to do is balance the fact that a this DIY landlord Persona doesn't have a lot of time to learn a super complex software but by the same that software has to be flexible enough to deal with these different structures and setups so we have spent you know I'd say it's taken us long it takes us longer to release a feature than most any other software in our space because we try to think of it from all those different angles and make sure that it's including the different types of landlords and different types of DIY landlords so that's a subtle thing that's hard to articulate and point at a specific feature and say this is the killer one that we have that others don't but I think if you play around with inaugo for a little while you pick up on it really quickly where oh man they did kind of think of a subtle but intuitive way to address by proration or to address rent escalations or to address my various you know crazy late fee structure that I've set up here so I think that's really the big difference yeah awesome and like we were talking about before we hit record here I'm in you know technology and software by day and I can appreciate how hard it is to keep or to build something complex yet keep it you know intuitive and simple to use yes we've we certainly have made the wrong call A lot of times but but we're always learning from the wrong call and improving on the next one you know but it is tough and um you touched on this earlier as well but I'm not sure um you know people I guess people need to hear this again did you say inaugo is 100 completely free is that the price point yeah that's the price point um we don't charge landlords anything we charge for a few kind of value-driven features within the software so for example when a tenant pays rent online the tenant is going to pay two dollars if it's an ACH transaction and they're gonna pay 2.99 if it's a credit or debit card transaction most other software out there um even the ones that charge you a monthly fee are still charging those fees for the transactions sometimes higher than those fees um so it's just tied to those online payments we also charge if you screen attend it through inauga we're going to charge the applicant if the tenant buys renters insurance through inaugo we get a cut so we found different ways to kind of monetize the experience without hopefully putting 2 onerous a fees on on any party that's involved I love it well free for landlords I'll take it I love it yeah uh awesome sounds wonderful for why don't you um if you could you know start sharing your screen here um and why don't we just jump into the demo and see what this awesome tool is all about yeah let's do it get it zoomed in here cool all right so this is the inaugo dashboard I have my uh my presentation landlord set up here this is Siddharth Aurora of Aurora properties um Siddharth has one building actually with four units in it you can see it here Main Street Lofts um this is siddharth's dashboard and from here he can see how his collection is going this month right it's uh showing us may by default we can see what's collected what's still outstanding we can click on this and jump right into it if we want to see who owes money if we had some documents that are in the signing process those will appear here under unsigned documents applications processing if you're screening anybody or collecting a basic application if any tenants had put in maintenance tickets what your occupancy statistics are Etc we really wanted to make it so that all the important information is up front in a really streamlined kind of simple not overwhelming way I've seen plenty of dashboards where there's like a million statistics and you don't know what to care about we try to keep it really focused here but also give you a relatively comprehensive View and an easy launch point to various other features you can quickly record a payment that you received offline you can add a new tenant to an existing lease or a new lease within anago it's easy to access a lot of different features and requirements that you might have at any given time for this one place um speaking of adding incentive I think it's really useful to go through this particular feature because it's so core to any rental property management software that you use the actual process of getting the tenant set up hopefully once they're set up and added most of the rest of it's pretty set it and forget it so this is kind of the important bit here um I'm gonna go let's see here uh on the um hang on one sec so Nathan quick aside here I am using we're launching a new and here I've got a list of all of my units I can see some that are available some that are not I'm going to go ahead and select unit 201 and we're going to add a tenant to this particular property first I can choose what kind of lease term it is fixed or month to month let's say month to month for this one we'll see our least begin date is today they're ready to move in right away we set our security deposit we can set our security deposit due date let's make it today and actually hey they handed us a money order already so I'm going to mark this as fully paid um now you can see we're we're trying to keep this really streamlined there's not a ton of options on the screen for you it's really focused it's it's difficult to to get lost on you know going through this sequence so let's say it's a monthly lease yeah go ahead of the step-by-step guide on the left there kind of walking through each step mix it's super intuitive exactly and you're getting the summary of the lease that you're building at the top so if you made a mistake or you're forgetting some piece you can see it right there the whole time so we can set our rents amount and say it's 2 000 bucks we're gonna make it do on the first and we'll say that the first invoice is due on May 15th now I mentioned one of the things that inaugo you know one of the kind of those DIY quirks or those little things that inaugo makes simpler is proration and here on the right side of the screen we have our rent schedule that just popped up it's showing us the next 12 months of rent I can go to May 15th hey they're moving in halfway through the month they're not going to pay the full rent they're actually just going to pay half so we're going to drop that down to a thousand and prorate it right there now we don't want to assume that you prorate half because actually technically they're living there more than half so maybe you're somebody that prorates by the day so I could adjust that to a different rate I could totally delete this invoice I can change the due date I can move my last month's rent do my first month's rent I can make all sorts of little tweaks and changes here to that rent schedule while I'm going through this process likewise I can create additional fees so if I need to charge like a pet fee for them for example a monthly pet fee I can create that recurring invoice right here as I'm going through the setup process so super easy to add additional fees whether they're recurring or one-time charges yeah awesome next up I'm going to add some tennis there we go oh we already had a John Smith in the system so we'll go with him uh and we'll say that the screening is not required at this time so I've already screened him I've already taken a look at him I'm not going to move forward with that um I can set my rental split if I had multiple tenants this becomes a little more relevant with one tenant he's gonna obviously pay the full amount I can say hey I'm not going to let him make partial payments I want him to pay the full amount every time yeah move forward decide whether or not you want to request or require renters insurance so I could say yes now it's going to send him a request for renters insurance that he can either upload a copy that he purchases elsewhere he doesn't have to buy it through inaugo or we make it really easy for him to grab a quote see what the price is and if he agrees to it purchase that policy right then and there so it's really easy to manage renters insurance which is a really important tool that that landlords use to kind of mitigate risk on their end 100 and I'll say that it's required before he can sign a document um next up is the document signing phase um now inaugo works with um hello sign or I guess formerly hello sign now Dropbox sign uh for the actual signature process but we built a whole bunch of tools on top of their existing template Creator to make it even easier specifically for landlords so whereas in Dropbox sign you basically have five fields to choose from we added a bunch of additional ones we have the sign date of course but we also have Fields like the rental amount or the unit number or the street address right these are fields that don't make a lot of sense within hello sign but make a ton of sense within rental management software so you can choose you can drop in all those fields that you need dropping the signatures upload a copy of your document again whether it's a lease or some other agreement and you can send it off to be signed so I'm going to hit fill and send uh looks like there's no fields that I have to fill in before sending so it's allowing me to proceed and now I've uploaded that document to be signed I can also add another one though right maybe I'm not just signing a lease I'm also signing some addendums well I can click sign another document um and I can fire those off uh Yep looks like I got an error that said I can't but I I can't um okay then I can upload additional documents if I need to um whether it's like a lead-based paint agreement or something else that you need to share with the tenant you can upload those as well so all of your document signing all of your document uploading you can uh you can add here and you can send those off so final step here I'm going to review everything I've put together it's going to tell me clearly what's going to happen next sending these off to be signed once they're signed you know all the invoices will be generated Etc so I can hit finalize and I've just added John Smith to my inaugo account so now I've got John Smith listed here in this month-to-month lease he is in process because he hasn't signed it of course but he's added in here to inaugo right alongside my active leases and then I'm assuming they obviously get notified of this you know by email because you had John Smith's email and then they can go in and take pick up the process from there to to get this thing closed that's exactly right yep they're going to get an email they'll get reminders they can sign it right from their phone or their computer whatever is most convenient for them and then we'll notify you of course when they've signed now I could go in and sign this document right now if I want to some landlords choose to wait until after all of the tenants have signed with the digital document it's not valid until everyone signs anyway but it's totally up to you sign it now or wait until you get that notification and sign it once they're done signing however you want to handle it yeah I think you mentioned this and I see this on the on the site as well we're obviously in the web experience here but I believe you have a mobile app as well or a mobile experience at the very least mainly for I would assume that's what tenants use uh the most is like the mobile experience yeah we have both um both the tenant mobile app and a landlord mobile app um so you can you can log in as landlord as well take it with you on the go we also support sub users in onago so if you do have additional employees or team members that you work with it is possible to give them access so I'm turning this feature on for this particular landlord now I have this users page and I could add somebody like a maintenance person or a property manager a leasing agent give them access to specific features they can also log in using the mobile app which is you know great depending on kind of what their role is all right so that's that's how you go about adding a tenant which again is kind of the Bedrock of of any rental management software so hopefully you know you can see how simple and straightforward it is but also how balanced it is with that that complexity and different potential um you know questions or requirements that you have as a landlord so let's take a look really quickly at the income page because of course that's what you really care about when when you're renting out properties is is uh is the cash flow that it's generating for you um the income page is always filtered to the current month so it keeps you kind of dialed in and focused on what's what's uh right in front of you um you can adjust those filters as needed but here we can see we've got a few different invoices we've got Robert Smith um one of our existing tenants looks like he paid his rent and his security deposit looks like he was also paying some sort of prorated rent there and then we've got Horatio and Craig who are living in our other unit and they have not paid or at least they haven't paid a portion of their rent so we can look at this invoice and it appears that inauga's already added a late fee charge to this invoice that happens automatically you know if we're feeling generous we can quickly and easily waive that late fee for them we can see Craig made his payment Horatio has not assuming they're splitting it and we're allowing partial payments now both Craig and Horatio are notified of this late invoice it's not like just Horatio gets notified because he hasn't paid his portion both are aware and both are held accountable for that so it does keep them honest as tenants under a group lease some other things you can do here of course Download a pdf version of this you can send an additional reminder we're already firing off reminders for you you can waive those late fees you can record a payment like a payment that happened offline money order check cash Etc you can edit the invoice so you could add additional fees if you need to you can also add credits so if for whatever reason you say you know uh somebody takes out the trash for you every month and you're going to give them a credit now this will be a whopping credit for taking out the trash every month but you know you could do a thousand dollar credit exactly you give them that thousand dollar credit and go ahead and waive that late fee and hey look they're uh they're all set things are looking good again so yeah lots of flexibility lots lots of control over these invoices um you know even after they've been generated there yeah no it's super clean cool um one quick note here um basically every page in inaugo has an export button on it it's your data you can get it whenever you need it so you can click this export and it downloads a nice clean CSV file for you that you can pull into other programs you know store for yourself manipulate if you know you're doing some Advanced pivot tabling or something really easy to get access to uh to that data yeah I don't want to jump ahead here if you're going to get there but I'm curious because I see you know expenses here we're talking about you know leases and exporting data and stuff like that what sort of like um reporting functionality does zanago have like if you want it to you know start sending stuff to your you know CPA or you know do your end of year taxes stuff like that yeah that's a great question so I I have a very small very modest portfolio I have eight eight units that I own and manage myself and I use inaugo exclusively I don't use QuickBooks or any other sort of software but I do want to note that inaugo is not full accounting we we don't expect to be we have a variety of different reports and for me and for my CPA they're perfect it makes life so easy at the end of the year I download I export all the data from the income page for the year I export all the data from the expenses page and I go to the reports page in inaugo and I export the p l report the income report and I fire those off to him and he's got everything he needs now he often comes back with some questions like hey you miscategorize these you know right exactly but there's not a lot of software that's going to solve that problem for you so yeah we have a great p l report here and it is interactive and dynamic so for example and there's not a lot of data for this you know test landlord here but if I click on rent it actually expands and shows me all of the different invoices and payments that are that that kind of comprise this category so if I had late fees here if I had whatever else it may be it's all going to appear here all the expenses appear here giving you a nice sense of the health of the business you can filter to a specific property a specific business entity if you have multiple llc's to manage your portfolio so yeah it's really easy to get kind of the data that's that we believe to be most relevant for you as somebody investing and managing day to day but again it's not going to be the full end back-end accounting stuff no no yeah no of course not but at the very least like you say if you can export what you need to give a a competent CPA and they come back saying you know pretty much you know I've got what I need to do my job then good enough right especially if it's this clean and this easy I love it exactly you know we talk a lot about it because in the early days we said hey should should we be offering you know a full like general ledger style accounting should are we competing with QuickBooks here and I think a lot of property management software has made the decision to yes compete in that way to offer that full end and what we kind of felt was that for most landlords especially DIY landlords their day-to-day week to week that's all noise and distraction and it's it adds the most complexity to the software of anything else um so we said hey let other software that's that's built to do that do that if you need it we actually integrate with QuickBooks we are working on Integrations additional Integrations with like xero um net Suites a few others to to try to offer that for those landlords that need something a little more robust but again our focus is just on what's your actual problem it's managing the tenants it's managing collection it's managing leases so let's make sure that's really really good and not distract with a lot of you know accounting tools that aren't quite as critical for the day-to-day stuff yeah totally you know about to ask you because you did mention Integrations earlier and it sounds like you're working on some of those Integrations in the first place so that's great yep absolutely um so yeah so the the financial reporting piece you know we also have deposits held reports so this is where you can track security deposits um you know they are a liability so they're not going to show up on the p l you can return them um you can manage your rent roll from here um you can manage the actual bank deposits that are coming in from enoggo uh if we're sending you funds electronically so you can reconcile that so there are a handful of reports that you know are kind of the essential ones for you and they're nice and clean and easy to uh to interact with there awesome um a couple other features just really quickly um like you mentioned we have expense management it's pretty straightforward you know you can enter those expenses you can record them um you can take pictures of receipts all that good stuff we are we don't currently offer the ability to connect to your bank and automatically pull on expenses although we are currently working on it uh we're working with plaid on that um or whatever the big name in that space so that should be coming in the not too distant future which would be a great Plus for landlords we offer maintenance ticketing and management um again a pretty straightforward maintenance system you can create those tickets you can manage them communicate back and forth with your tenants it's possible as I mentioned to add sub users that have access to maintenance so if it's just a maintenance person that you work with or a handyman that you work with it's also possible to really easily forward a maintenance ticket in all the details including the pictures and videos and descriptions Etc to somebody so if there's somebody outside of your organization that you want to give access to a maintenance ticket that's coming in to help with it it's really easy to do that in inaugo um we offer the ability to email your tenants and we actually have a feature that's coming out I think next week that allows you to chat back and forth with your tenants so we're really excited about that you'll see that right here below the email option uh coming soon and then finally we have uh listings so we do Syndicate to uh realtor.com Network the zumper network the Rental Source Network and the Zillow Network so we do distribute your listings all over so that you can get it in front of uh you know your available properties in front of as many eyeballs as possible when you do need a uh to fill a rental very cool very very cool and I'm curious I mean we don't necessarily have to go into this because I'm assuming it's as clean and as you know comprehensive and easy to use as what we're seeing here but what's the experience like uh for the tenant is it you know very similar to what we're seeing here yeah that's a great question let me pull up a tenant account really quickly I should be able to do that um and I'll show you and I can show you both the mobile side and the uh it's a lot of the people that you know watch these or listen to these right they're interested in the full experience and they want to know not only what it is for themselves kind of you know quote selfishly but also what you know how easy is this for you know the tenant right and some questions that I get often when you know reviewing these is and more and more so today is like for example does inaugo report to the credit bureaus when rents are you know paid paid on time and whatnot because that's becoming more and more important to renters yeah that's a great question we do we currently work with Transunion and it's a totally free service there's no additional cost to tenants to get that reported they can just enroll uh and they get that Advantage which I agree is a really important thing these days um so yeah we do offer that we also I'm glad you brought up the tenant piece because that's something we talk a lot about you know we kind of think of it like um you know Amazon thinks of the shopping cart right nobody's bought anything until they've paid right so the easier you make that process of paying the easier you make that process of interacting with you as a landlord the better your collection is going to go so it's so important that you have an easy interface for your tenants to interact with and I think historically that has been a challenge and problem for a lot of property management software where they're just you know they're signing a contract and charging the landlord a monthly fee so they don't really care about the tenant experience but because of the nature of our system where it's totally free to use and they're just kind of engaging with it at will it's critical that our tenants have a great experience so we really prioritize that and do best to uh to make sure it's super easy to use so yeah I have an account here um it you know bear with me on the data it's just kind of older test account data yeah but let me share my screen again um and let me know when you can see it all set okay awesome so this is Ella's account now she's a couple years overdue here uh so she's definitely in trouble might not be renting there anymore um but you can see the breakdown of of the total amount that she owes um the total amount on each individual invoice she can quickly and easily click to make a payment and choose how much she wants to pay let's go with the outstanding amount she can add her payment method as needed here so she can add a bank again we work with plaid so the bank verification is super easy you just connect right through to your bank offers tons of coverage if they don't have a bank that connects that way they can use the micro deposit version right the tenant can sign up for auto pay once they do have a payment Source added to inaugo um so that it comes out of their month every or excuse me comes out of their account every month without any issue so that's great when we we strongly prompt tenants into adopting that if they have any documents uploaded they can review them here if there's a document that needs to be signed they can review it here they can submit maintenance tickets which again I mentioned that they have the ability to upload uh looks like this landlord turned off maintenance for this particular tenant but they have the ability to upload pictures and video um add a description Etc categorize it yeah I imagine they'll typically do that from like the mobile device right much easier to walk around and take a picture of their leaking sink and there you go that's exactly right and here I'll just show you kind of what it looks like yeah so in the mobile app looks almost identical to this but this is the web mobile view really clean really simple easy to use interface easy to interact with for the tenants so typically tenants have very little trouble usually they're more tech savvy than the rest of us so they they don't have any issues figuring out how to how to pay their rents uh when they need to very cool anything else we should see in inaugo it is so clean it seems so easy to use I think I might have to start managing some of our properties myself so that I could just use this myself love it yeah no no I think we covered um most everything I mean we're constantly working to improve and I'll go I mentioned a couple features that are coming out here soon like the chat what are you most excited about coming up I honestly it is the chat feature I just think that as so like for landlords you want to be able to communicate effectively with your tenants it's such an important part of managing your rentals but you also want to separate them from your life right but so often I feel obligated to share my personal phone number with my eight units that we have and I hate getting texts you know I never save their name in it because I'm like I don't want to have my you know their name cluttering up my contacts and so to be able to just chat and communicate directly through inaugo uh really seamlessly is something that I'm personally excited to use as a user of inaugo so that's a big one that's coming up here um I'm trying to think other big ones the expenses is going to be a great feature um there's some some like funds return stuff that we're doing some vendor management stuff so there's some exciting things on the roadmap yeah very exciting super clean seems to be super simple love it um this is a Nago Dave thank you so much for your time I don't want to take any more of it we'll leave of course uh all the information in the show notes here but you can always go to Every REI tool.com Go slash inaugo and you'll get there or go straight to enugo.com um and with that Dave thank you so much for your time today really appreciate it and I look forward to having you back on we got all these new features for sure thanks so much Nathan by yourself doing well thank you very much we have both uh same initials so we're gonna keep things simple and hopefully not get our names mixed up right um in any case so you are with rent Tech direct Nathan what's your role over there uh I'm the founder of the company and now I get to do the uh uh the presidential CEO duties over here now I love it so what's the quick like elevator pitch for what rentech direct is yeah rentec is an application for property managers and landlords it's designed to pretty much take all your tasks automate anything that is possible to automate uh make your life as easy as possible while providing a really cool tool for you to be able to interact with your tenants or your owners if you're a property manager very very cool and who would you say this product is typically for because there's a lot of you know Property Management you know software out there I'm curious who your your preferred or target audience is for this you bet well we love working with all private landlords uh whether you have one unit or two thousand units most of them end up in the 20 to 200 unit range we love working with that size we also work with property managers up to about 2500 units that's that's kind of our sweet spot is 20 startups up to 2500. got it and would you say there's anyone that this tool is not for so maybe those that have more than 2500 units but I don't know if there's something a bit you know more specific about where and when this tool is not Suited yeah I'd say with a huge corporate Property Management firms that have uh tens of thousands to hundreds of thousands of units they just need more uh than we're putting in the software which might include you know payroll corporate accounting stuff like that um it just gets way too complex when you add all that stuff into the system and our system is really designed to be quick to start easy to use and easy to you know train your staff on very cool maybe that's the perfect segue for one of my favorite questions here but what do you feel um rentec does better than other systems out there yeah we kill it on customer service we've got a us-based support team most of them actually take in Property Management certification courses so they not only know our software really well but they know the industry really well and so they're going to be able to help not just with our software but every unique circumstance that tends to come up when you're talking to property managers oh very cool that's awesome customer service not a lot of people you know brag about that so I'm glad to hear that you know awesome quality perfect um and before we hop over to the the demo here of the product itself last question I like to ask is what is the price point for this tool because everybody needs to know how much it's going to cost right you betcha uh we uh we charged about a dollar ten per unit and we have a 45 minimum and uh that includes your merchant account and all the tools that we Supply are built-ins there's no extra fees um you're gonna be able to do all your bank transfers from your tenants to your account for all the online payments that's all included um electronic signatures is included uh work orders is included it's all in there a buck 10. that's pretty cheap if you ask me I love it all right let's uh so let's hop into uh what everybody's been waiting for here if you don't mind could you share your screen maybe and take us through a little bit of what this uh product can do for tenants absolutely and landlords I should say not just the tenants perfect I can see your screen let's see what we got here okay so I'm on the uh PC so this is a web-based application you can ask access it anywhere you have an internet access Works equally well on your phone via the app or via web browser and we're looking at the management interface that's designed for the landlord or the property manager here where they actually manage the relationship with all the tenants record the income post the property expenses all that good stuff there's also applications for the tenant and if you're a property manager there's a separate app for your property owner so they have insight into the the properties that you're managing for them so I'm going to go through just kind of show off some highlights of this there's so much in here we'd be here for four or five hours so I was going to show you everything so I'm sure you don't have that much time so um I'm just going to show you some of the highlights about how I use the system and I'm already logged into Just My Demo account here and what you get is just a you know a summary of uh what's going on with your company and some of the things are highlighted like you know I've got four tenants that are rent overdue I've got the four open work orders and I have eight vacancies no one wants eight vacancies right um but you can just go to any of these sections of the software by clicking on them it'll zoom in it'll show for example my four overdue tenants right here they're seriously overdue as you can tell your demo account you can change the filter to whatever you need here's some more realistic tenants um but uh but what we're looking at right here is the uh tenants screen where you're going to manage ad tenants uh post income post charges to those tenants and we like I mentioned before we made the system just really easy so if if you're starting out as a landlord or you're a new employee at a property management company the system is almost so intuitive that you can just get in here and you can figure it out just by with a few minutes just clicking on one of these tenants and let's just take uh well just take John Adams and if we're going to post income for them just as simple as that you know we're gonna take a hundred dollar it's a check if it's ACH you know it's going to automatically transfer those funds for them but in this case I'll just post a hundred dollar check that's going to go back to our overdue tenants here but it's going to let you print a receipt for him and uh let me go back to my full tenant list here and you know John Adams now is only 800 overdue instead of 900 over there yeah so um I'll just blast through a few of these screens uh just because there's so many items and then we can see and we see here uh we see add 10 and I'm just curious and sorry if you're going to jump into this but when you add a tenant is it just like adding an entry to this list of tenants or does it go through like the screening process as well like tenant screening process we have a full screening process and that process would kind of look like it wouldn't be in that specific ad tenant section because uh what you would generally do in our system is you would list your property which is another feature here under properties let me actually just go and uh to the marketing info on one of these pardon this I wasn't planning on coming in here it's all empty right now but as you as you can see you can plug in all the information for the property you can add pictures and then you can publish an online listing or you can Syndicate it out to like 30 different sites that way you get the maximum exposure for your tenant now when the tenant finds your listing they come to the website that we're hosting for you it shows all the pictures it gives them a rental application link which you can um the tenant can fill out all that information brings it into the system in which case yes we will do credit criminal and eviction screen those are services that since the tenants already input all their information all you have to do is Click screen it runs it through the system and these are all instant reports that usually come back in less than a minute and then the publish online listing here that goes to like your hosted version of this listing and if you Syndicate I'm assuming it goes to all The Usual Suspects absolutely yeah it's going to get pushed to Zillow and rentals.com and realtor.com there's uh there's a list of almost 30 sites that it'll go out to awesome nice and easy I love it that's the idea it's uh you know it takes a long time to go to all those sites and publish this exact same information across every single one of them you know I mean that takes you know five or ten minutes a piece whereas here you just put it in once you click the syndication button we send it out immediately you got tons of extra exposure for your vacancy because no one wants vacancies right we want to get those things rented 100 percent yeah you bet uh let's see so uh in here you can uh we're just talking about these applications since we were talking about it I'm gonna just open it up and see if I got one here lots of test data in here but I'm gonna go into this one we were just talking about that uh here's um a sample application that's in here it tells you all the information that the tenant might have included if they have a social profile public social profile it's going to show up here and then ordering background checks is just as simple as clicking that it takes all their information and runs it through and gives you this and there's no extra cost for the user uh background checks do cost uh they're oh goodness uh the pricing yeah whatever it is like it's yeah we go between 10 and 18. we have a very wholesale deal so if you want everything which is your credit criminal and eviction uh we charge 18 for that and that's those are for Nationwide reports yeah it's a great deal lots of people do use it oh let's see uh we also handle all the work order processing so we got to keep track of what's wrong with your properties uh where where the problems are uh you can receive a work order uh the tenant can also post a work order and it would show up in your screen here just like this you can go into that work order edit it assign it to a specific vendor if you have a vendor that's going to be handling it uh post pictures the tenant can also post pictures as you can see in this one here down at the bottom of the screen uh the tenant did post a couple pictures I don't know what we're looking at there but usually it's gonna be a leaky sync you know rotten floor or something like that of course yeah uh let's see it also uh one of the important aspects of property management and especially for property managers is making sure all the funds are in the right place uh so we will do yeah we you can plug in your bank accounts in here and then you can even link your bank accounts so it'll sync using a service called plaid a real common service that connects the bank accounts it'll sync all your transactions on your actual bank Ledger with the transactions in rentac direct just make sure nothing ever gets missed if you have a expense that you forgot to record in rentech it's going to highlight it and say there's no matching record that way you can plug it in there helps you keep your records uh straight and sir did you say you offer banking Solutions as well with this or it's more connecting the banks to rentec yeah we don't do banking Solutions ourself uh where we come in is doing those downloads synchronizing the data from here but then we also coordinate with your merchant account which we set up for you and that is included in the cost to be able to transfer funds from tenants to your account or if you're a property manager tenants to your account and then back out to the property owner yeah I like to ask because some platforms do offer that as a service um so I just wanted to make sure I understood yeah you bet so in this case uh this application is set up to work as the PM version of our software which lets you also manage owners so if you're a property manager an important aspect of property management is maintaining those trust accounts and keeping every owner's funds absolutely separate from your own and of course separate from other owners we take care of all that it's all built into the system here and then um and then a huge reporting engine pretty much every report you could imagine uh that you need to be able to manage your both your accounting uh and your properties uh we've got a list of financial reports which are all your basic reports everything you would need um good list of tenant uh reports your basic rent rolls uh tenant uh lists you know Etc um a bunch of other miscellaneous reports often related to property owners and over here uh I don't have any on this account but here's where you would access all your tenant screening reports so once you got one you can historically go back in and check it out the other thing I'll probably pop in and show you here because I know I'm just breezing over a thousand features here in just a second but I'm going to go into one of these tenants and I'm just going to show you the tenant portal really quick I'm gonna go ahead and log in as this tenant gives you now now we're looking at this on the desktop screen which everything's really big almost all tenants are using this on their phone via an app sounds about right via a website so all the stuff you know is going to be responsibly showing uh in the phone screen but one of the most important things and one of the reasons so many landlords come to our services they want their tenants to be able to go and make payments online uh they want to be able to schedule payments online just for it to be easy for uh paying the rent and I just wanted to show you that here real quick so this tenant already has a payment account that was set up in here earlier but one of the popular things is just scheduling a recurring payment uh this tenant has a thousand dollars rent per month uh they want that rent you know say to come out on the fifth every single month they just schedule it it's as simple as that now every single month on the fifth that thousand dollars could be deducted from the tenants account and put into the property managers yeah they'll all get emails uh and uh and the beauty of it is is all the accounting all the reporting everything is completely automatic no one has to enter this payment it just goes into that tenants ledger instantaneously so just this is the view where they would also um do like repair requests maintenance requests absolutely uh that would be right up here on under repairs and they could just report a new issue and then that gets funneled to the right place which is what you were showing us a minute ago and gets lost absolutely it'll show up right underneath the property uh than the property manager can take care of it if you're on the uh if you're on a phone with a camera it'll also give you the option to take pictures uh while you're submitting the maintenance request so you can send the pictures right over to the landlord awesome so I'd love to ask you is there anything else you would like to see because I'm just kind of breezing over this and you know not being a sales guy I don't have actually a pitch but I'd love to show you anything that uh well I think maybe if we flip back to like the the owner or the property manager side one thing that I've um seen come up a lot in like requests is actually there's two different things they're both semi-related but one is like you know accounting and transaction features and I know we breezed through some of that I don't know if there's a bit more we can see there and then the other one is that we get asked a lot is uh in the kind of reporting uh aspects of these platforms is what kind of reports do you have for like tax purposes because I think we just passed past sorry tax day right um and I don't know if there's anything specific you can show there because those are two very commonly asked questions okay and sorry I I tuned out for a half a second while I was trying to log back into this here but you wanted to see something the first one is like uh like um transaction you know accounting type you know features we breezed over those so I wanted to see if we could go into a bit more detail there um like just keeping track of transactions and things like that so that you can you know tag them appropriately to you know maintenance requests capex which unit which building things like that oh yeah okay yeah let's start there um and let me go over here into our settings and show you all of our chart of accounts here just like in most accounting platforms you can set up all your all your chart of accounts from your advertising to commissions repairs Etc you can create add subtract any of these that you want and in our accounting platform like many others um all your reporting is going to be based on these particular accounts you'll know you know how many repairs so if we were to go over to our property here and we were going to post an expense to just pick a single family here we'll do this one two four test Street yeah Nathan I think we're still seeing just the runtech direct uh landing page so I don't know if you went to a different tab I can bouncing all around and you're just looking at the same thing here yeah I'm gonna try to there we go okay share this tab instead perfect okay sorry about that let me let me bounce back over there to that chart of accounts so under settings uh all of our income expense categories um here's all the stuff you would look to see everything that's starred or kind of your defaults and then you can add delete subtract anything else you want in there so if I were to go over to one of our properties here this one two four test Street and I'm going to post an expense and let's just put in some information here let's make it a a repair and so it stands out for this demo I'm gonna make it a yeah we're going to call this a uh I don't know a rebuild how about that yeah and uh let's uh let's see here who's who's it going to um it's carpet a lot of carpet environment absolutely all right so I'm gonna go just go ahead and post that expense and I'm gonna show you so that was on 124 test street so if we were to go over to reports and we run an income expense report I'm going to select uh I'm just gonna do this quarter uh since we just put it for today and let's do this one two four test street so it's not a huge report and oh no it's not there um hang tight what did I do here one well let's go find out where where I actually put it I might have picked a different date okay we did 424 oh let's go okay that's better now it's showing up in repairs that's all we needed got it yeah okay go back to our income expense all right now we have a giant hundred thousand dollar expense yeah your income expense reports I mean these are that and the schedule e assistant report when it comes to tax time uh this schedule you report is probably the key to making your taxes simple your CPA he wants he wants one of these for each one of your properties so I was literally just asked that last week you bet every bit of income and every bit of expense is categorized exactly the way they need it and you can even exclude categories from this report if if for some reason you needed to generally not wise but the program gives you that kind of flexibility to be able to very cool yeah so that's what makes taxes really easy um what else can I show you in here Nathan well I mean that's already I mean a great overview here and I love how um one thing that stands out to me at least is um just how clean and simple it looks and seems to be to use right I obviously can't claim I'm using this now but I mean it's wonderful to see how how easy it you know looks and seems to be right so that's awesome great job on that one I'm just curious maybe last question here before I let you go anything I want to be mindful of your time but would you say you're your customer base is it more owners or like property managers of like portfolios do you know what it is I'm just curious I do and I'll tell you it's changed a bit over time because back in 2007 I made this program um just for sorry for landlords uh because that's what I was God I had had a handful of properties uh made the program with me in mind took some other landlords modeled after them too to kind of create the features they needed and it was just a free program it was I was just going to give the thing away and uh and I did and then we had suddenly hundreds of people using it wanting more features and everything so over the years you know we've added feature after feature and probably I would say eight years ago we added all the property management features into it uh which adds you know keeping track of owners uh and uh just the more advanced accounting uh that's involved with trust accounting and that so today uh we're about two-thirds property managers one-third uh landlords interesting very interesting and I didn't realize it started from you wanting to solve your own problem which is uh what every REI tool.com is as well so I can relate that's amazing I think it's how every good company starts uh a problem getting solved and to be able to do it with software uh is amazing I love the software World it you can magnify your efforts to help thousands of people you know with just a few lines of code which is a pretty amazing use of it yeah awesome well with that note um everybody go get your hands on rintech uh the link will be in the show notes as always Nathan thank you so much for your time today I really appreciate you hopping on here and hopefully we'll do this again soon when you have a bunch of new features absolutely it was great thanks for having me thanks a lot