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SingleKey’s Rent Collection Tool vs Rent Guarantee Program – What’s the difference?

Key Takeaways

SingleKey offers two unique services to set your rental business up for success: the Rent Collection tool and Rent Guarantee program. One helps to streamline your operation while the other protects your income. Learn how both work and decide which is right for you.

Published on Jul 15, 2022 | Updated on Jul 5, 2023

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SingleKey offers Canada’s first free rent collection tool for Canadian landlords. Through pre-authorized debit, tenant rent payments are automatically transferred directly from the tenant’s bank account to the landlord’s every month. No need to call, text, or email tenants to initiate payment – just set it and forget it.

The Rent Guarantee program takes things to the next level by guaranteeing rent payments if a tenant defaults. SingleKey guarantees up to 12 months of rent while providing legal and financial support throughout an eviction. The program gives landlords complete peace of mind by eliminating the risk of lost rent due to a delinquent tenant.

Here’s an overview of the features and benefits each service offers:

Not sure which one is right for you? Let’s dive in and explore how each service can enhance your rental business.

SingleKey Rent Collection Tool

On the surface, collecting monthly rent from your tenants may seem like an easy task on your to-do list. But you’d be surprised at the range of issues landlords face in carrying out this deceptively simple task. 

For example, rent cheques can get lost in the mail, or tenants can send their payments late. Even if you’re lucky not to have to deal with these problems, dealing with cheques and other paper documents can be a hassle.

SingleKey’s Rent Collection tool solves these pesky issues – here’s how.

Secure And Automated Payment Processing

The Rent Collection tool allows you to set up tenants for pre-authorized debit transactions to pay their rent. As a result, rent payments are processed instantly on the first of the month, with no action required by you or the tenant to approve a transfer. And it’s free to use for up to 3 tenants!

You’ll receive the money in your bank account within two business days, faster than some bank-to-bank transfers. The platform is also more efficient than other online rent collection methods, such as P2P money transfer apps.

The Rent Collection platform is powered by cutting-edge encryption to ensure thieves don’t intercept transactions and steal your personal information. SingleKey also doesn’t store your login details on its servers – only your banking information to enable pre-authorized debits. And unlike direct deposit, there’s no requirement to provide your banking details to tenants, eliminating significant security and privacy risks.

Getting set up for automated rent collection through SingleKey’s platform is quick and easy. Watch the video below that takes you through the process step by step:

Payment Reporting To Credit Bureaus

A notable aspect of the Rent Collection platform is that each payment made by a tenant is reported to Canada’s credit bureaus. Consistent on-time payments will boost a tenant’s credit score, while late or missed payments will lower it. As a result, the platform will help incentivize tenants to pay their rent on timeBy reporting tenants’ payments to credit bureaus, you can also play an active role in improving or establishing their credit scores. This perk is particularly valuable for students and newcomers to Canada who lack credit experience.

Automated Payment Reminders

This nifty feature will help keep your tenants accountable, minimizing the occurrence of late and non-sufficient funds (NSF) payments. The Rent Collection platform automatically sends out notifications to tenants about upcoming rent two days before it’s due.

Flexible Payment Options

Sometimes, a tenant may find themselves temporarily short on cash and request extra time to pay their upcoming rent. Luckily, the Rent Collection platform offers you the flexibility to skip, delay, or cancel next month’s rent payment. You have complete control over the timing of your rent collection with just a few clicks of your mouse.

SingleKey Rent Guarantee Program

Streamlining your rent collection duties by taking them online using The Rent Collection Tool is mighty helpful and convenient.

Unfortunately, you’re still vulnerable to lost rental income, which can severely dent your bottom line. Life happens: tenants can lose their job, incur a hefty medical bill, or drain their bank account to fix a broken-down vehicle. In all these scenarios, your tenant may be at a loss for cash, with absolutely no way to cover their rent.

Of course, you may also have to contend with tenants who downright refuse to pay their rent. And some may willfully damage your property. Sometimes, eviction is the only viable solution, which means you’ll incur even more unforeseen expenses.

With SingleKey’s Rent Guarantee, your rent payments will keep flowing should your tenants stop paying.

Guaranteed Rent Income

If your tenant’s finances are in dire straits, you may not see any rental income for multiple months, which can spell disaster for your bottom line.

SingleKey’s Rent Guarantee program will compensate you for any lost rental income for up to 12 months, up to $60,000. As part of the package, you also get lease break protection for 60 days should your tenant depart unexpectedly. Thus, your rent will be covered for two months as you look for a replacement tenant.

SingkleKey guarantees new and existing tenants, as long as the latter has a history of on-time payments. Read more about the documents you need to provide to get started with Rent Guarantee.

Coverage For Eviction Costs

Unless they genuinely love conflict, no landlord looks forward with glee to the idea of evicting a tenant. It’s a convoluted, tiresome, and tedious process that can take months.

The cost of evicting a tenant can also be quite steep, especially if you live in a province like Ontario. The price tag includes legal, court, and sheriff fees if the tenant refuses to vacate the unit.

Under the Rent Guarantee program, SingleKey will serve the eviction notice and hire a paralegal to carry out the eviction on your behalf. You’ll receive coverage for up to $1,500 in legal, court, and bailiff fees.

Property Damage Protection

A tenant who deliberately vandalizes your property is another major headache for landlords. You’ll have to pay for the repairs out of pocket if the damage exceeds the security deposit and the tenant refuses to pay you.

The Rent Guarantee covers you for up to $10,000 in the event an unruly tenant causes damage to your rental unit.

Rent Collection vs Rent Guarantee – Which Should You Choose?

Signing up for SingleKey’s Rent Collection is a great way to set up your rental business for success. By automating rent payments using a fast and secure online platform, money will arrive in your bank account like clockwork. And you’ll have more time to focus on other, more critical tasks. It will prove incredibly valuable as you acquire more properties and scale your business.

However, as your rental income becomes increasingly vital to your livelihood, taking steps to protect it becomes more of a priority. You may have heard of landlord horror stories like this one and shudder at the thought of the same happening to you.

You can eliminate the risk of such scenarios by employing a service that reimburses you for lost rent, property damage, and eviction costs. With SingleKey’s Rent Guarantee, you receive financial compensation for all these expenses. As a result, you can rest easy if a tenant falls behind on their rent or endangers your property.

Learn more about how the Rent Guarantee program works and how to enroll.

Learn more about Rent Guarantee

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