Update October 2017: Back when this was posted having a rent tracking tool was great but since then Cubbi has evolved. Cubbi's vision is to make renting a property easy using an online platform that streamlines the processes of renting a property without the need for an agent. Rent is now paid through the platform directly into the landlords bank account and therefore no manual tracking is required it's all done automatically.
Post from August 2014:
How are you currently keeping track of the rent payments you receive from your tenants? Do you take the time to record them on a spreadsheet? Record them on a sheet of paper somewhere? I know there are a few folks out there who don't really keep any records at all; they just hope and pray that their tenants will pay the rent on time, every time.
I don't know where to begin telling you how important keeping records is. First of all, this is money we are talking about. Sooner or later, money means dealing with more money; good records will allow you to have an easier time with your tenants and the tax man. Next, there is simple peace of mind. Did you know that Michael has never lost when he has gone before the tenancy tribunal? Why? Because he has detailed and easy to access records of EVERYTHING, especially the tenant's payment records.
You can just imagine the risks you will run if you are not keeping track of rental payments. What happens if your tenants don't pay on time for a few days, or even weeks? You’d find yourself sifting through papers with a calculator in hand trying to determine the amount they are behind. When you send the late notice, you really should tell them the correct amount. Nothing could be worse than facing tenants who feel you are not on top of things.
Some property owners record the rent payments on a "simple" spreadsheet. It seems like you almost have to be an "expert" to get Excel to work with a “simple” spreadsheet. We hear all the time from people who "break" their formulas and have to re-enter all of their records. It soon becomes a nightmare that you’ll avoid using again.
So, what if I told you there is another way?
Here at Cubbi headquarters we've been busy. We've created a tool that will record the rent received from your tenants so that you'll never need to resort to a calculator and scratch paper or worry about being a Microsoft Excel expert again.
When the time comes to call your tenants to remind them about the late rent, you'll have all of your facts and figures at your fingertips so you can confidently tell them exactly how much they owe. You’ll also be able to go back to previous records to see when rent was paid and for what period, in case there are any arguments.
Unlike a spreadsheet, our new tool is reliable and tidy, and since it is part of your Cubbi account, you can access your records from anywhere in the world. The tool is so simple to use that you can begin entering payments in about 5 minutes.
Oh, did I mention that it's free?
I’ll talk you through the process to get started.
If you have an account with us, simply log in, otherwise you’ll need to create an account (but that just takes 2 minutes). After you log in, add a new property or select a property you want to track rent payments for.
Next click the big ‘Add New Tenants’ box where we’ll ask you for some quick details about your tenants and the rent their paying.
Once you’re done you’re now all set up to start recording rent payments.
Each time you receive rent from your tenant click the ‘Enter New Payment’ button and enter the amount and date paid. We’ll do all the heavy lifting in the background and calculate all the important things you need to know. Like what your tenants are paid up to or how much rent is owing.
Each payment you enter is recorded and displayed in the payment history so you can come back to whenever you need to, whether you are having a dispute with a tenant or getting things ready for the end of the financial year.
To learn more click here otherwise like I said log in or sign up and you’ll be away.
Over the coming weeks we’ll be releasing some cool things like automatic rent reminders when your tenant is behind in rent so we’ll do all the legwork for you, plus sending your tenants rent receipts so you don’t have to.
We’re here to to help you manage your property so if you have any feedback or suggestions at all please let us know in the comments below. We’d really appreciate it.