Update October 2017:
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. Back when this was posted having a stand alone rent payment collection service was great but since then Cubbi has evolved. With Cubbi, rent is now paid directly through the platform by default, receipts are sent automatically and we follow up the tenants by phone, email and text message if they fall behind. For peace of mind if the rent gets out of control we advice and prepare termination notices for you. Learn more about our Cubbi landlord service here
Today we’ve released some big changes to our Rent Tracking tool. In fact, we should start calling it the Payment Tracking tool. (you’ll see why below)
To break it down for you, I’ll go through each one separately.
Record expenses and other payments received from tenants
When you pay the plumber to fix the leak in the toilet or pay the electrician to replace the old lights in your rental property, what do you do? Yes, you hand over the money, but how do you keep track of the expense?
Having one investment property might seem simple enough to track it in your head, or on paper. When you add more properties to your portfolio, things start to get more complicated. Regardless of how many properties you have, we suggest to get into the good habit of accounting for your property right from the start.
Some who are a little more advanced might use an accounting program like quickbooks or MYOB. But none of these options are designed to keep track of rent or other payments for a rental property. Not to mention that they can be complex and inaccurate.
That’s why we’ve made our rent tracking tool into something more. You can now record all the money spent towards your rental property (plumbing, insurances, building & maintenance etc) and it’s stored and presented back to you in nice tables and reports that we think are essential to help you manage your property. (more on this in a moment)
You can also record other payments received from tenants, not just rent. For example bond, water bills, electricity bills and anything else that tenants might pay you that’s not rent. You can even email a receipt to your tenant straight away with one click, so that they know you’ve received it.
Print reports that only agents would usually have access too
As I mentioned in my last blog, you can print out a Tenant Ledger to help show a tenant you’ve received all of their payments and that the calculations are correct.
Now we’ve added two more reports.
The first one is an Owner Ledger. It’s like a timeline of all the moneys spent and received over a period of time (think of a bank statement).You can find any discrepancies that may have occurred over a previous period. For example, check when you did renovations or maintenance to your property any time.
The second report we’ve added is the End of Year Financial Report. This one saves you a heck of a lot of time and your accountant will love it. Once you download the PDF, you can simply email it to your accountant to do your tax return.
As you know, this tool has started out being free. With these new updates (and more to come), we think that you will agree that this is a tool which is worth paying for. For one property it is still free, but each additional property it will be $15/month per property. So, trial it out on one property and once you're happy move your other properties in.
Note: If you started using the payment tracking tool while it was free, you can continue to do so free for those properties. Just because it’s the right thing to do.
Of course, as many of you already know, we are committed to listening to your feedback. Would you prefer pricing tiers, with lower and higher prices? or have other thoughts? Please let us know. We want to hear from you.
Just a little note on what you could expect to see in the next few months:
- Automatic rent recording so you don’t need to check rent was paid.
- Tenant login, so your tenant can print rent receipts, report maintenance requests and communicate with you in a much more streamlined way.
- Also, a mobile app is on the cards too.