Update November 2017: Cubbi now automatically reminds you when an increase is due, provide increase recommendations and notifies the tenant.
Have you recently increased your tenants rent? Or are you about to?
Well, now you can schedule a rent increase with just a few clicks (or screen taps). We’ll start calculating the increased amount from the date you select. Simple.
Let me show you how to to do this.
On the payment tracking page, click the icon that looks like a chart (It will say ‘Rent Increase’ when you move your mouse over it).
Next, a pop up box will be displayed. This is where you enter the rent increase (or decrease) amount and select the starting date.
We will even show you the percentage (%) increase from the old rent amount when you're entering the new amount. So no nasty surprises for your tenant :-).
We also help you stick within your state’s rules for the notice period you have to give tenants. For example, if your property is in Victoria, the starting date would default to 60 days from now. You'll also find links to more information on sending the correct notice and how.
To find out more on the best practices for increasing your rent, check out Michael's blog here.
If you need to back date the rent increase you can do that too, just select a starting date in the past.
When you’re happy with the amount and starting date click ‘Confirm’. The rent increase is now scheduled. If you made a mistake or you were just playing around just click ‘Cancel Increase’ anytime.
When the new rent starts, the rent will automatically be calculated at the new rate, it will also update all the payment periods and have the correct amount owing in the late notifications that go out to tenants.
The same will happen when you back date the rent increase, but everything will adjust straight away.
In the future we’ll look into some nice additions, like sending the rent increase notice with a click of a button and reminding your tenant just before the new rent amount takes effect (so they don’t forget).
In the meantime, I’d love to hear any other ideas you may have.
We’re currently in the middle of building some exciting new things, more on that soon.