Step-by-Step Description of the ZRent Process
1. Landlord signs up for ZRent
The Landlord must sign up and create an account first. In this step, the Landlord will specify details about their rental properties, including the number of properties, units, and tenants they manage. Each property can have multiple units (1 family, 2 family, 3 family, etc).
2. Invite tenants
Once the Landlord account is created, he can use the system to invite tenants by email. Previously invited tenants can also invite their roommates. Tenants can only sign up for ZRent using this email invitation.
3. Tenants create their accounts
Tenants create their accounts which include their contact information, bank account, and designation of rent share. For example, rent for 123 Main St Unit 1 is $2,000 per month. John pays $1,100 and Mark pays $900.
4. Tenant bank account verification
Tenants will receive an email reminding them to verify a micro-deposit to their bank account 2-3 business days after signing up for ZRent. To speed up the account verification process, tenants may upload a copy of a voided check on their ZRent Dashboard, and we can instantly verify the bank account. The landlord will receive an email after each tenant’s bank account has been verified.
5. Rent is paid
On the rent due date, the individual rent shares are debited from the tenants' accounts and one payment is made for each unit into the Landlord's account. If the Landlord is a Preferred Landlord, the rent will be deposited into his account within 2 business days of the rent due date. To be a Preferred Landlord, the account which receives the rent deposits must be an account held at one of our Partner Banks. If the Landlord is not a Preferred Landlord, the rent will be deposited into his account within 4 business days of the rent due date.
Throughout the ZRent process, email notifications will be sent to keep the Landlord aware of all transactions and issues that my arise. For example, the Landlord will be notified by email when rent payment has been initiated, when payment has been received successfully, and when rent cannot be paid on time due to lack of insufficient funds in a tenant's account.
ZRent subscription payment
The subscription fee for ZRent will be deducted from the Landlord's supplied bank account each month.