Frequently asked question
Frequently asked questions
Effective Date: September 5, 2012
1. How does this work from a renters point of view?
The Rentallogics’s product will be important to the renter when the renter is looking to rent a unit from a landlord or property management company and this prospective tenant has either bad credit, no credit, credit issues perhaps from a divorce, lose of job in the past, or any other blemishes or reasons that could make them look less then appealing to a landlord or property manager. Having our rental protection in hand the tenant would be a much safer risk to the landlord or property manager. The tenant would present the landlord with the certificate of coverage (The Guaranteed Rental Income Protection Plan Certificate) that they have purchased from Rentallogics, this certificate means that if the landlord or property manager has to evict the tenant for any reason the landlord or property manager will be reimbursed lost rental income depending of the coverage that was originally purchased. The coverage has to be activated by providing rental details, new lease, etc. With this tenant now been accepted by the landlord or property manager to rent a unit, the protection is active. In the event the landlord or property manager has to evict the tenant for any reason the landlord would receive reimbursement of lost rent income depending on which protection package was originally purchased.
Another scenario from the tenants point of view. Lets say tenant has good credit; this tenant that has good credit is seeking to rent a rental unit that has perhaps a competition factors built in. Landlord or property manager is not at a shortage of possible renters. Prospective renter would purchase the protection plan to distinguish themselves from other renter without the protection, Prospective renter can then describe to the landlord or property manager why they as a renter with good credit and the protection plan are a better risk for renting then another prospective renter without the rental protection.
Scenario from the tenants point of view. Tenant can purchase Rentallogics’s rental income protection plan as a more economical option than providing to the landlord or property manager the first-last month plus security deposit (three months of rent) options.
2. How does it work from the landlords point of view?
Landlords or property managers of course understand the value and importance of protecting their rental income. Landlords or property managers can require prospective tenants to purchase the rental protection plan as the main protection coverage plan or in addition to coverage the landlord or property manager may already use. A landlord or property manager may require the rental income protection plan as well as the first month rent as security deposit.
Scenario from the landlords or property managers point of view. Landlords and property managers that perform credit checks on prospective tenants many time come up against credit issues on a prospective tenants credit report that makes the tenant in-rent able, Rentallogics’s protection program makes that same tenant a rent able, risk free option.
3. What is your guarantee?
The Guarantee Rental Income Protection Plan is the guarantee that if a landlord or property manager has to evict a tenant that is leased and renting with the RentalLogics’s protection plan in place due to non payment of rent or other reasons that require a court invoked eviction; the landlord or property manager upon the completion of the eviction process would receive reimbursement of lost rental income. Lost rental reimbursement depends on the protection package that’s purchased. Clients have the choice of choosing between three protection plans, the Silver, Gold and Platinum plans.
4. Can I cancel at any time?
Rentallogics reserves the right to refuse or cancel enrollment at anytime. Cancellations received with 14 days of registration may be eligible to receive a full refund less service fees. Cancellations will be accepted via phone, fax, or email and must be received by the stated cancellation deadline.
5. How much does it cost?
The cost of the protection plan is calculated based on the monthly rent. The client would enter the amount of rent due and the website will describe cost of coverage.
6. Do you offer automatic renewal?
Yes, the option of automatic renewal is available.
7. Can I mail a check or money order?
Yes, a mailing address will be included on the website, payments by mail will be accepted.
8. Is this tax deductible?
Yes, following the renting states tax regulations. The Rentallogics rental protection plan would be considered a business expense to landlords and property management companies. Tenants paying for the protection would be able to deduct the cost from there taxes as a living expense.