We’re excited to introduce RentCafe Flexible Rent powered by Best Egg. This is a new payment option Yardi Breeze and Yardi Breeze Premier clients can offer their residents. It can help improve your cash flow and reduce the time you spend managing late payments.
For a small monthly fee, this service allows residents to break down their monthly rent payments into smaller, more manageable amounts. You still get paid in full and on time. This flexibility gives residents the opportunity to align their rent payments with their payday schedule, ease financial pressure and enhance their overall rental experience.
In this article, we’ll walk you through RentCafe Flexible Rent, including how it works, the benefits for both you and your residents and the resources available to help you communicate this option to your community.
What is RentCafe Flexible Rent?
RentCafe Flexible Rent is a standard payment option residents can access through a secure resident portal and mobile app. It allows residents to break down their rent into smaller, more manageable payments spread out through the month.
Once a resident is approved, they can start making smaller payments based on their income schedule. In turn, Best Egg makes sure the full rent amount is paid to you by the day rent is due. This reduces the likelihood of missed payments and late fees.
Flexible rent not only helps residents manage their finances but also minimizes the time property managers spend tracking down overdue payments.
How Flexible Rent works for residents
For residents, signing up for Flexible Rent is simple and takes just a few minutes. They’ll receive an immediate decision upon submission. They’ll also see what they owe for the month, preview their next payment and see a link to the Best Egg resident portal to adjust their payment schedule or method.
Flexible rent benefits for property managers
One of the biggest expenses for property owners is resident turnover. Flexible Rent appeals to a broader range of renters, especially those who appreciate a little financial flexibility. When residents feel supported, they’re more likely to stay, which means fewer vacancies and lower turnover costs.
Property owners receive each rent payment in full and on schedule, no matter how residents choose to split up their payments. This predictability is a huge advantage for covering expenses, planning improvements and setting long-term goals without worrying about late payments.
Why it works for you
You get timely ledger updates: When a resident makes their first monthly payment to Best Egg, a receipt for the full rent amount is posted to their ledger, ensuring that your AR reports are accurate.
Funds are deposited after payment clearance: Within three to four banking days, Best Egg confirms the payment has cleared and deposits the funds in your bank account.
No withdrawals for failed payments: If a resident’s flexible rent payment fails, the receipt is reversed, and no funds are withdrawn from your account. This safeguards your cash flow, so only cleared funds reach your bank.
Not for security deposits
Flexible Rent cannot be used for security deposits. Residents must pay security deposit charges via ACH, credit or debit card if they want to pay online. However, they can use Flexible Rent for additional charges like parking, pet fees or utilities.
Engagement & resources for success
We want to make it easy for you to inform residents about Flexible Rent. In the Yardi Breeze or Yardi Breeze Premier Help Center, you’ll find:
- One-pagers for quick reference
- FAQs about the program
- Flyers to promote Flexible Rent within your community
- Quick-reference talking points for on-the-spot questions from residents
We also encourage you to use bulk text or email tools in Breeze and Breeze Premier to notify residents.
More about Best Egg
Best Egg has been a trusted financial service provider for over 10 years. The company has experience serving millions of homes across the U.S. Their flexible, customer-centered financial products, high-touch customer service and impressive track record make them a great partner for our flexible rent program.
Best Egg manages everything from payment reminders and account alerts to resident communication. This way, your team doesn’t need to worry about the details of individual resident payments. Property managers are free to focus on higher-level tasks while Best Egg handles the finer points of resident support.
Get extra support
Best Egg provides dedicated support to ensure your residents have a smooth experience. Their support team handles payment reminders, payment confirmations, account alerts and more to keep your residents informed and on track with their rent payments.
If a resident has questions or needs assistance with their account, they can access Best Egg’s resident portal or reach out via phone, email, text or live chat. With extended support during rent week, residents receive timely assistance when they need it most.
