This article is intended to answer frequently asked questions about the Best Egg Flexible Rent feature.
General Questions
What is Best Egg Flexible Rent? | Best Egg Flexible Rent is a rent payment solution that enables residents to break their payment up over the month to help maximize cash flow while property managers still receive the full rent payment on the first of the month. It is integrated directly into the payment portal and there is no cost to the property manager.
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Who is Best Egg? | Best Egg is our integrated partner for Flexible Rent. They are a financial platform that provides lending products and financial health resources focused on helping people feel more confident as they manage their everyday finances.
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Where can we set this up? | The SPOC can enable Flex Rent via their initials > Company Settings > KYC/Payments Portal > View/Edit the Bank Account > select the Flexible Payments box. |
Why are we adding Flexible Rent? | Flexible Rent enables residents to break rent up over the month to provide more budget flexibility while still making their payment on time. Property managers benefit as well by receiving rent payments on the first of the month, guaranteed. This reduces resources invested in late rent duties, collecting payments, and processing evictions.
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Why would a resident use Flexible Rent? | Flexible Rent helps residents meet their monthly rent requirements while providing them flexibility to pay on their schedule. This can be especially helpful to residents with varied and fluctuating income schedules, or those who may be facing unexpected life events.
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Why would a property manager use Flexible Rent? | Flexible Rent eliminates the need to track down monthly rent. Property managers get paid on the first of the month regardless of the payment schedule selected by the resident. Properties leveraging Flexible Rent could see a drop in late payments, reducing the time invested in late rent duties like collecting payments and processing evictions.
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What ways can the payment be broken up? | They can break-up their payments into 2-4 payments depending on their credit; as not all will receive 4. On average it is 2.
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What properties have access to this service? | This service is only available to residents in residential units. Commercial and Association units are not compatible with the Flexible Rent platform. This service is not currently eligible to properties in Iowa, Vermont, West Virginia, or Washington, DC.
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Is this a personal loan from Best Egg? | Best Egg Flexible Rent is not a personal loan. It is, instead, a line of credit that allows residents to break up what is likely their largest monthly expense into more manageable payments. While residents pay a monthly fee to use the service, Best Egg does not charge interest to residents.
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Property Manager Specific Questions
How does the property get paid and how long does it take? | Flexible Rent funding timelines are consistent with industry standard ACH timelines. When a resident initiates their first payment for the month, their ledger is updated immediately. Payment is sent to the property via same-day ACH once the resident’s payment clears. Resident payments typically clear within 3-4 business days.
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Will property managers be notified if a resident defaults on their payment to Best Egg? | No, the property manager will have received the payment in full and on time, but repayment is between Best Egg and the resident. However, Best Egg may terminate the service to the resident at their discretion.
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Does Flexible Rent affect a property manager’s eviction rights or lease agreement? |
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Will there be a revenue sharing opportunity with customers? | No. All fees go directly to Best Egg.
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Will Flexible Rent also include security deposit charges? | No, Flexible Rent only covers rent and other regular monthly charges. The final decision on what is covered will be determined by Best Egg based on the resident ledger, base rent amount, credit, and other factors.
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How will we know which residents are using this service? | The receipt for Flexible Rent payments will specify they are from Best Egg.
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What communications does Best Egg send to my residents? | Best Egg will send transactional emails with pertinent information regarding their account. |
Where can I find the contract that my residents agree to with Best Egg? | Flexible Rent contracts are strictly between the residents and Best Egg. Property managers will not receive access to contracts.
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Resident Specific Questions
What do approved residents need to know?
| Once residents begin using Flexible Rent to make their monthly rent payments, they’ll need to unenroll from any other autopayment schedule. Flexible Rent payments are managed and paid by the resident to Best Egg. Residents can track their payment history and current balance in their resident portal via the Best Egg integration.
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How can a resident tell if they are currently enrolled in Best Egg Flexible Rent? | Enrolled residents will see “active” in their Flexible Rent widget within the portal. They can also contact Best Egg Customer Support directly with any questions. |
When do resident payments post? | Receipts post when a resident makes the up-front payment. They can do that until 12:30 p.m. Pacific Time on the 3rd day of the month.
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Can using Best Egg Flexible Rent build my credit? | Payments are reported to the credit bureaus, which could help residents build their credit when regularly made on time.
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What if a resident has an upcoming move out or has given notice? | If a resident is scheduled to move out, their lease ends, or has given notice, then Flexible Rent may no longer be available to that resident.
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If a resident’s charges exceed the maximum amount they can borrow, can they still pay with Best Egg and make a one-time payment for the remaining balance? | Best Egg pays the agreed monthly rent balance. If there is a fee that exceeds that amount, residents can make a one-time payment first and use Flexible Rent to pay the remaining balance. |
Does Best Egg run a credit check when residents use the service? | Yes, Best Egg follows industry best practices, which includes a credit check for new users. |
How does a resident dispute the credit check results? | Disputes can be brought directly to Experian following guidelines outlined . They will also receive instructions in the mandatory adverse action letter.
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What happens if a resident does not get approved? | Best Egg will send a decline message in the app and also an adverse action letter sent via email, compliant with the FCRA and ECOA.
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If the results were inaccurate and the resident corrects their file, will the resident be able to sign up again? | Best Egg only accepts one application per month. If there was an error, the resident will be able to correct the errors and reapply in the following month. |
Which credit score algorithm does Best Egg use to approve someone? | Best Egg aggregates data from multiple sources during underwriting, including the renter’s FICO score.
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How does a resident cancel Flexible Rent? | Residents can cancel through the online portal by navigating to their Best Egg account. From there they may cancel directly online, or reach out to Best Egg via chat, email, or phone.
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How do residents contact Best Egg? | Residents can receive support via:
Email: [email protected]
Phone: 855-282-6353 |