REASONS WHY ONLINE RENT PAYMENT IS MORE CONVENIENT FOR TENANTS AND LANDLORDS
Most Landlords rank payment problems as their top concern. Having to chase down rent payments over and over.
Here are reasons why collecting rent online is easier for landlords and more convenient for tenants.
1. Schedule recurring payments-
What is schedule recurring payment?
A recurring payment is a method of paying bills in which a business automatically charges its client for specific services according to a prearranged schedule e.g. monthly
Not only do a majority of landlords prefer online rent collection, tenants are more willing to establish recurring payments as well. Cheques, envelopes, and stamps can seem out of date
Paying by cheque is extra work for both you and the tenant. Paying by cheque also limits the ability to easily schedule recurring payments. This process can involve:
- Waiting for a cheque in the mail or driving to pick it up from the property.
- Going to the bank to make a deposit.
- Manually recording the payment in your accounting ledger.
2. Decrease late rent payments with payment options and reminders
Receiving notifications for rent payments when rent is due keeps your tenant aware and accountable for paying rent on-time.
Online rent payment tools enable tenants to deposit rent into your bank account without giving tenants access to your banking information. Payment platforms include websites, mobile apps, USSD and pay by phone services.
3. See rent payment statuses in real time
Collecting rent through an online service should give you digital documentation, so you can skip paperwork.
Utilizing platforms to accept rent payments online can provide real-time notifications when the money transfer is successfully deposited in your account. This allows for greater visibility of the rent transaction status across multiple properties, and increases the accountability of your tenants.
4. Improves Tenant Landlord Relationship
Online rent collection offers a lot more flexibility, which subsequently increases tenant satisfaction.
It makes an otherwise stressful process extremely peaceful, simple, quick and efficient. Doing so keeps the tension between both parties to a minimum allowing for a healthy and prosperous tenant-landlord relationship.
5. Provides flexibility
Online rent payment allows the tenant to transfer rent to the landlord at a set date no matter where they are. If a tenant wants to go on a vacation at the start of the month, they can without worrying about rent payment.
Suppose the property manager or the landlord needs to go on a business trip or are otherwise occupied and unable to find time to collect rent personally. In that case they can collect it through an online transfer.
6. Saves Time
Efficient Property Managers and Landlords utilize their time efficiently so that they can get more done.
The time spent in the manual collection of rent is better spent catering to the property’s maintenance requirements and looking for different investment opportunities.
7. Stay Competitive
Everyone prefers convenience and swift processes in this digital era, therefore having an online system for your tenants to pay rents without spending time on commuting is a definite advantage for your property management business. These small features are big factors to raise your tenant’s satisfaction and retention.
It is evident that having your tenants make rent payments online does not only make them comfortable, but it also makes the management of the property a lot easier on the rent collection front.
It should be noted that some tenants may need to be convinced with this form of payment, that’s where the property manager has to come in to make sure the system is adopted for convenience.
The benefits are compelling enough for the real estate property owners. Leveraging an online payment method might be the cutting edge for investment needs to make your management better and easier on you and the tenants. Now is the best time to get your hands on a reliable property management system with an online rent portal that boasts all the features, ranging from 24/7 availability to having multiple options of payment.
Start today and enjoy all that comes with it!
