Many companies have decided to offer an online rent payment option, because internet bill pay has become an increasingly popular way to handle finances. Property management is progressing with technology and innovative techniques, and you don’t want to fall behind and become a substandard business with outdated practices. Managing rent online is fast, convenient, and easy, for both the tenant and the property manager, and we want to show you how. When you see the benefits for you and your customers, you will surely be considering this option for your own management purposes.
Good for Property Managers
Property managers all know the hassle that comes with collecting rent, and that it’s just part of the job. Some of the issues you may have to deal with when you collect rent the old fashioned way are:
- Incorrectly written checks
- Rent payments “Lost in the mail”
- Piles of payments dropped through the office slot
- Logging all of the payments
These are just some of the aspects of traditional rent methods which can put a real damper on a property manager’s day. It can be an inconsistent process with lots of checks, receipts, and other documents to keep track of, and it is easy for mistakes to be made. Moving to an online option can considerably cut the aggravation of rent, and make things easier, smoother, and more professional. If you move rent online:
- Tenants have easier access to payment options
- You have online records of payment dates and amounts
- The money is deposited for you
- Rent data can be incorporated into your computer files more easily
There are so many advantages, but this list summarizes the core of it all. Having an online payment option takes much of the trouble off of your hands, and frees up your time to take care of other property concerns. And if you are already using property management software to boost your business, this is one more thing you can incorporate. You can combine data from your property inspection apps with information and payments from tenants to build a comprehensive file for each property you manage. There are more benefits, as well as ways to encourage your tenants to pay online, in this great article by Mary Girsch-Bock.
Good for Tenants
Now, there are a good number of tenants who have embraced technology to the fullest extent, and will jump at the chance to be able to pay rent online. But of course, there will be some who are skeptical, or just not know much about how it works. Here are some ways that online rent payment benefits tenants:
- No need to write checks
- Have digital log of rent payment
- Can pay rent from anywhere with internet
- Don’t have to take payment anywhere, or mail anything
It comes down to convenience, and online rent payment is fast, easy, and smart. Tenants are much less likely to miss payments, because they can set reminders and simply hop online to complete them. They may even be able to set up auto-pay, so that it is deducted for them each month with no worry at all. There are many possibilities with online rent payment, which can be pointed out so they understand the perks. And tenants can be reassured that a company offering online rent payment is up with the latest technology and techniques, and providing professional, modern service.
Benefits All Around
Clearly, online rental payment has the potential to be great for both tenants and property managers. It’s just one more thing that is made more convenient with technology. Online rent payment is good for both your business and your customers, and you should start looking today, to see how you can use this technology to your advantage.