Property managers understand the stress associated with the due date of the rent payment. Tenants rush to their office to meet the deadline while managers try to follow up on residents who were unable to pay. They must deposit checks at the bank and wait for payments that other tenants mailed. If this seems like an endless cycle, it’s time to consider making some changes to the process.
Paying rent online is beneficial to both property management companies and tenants. It allows tenants to pay at their convenience and allows property management companies to control and manage their transactions. In addition, it provides an extra degree of security. Using online payments will avoid unfavorable situations, such as losing checks in the mail or picking up a mailbox. Rental payments will be deposited directly into the company’s bank account.
Even if paying rent online has its advantages, there are renters who want to stick to traditional payment methods. There are a number of tips that can encourage tenants to switch to paying online.
Let them register before you move in.
Once tenants move into the rental location, it will be more difficult to convince them to try rent payments online. It would be better to include it as part of the policy and obtain the necessary information before giving them the keys.
Make any necessary modifications to the lease terms to support online rental payments.
A lease should have an explanation of all the payment options that tenants can use. You should have a clear outline of all requirements and best practices. Property management companies may want to include online payments as a requirement in the lease term. They can seek the advice of their lawyer on the legalities and ask if it is favorable to the company.
Use a tenant portal to make it convenient for them.
It would be helpful to offer flexible payment options. It is imperative that businesses use the tenant portal that links to their property’s website so that tenants can conveniently submit their rental payments online.
Send automatic email reminders.
Some tenants are late in paying their rent just because they forget the due date. It would be helpful to send them automated email reminders that have links to the tenant portal. These automatic messages must be configured in advance to avoid problems. It only takes a few clicks to reach all tenants.
Explain the main advantages.
Tenants may not be aware of the importance of online payments. Property managers should find time to explain their benefits, automated payment options, and their preferred payment method. They must answer tenants’ questions clearly and address their concerns so that they feel at ease.
Accept different payment options.
With the right payment system, tenants can pay using recurring payments, credit cards, debit cards, and ACH / checks. Paying by credit card can help tenants earn more reward points or help those whose paycheck has not yet cleared. This system also allows them to pay in full or set up recurring payments using ACH.
Adopting online payments is beneficial to both tenants and property management companies. Businesses should offer payment options that are convenient for tenants to not only stay ahead of the competition, but also to save time, effort, and money.