Your tenants lead hectic lives. A typical day might include bringing the kids to child care, going to work, running out to do errands at lunch time, and wrangling extracurriculars and meetings. With so much going on, rent payments may be the last thing on their minds, causing deadlines to be missed. This scenario is typical in rental housing but can be avoided. Implementing a new rental payment system is a benefit to your business, and it also helps your tenants.
Here are four reasons why tenants love online rent payment systems:
1. Tenants Can Pay Rent Online at Any Time
Collecting rent through the mail or in person can cause endless issues. As Bigger Pockets states "tenants pay late, checks bounce, and you have to physically collect and cash the checks." One of the biggest benefits of online rent payments is that tenants can pay rent at their convenience. Tenants may forget to mail checks or may not be able to get out of the house to send them. With online rent payments, your tenants can pay the day the rent is due, and nothing gets lost in the mail. Online payments can help tenants avoid late payments and associated late fees, which is a benefit for them and for your company, as well.
2. Online Rent Payments Are Easy to Track
Tenants often incur extra fees, rent charges, or changes in their utility payments. With access to online tenant portals, tenants can check a rent collection software app to look back at the payment history and see what has been paid, when they paid, and any amount still owed. As a property management company, you also need to be able to track these. With the right software, you gain visibility to all transactions so you see outstanding balances and remember what to pay and when.
Online rent payments help your tenants pay the rent when they're away from home.
3. Rent Can Be Paid from Anywhere
Every property manager has a few tenants who are hard to contact. They may be frequent travelers or work extended hours, making it difficult for them to make it to the leasing office to pay rent. If tenants have trouble staying in touch or remembering to mail a check every month, there's an increased risk that rent could be late. With online rent payments, tenants can be in another time zone entirely and still pay their rent on time.
4. Fewer Mistakes are Made
When you're connected to an online rent payment system, tenants can easily see how much they owe, especially if there are unusual fees or deposits on the account. It's also easier for property managers to see the rental payment history of each tenant. This makes your accounting simpler since you have a well-organized list of accounts receivable. As Business Insider states regarding the process of payments, "payments is about transferring information from one party to another, and nearly every stakeholder in the industry benefits when that process runs on digital rails." When you have an online tracking system for rent payments, this reduces the likelihood that you or your tenant will make a mistake. In turn, this increases tenants' satisfaction and makes them feel more financially secure.
Do you need an online rent payment system that works for your business and your tenants? Try Propertyware. With our tenant and owner portals, we'll make sure that you can communicate about the rent and track payments online. We'll make life easier for you and your tenants. Sign up for a free trial today.