Property managers understand the stress related to the rent payment due date. Tenants are rushing to their office to beat their deadline as managers try to keep track of residents who couldn’t pay. They need to deposit checks in the bank and wait for payments that other tenants mail. If this seems like an endless cycle, it’s time to consider making some changes to the process.
Paying rent online is beneficial for both property management companies and tenants. It allows tenants to pay at their convenience and allows property management companies to monitor and manage their transactions. In addition, it gives an extra degree of security. Using online payments will prevent unfavorable events like losing checks in the mail or picking up a mailbox. Rental payments will be deposited directly into the company’s bank account.
Although online rent payment has its advantages, there are tenants who want to stick to traditional payment methods. There are a number of tips that can encourage tenants to switch to online payment.
Let them check in before you move in.
Once tenants move into the rental location, it will be harder to convince them to try paying rent online. It would be better to include it as part of the policy and get the necessary information before giving them the keys.
Make any necessary modifications to the lease terms to support online rent payments.
A lease must have an explanation of all the payment options that the tenants could use. You should have a clear outline of all the requirements and best practices. Property management companies may want to include online payments as a requirement in the lease term. They can ask their lawyer’s advice regarding the legalities and ask if it is favorable for 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 website for tenants to conveniently submit their rent payments online.
Send automatic email reminders.
Some tenants fall behind on 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 for them.
Tenants may not be aware of the importance of online payments. Property managers should find time to explain your benefits, automatic payment options, and your preferred payment method. They must clearly respond to tenants’ questions and address their concerns so that they feel comfortable.
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 renters earn more reward points or help those whose paycheck hasn’t cleared yet. This system also allows them to pay in full or set up recurring payments using ACH.
The adoption of online payment is beneficial for both tenants and property management companies. Businesses need to provide payment options that are convenient for renters, not only to stay ahead of the competition, but also to save time, effort, and money.