Most tenants lead busy lives. A usual day might include taking the children to day care, driving to work, meeting clients during the day and going to the gym in the evening. With a lot taking place, rental payments might be the last thing they think of, resulting in missed rental fee deadlines. To avoid such scenarios, property managers should implement online rental payment systems. Here are 3 reasons why your tenants prefer online rent payment systems.
Payments can be made at anytime
Collecting rent through paper checks or in person can result in endless problems. Some tenants pay their rent late and checks can bounce. One of the main advantages of electronic rent payments is that renters can pay their rental fees at their convenience. Renters can forget to mail checks. However, with electronic rent payments, your renters can pay the day the rental fee is due, and nothing is lost in the mail. In effect, it helps tenants steer clear of late payments and related late charges, which is a benefit for them as well as you.
Easy to track
Renters usually incur additional fees, rental payments, or adjustments in their utility payments. Thanks to an online tenant portal, your renters can analyse their payment history and assess what's been paid, when it was paid, and any sum still due. As a property manager, you also need to track these payments. As a result, with the right online tenant portal, you can track all transactions and see unpaid balances to the utility companies and note down when and the amount to pay. This makes your accounting quite simple, because you have an efficient catalogue of accounts receivable.
Forster a good tenant-landlord relationship
Probably you've realized that in sales, the individual who gives you the pitch and grabs your attention is seldom the person who collects payment? Have you ever thought 'what's the reasoning behind this?' Well, it's simple. It avoids a situation where the positive rapport is upset by the particularly negative process of gathering payment. Collecting rental payments online provides similar benefits. Renters will associate you with the new pedestal sink you have tactfully opted to install, rather the monthly collection from their bank accounts. On the part of the property manager, it also does way with the hassle of confronting renters who have not paid rent promptly, which is never a pleasant experience.
If your rental property is not accepting online rental payment, why not change it? It's equally beneficial for your tenants as well as your business.Share