Getting Started with Online Rent Payments
Not Sure How To Get Your Tenants To Switch To Online Rent Collection?
Now that online rent collection is becoming increasingly relevant, new important questions begin to prevail. How does one actually get their tenants to begin online rent payment and set up recurring payments?
In theory this shouldn’t be too hard. According to International Business Times, just under 70% of Canadians are now using online banking. According to surveys conducted through Marketplace.org tenants assumed the best properties offered online payment options. Nevertheless, if your tenants need an extra push, there are ways to get your tenants using your
If your tenants still need an extra push, there are ways to encourage them to use an online rent collection platform. From educating them on the convenience or introducing it as a policy to incentivizing your tenants, there are many possible reasons for your tenants to embrace Property Apps the way you have.
Educate your tenants on the benefits
A key way to get tenants on board to pay rent online is by fully educating them. Online rent collection offers many benefits for the tenants. If they’re aware of these benefits, residents in your building will be more likely to sign up.
Not only will our online rent collection platform create greater transparency with regards to payment processing and tracking for your tenants, but it will also:
- Keep an automatic payment records for each payee
- Allow tenants to set up automatic recurring payments
- Completely automate the process for them, and avoid any possible late fees
The benefits offered for your tenants are clear, and directly educating them may do the trick.
Incentivize your tenants
Tenants will be especially eager to convert from manual to online rent payments if you make it worth their while. By offering an incentive that will speak to them, like a $5 Starbucks gift card, to a raffle for a $50 grocery card, the tenant will recognize the immediate benefit in setting up their online rent payments.
We understand that getting rent from all of your tenants on time is challenging, so to ensure you are both getting the best out of this deal, you could only offer the incentive to tenants that sign up for our recurring payments feature.
Introduce it as a policy
Forcing your tenants to do things your way may not always be successful, but one sure way to get them paying their rent through an online platform is to introduce it as new building policy.
Online rent caters to the majority of consumers who already primarily use online banking, and your customized platform accepts various types of payments, leaving tons of flexibility for your tenants. This way, no matter their preferred form of payment, your tenants will be able to accept the new building policy without a problem.
Ensure the process is explained
Another way to motivate tenants to convert to online rent payment is by ensuring the process is explained. This is essential so tenants feel comfortable digitizing their payments.
You can reach out to your tenants by:
- Posting physical notices in the building’s high-traffic areas
- SMS or email
- In person
Online rent payment increases accessibility which is an important factor to include when pitching this to your tenants. Your Property Apps platform offers immediate accessibility from various different devices, whether phone, tablet, desktop, or any other gadget.
Busy tenants will definitely embrace this simplified and convenient rent payment option.
Sign new customers up from the get-go
Finally, you can ensure that tenants pay rent with your new online rent collection platform by signing them up right from the get-go.
If you sign tenants up as soon as they sign a lease with you, you will completely avoid trying to convert them from one payment method to another. This leaves them with a convenient, straightforward payment option, and you with saved time that can be spent developing other areas of your business.
Although it may seem difficult to implement the conversion from manual to online rent payment, there are many ways to motivate your tenants to begin paying their rent online. Whether focusing on the accessibility or the convenience of recurring payments, we have set up a platform that’s just as ideal for you tenants as it is for you.
Educate them on the benefits, ensure they know how to use the online rent payment feature, and begin to see how the beginning of the month becomes stress free.
Click below to find out how we can onboard your building in under an hour.