Top 5 Reasons to Collect Rent Online
For Busy Landlords, Online Rent Collection Is An Invaluable Tool
Collecting rent is a time-consuming process. Whether it’s because of waiting for cheques to come in by the mail; forgetful tenants; or security issues, rent collection has become a monthly burden.
It can that can last weeks and decrease overall efficiency in your business. What if we told you that online rent collection could give you back all of that time and more?
Fortunately, by leveraging advances in technology and providing a software that automates the process, online platforms and resident portals have become one of the newest trends in the real estate industry.
1. Reduced Collection Time
By implementing an online rent collection tool like Property Apps, you will be able to exponentially reduce your rent collection time.
With Online Rent Collection:
- Your collection time shrink due to the immediate transfer of money from your tenants’ account to yours
- With recurring payments, the transactions become completely instant and automated
Say goodbye to waiting for cheques whether delivered through the mail or in person and hello to the easiest way to get your tenants paying their rent on time.
2. Secure Payments
Paying manually has some big risks. Cheques can be easily lost in the mail and frequently have sensitive personal information printed on them
- In real estate, this can lead to anxious tenants and disgruntled landlords who still aren’t being paid on time; a situation that is not ideal for both parties
- According to Consumer Reports, you are less likely to be a victim of fraud or identity theft when using online payments
By using a rent collection software in your business, tenants will have increased transparency; knowing exactly where their payments are and when.
If your tenants are still unsure, check out these ways to incentivize your tenants.
3. Organized and Streamlined Accounting
Another great advantage of converting to online rent collection is that it will keep all of your payment records for you.
You will have:
- An automatic overview of exactly who has paid their rent and when, and who has not
- A breakdown of the total amounts overdue across all of your properties
- The ability to generate receipts and invoices automatically
Imagine the simplicity of balancing your books with all of your automatically recorded records ready and accessible to you. With less time spent on routine accounting, you will have more time to spend working on your business.
4. Better Landlord-Tenant Relationships
Landlord-tenants relationships are a critical factor in any real estate business. Having strong relationships will ensure satisfaction in your building. This provides good word-of-mouth and keeps your current tenants in your building for longer.
However, after months of reminding tenants to have their rent in on time or chasing them for late payments, you will be inevitably associated with the negative process of collecting their rent money.
You’re not bound to this negative association. With Property Apps, you can count on online rent collection tool to collect payments from tenants. This means that tenants’ friendly relationship with you, or their positive view of the maintenance work you put into the building, won’t be overshadowed by uncomfortable situations regarding rent.
5. An Attractive Feature To New Tenants
Online rent collection provides you with a unique selling point for all prospective clients that walk through your door. A survey by Bloomberg found that 79% of tenants would rather pay their rent electronically as opposed to manually. Since many businesses have yet to embrace the increasingly electronic consumer, you’ll be sure to stand out of the crowd.
Embrace this shift in payment processes and add a competitive edge to your business. Our easily-implemented rent collection tool will set your building up to process payment of any type, including bank transfers, credit cards, PayPal, and even cash or cheques.
The advantages are clear. Offering a system for tenants to pay rent online is guaranteed to better your business all-around. It’s faster, more secure, and helps you stay organized. It creates happier tenants and allows you to attract new renters.
We can implement this system in your building in under an hour, without disturbing your existing processes. Contact us to learn more.