It’s About Time to Provide the Option of Online Rent Payment

Collecting Rent Online

The landlords, property managers and tenants of today expect everything to be convenient, simple and fast. It is very stressful for busy tenants to keep pace with bill payments, line up at banks, keep track and make sure they are not charged with non-sufficient funds. For this reason, it is a must to have an online payment system.

An online rent payment system will help alleviate their present payment and money transaction problems. Since tenants love using smartphone apps, most of them will be glad with this new service. It is about time to check out rent payment systems and present day property management software that incorporates online payment.

Landlords who have not yet offered online rent payment to their tenants will realize the hidden advantages behind using online payment as contributory to an automated property management system.

Making Business Stay Competitive and Cost Efficient

Due to the depreciation of client property margins and the growth of portfolios, it is a must for property managers of today to use the ideal property management digital technology so they can maintain their income. It is best to keep watch of income erosion through property management functions or make rent payment simple and almost invisible.

Cash flow disturbance and late payments are among the issues faced by landlords, property managers and investors. It is better to be safe than sorry.

Online rent payment is best for investors and property managers that have properties in different countries, cities or states.

Processing checks manually or transferring them from one bank to another can create a number of issues. It can take more time, costs and stress to go through banking time, processing periods as well as currency exchange.

Advantages for Property Managers and Tenants

  • Paying online reduces paperwork and maintenance.
  • A lot of renters prefer to pay online.
  • There are several different ways of affecting online payment.
  • Tenants are able to pay anytime using any device.
  • Once incorporated into the property management software, online payment gives a single account, wherein it is easy to view payment history.
  • It is convenient to pay via Paypal or credit cards.
  • It consolidates all types of payments.
  • It schedules recurring payments.
  • Payment processors can guarantee payments on time.
  • Through a single application, residents who share rent are able to synchronise payments.
  • Paying online has become an industry standard.
  • Payment processors deliver value added services (such as mobile apps, online, smartphone and sms) that use well-known payment methods (like Paypal, credit card, debit card and eCheck).
  • It enables tenants to pay property owners as well as split deposit straight to their account.
  • Tenants who pay on schedule can connect with the credit bureau to boost their credit standing.
  • It is easier to facilitate security deposits plus the previous month’s rent check payment.
  • Saves time for landlords/property managers since they no longer have to go to the bank.
  • It minimizes charges, arrears, payment delays and running after tenants to get payments.
  • It provides software/app interview to view payments as well as cash flow.
  • The payment status of tenants can be viewed in real time.
  • Information to be included in property owners’ reports can be relied on.
  • It makes it easier to pay utility bills and storage fees, among others, on a monthly basis.

Your Tenants Don’t Want to Pay Their Rent Online? Try These 5 Motivation Strategies

It is important for landlords to receive rent payments in a well timed manner so it is essential for them to look for property management payment solutions so they can facilitate this goal. How can property manages increase their chances of receiving rent payments on time?

Nowadays, landlords have found an effective way to increase their revenue as well as improve their cash flow and this is by making use of an online payment portal to make lives easier for tenants and at the same time, increase the chances of landlords to receive the money due them at the right time.

However, as the saying goes, you cannot teach old dogs new tricks. It can be challenging to convince reluctant tenants who are used to traditional paying methods to make an online rental payment even if this could be the best solution.

1. Change the policy.

This may not really be a motivational tip but rather a change in policy. Some landlords adopt a new policy, that is, to pay rent by means of electronic payments. While landlords cannot force tenants to do so, when they say that this is their new policy, tenants will abide by it.

2. Reward them for using the online payment system.

When tenants are reluctant to sign up for the online payment system, landlords can try to give them a reward if they do. It can be a gift card or discount on the rent.

3. Set up a raffle for eligible tenants.

If there are several tenants, setting up a raffle will be a cost-effective choice. Those who agree to sign up for online rent payments will receive a raffle ticket and the price could be a gift certificate worth $50 to a dine- in- restaurant.

4. Remind tenants in a subtle way.

At times, a simple reminder is still effective. Landlords can mention the option to register for online rental payment on the website of the property management company in the office, via email, flyers or wherever it can be seen by the tenants.

5. Tell them directly.

Landlords can tell them straight. When they come across a resident, they can mention the advantages of making online rent payments.

The abovementioned tips will somehow encourage most of the tenants to register for online rental payments especially when they realize the advantages, which removes the load of handling check payments.

Make sure the online payment system is set-up properly

Property owners may be eager for their tenants to register for their online rent payment solution but first, they have to ensure that it offers the things that residents expect to have. Or else, they will not be convinced to sign up.

Certainly, tenants would like to have access to the online payment system 24/7 anywhere they are and at any given time they want, to adjust to their schedule.

Also, the system should be easy to navigate, use and understand. In other words, it has to be user-friendly. Another important element that can be taken into consideration is to be given the option to use the payment method they prefer so it would be convenient to set up recurring payments.

How Does Online Property Management Software Work?

Traditionally landlord hires property management firms to look after their rental properties. Landlords have to pay high costs for management. And also firms often charge additional fees in the form of maintenance charges and service charges. Now, landlords can manager their rental properties on their own without needing help from companies. It is possible only by using online property management software tools which are easily available in the market.

With the evolution in technology online property management software tools are developed to assist landlords in property management. Tenant software allows manager to perform all the actions quickly, accurately and effectively. Software also stores the voluminous data in the centralized database which can be accessed at any time from any location. In order to use the online landlord software users have to log in into the website.

Property managers can use the software to perform all the calculations automatically avoiding any errors. Managers can retrieve the information from the database and can generate customized reports to use the information in a more meaningful way.

Customized reports can be used to find the status of tenants and their history as tenants. It lets you find which tenants are good for your properties and which have dubious character. Finding the tenants who have dubious character you can get rid of them as soon as possible without creating many problems for you and other tenants. And those with good tenancy record will be given a chance to extend the contract.

For finding bad tenants you can choose certain criterion such as. How many times the tenant is issued legal notifications? How he replies to the notification? How much time he takes to respond? How many times he has been issued eviction notices? And many more which are suitable to find the bad tenants out.

Another advantage of using the landlord software is to find the average rental income from a property unit. You can compare the average rental income of the current year for a property unit with the past year income and with other similar property units in the area. You will be able to decide whether hikes in rental payments are due or not. If hikes are due then you can communicate the information to the tenants instantly using the online property management software. They can give discount to the good tenants and can charge the new tenants with the new rental rates.

Average annual income of property unit will help to find whether the property unit is gaining profit or recurring loss by comparing with the amount of money spent on it. If the property unit is recurring loss that property managers can take a better decision to make it profitable.

The landlord can take immediate action to start the maintenance. You will be able to keep tract of all the maintenance and repair work expenditures. Hence you will be in better position to control the flow of money in the business.

Top 10 Benefits of Using Online Property Management Software for Rental Property

Online property management software is more than useful for the landlords with multiple rental properties. Software provides myriad advantages to its user. To mention a few are ease of use, proper management of properties, management of all financial transactions with 100% accuracy, ease to access any information in actual time from any location using internet.

The property management software in conjunction with internet manages all you property through you website. Tenants can individually apply for your rental properties, request you for maintenance and pay the rent online with security. Moreover they can discuss anything at any time.

The feature to generate reports about individual property units and to compare different property units allows you to make a better strategy about individual property units. Landlord Software is not only 100 % accurate but it also saves time and money for you. Hence it increases the overall efficiency.

The 10 topmost benefits of using online property management software are:

Information about Property: Using landlord software you can organize information about your property units with finer details regardless of size of property. You can upload images and videos which can be seen by interested people on your website.

Information about Vacancy: Interested people can find out vacant rental properties on you website and can apply online after going through terms and conditions, payment conditions and any other agreements.

Lease Management: The landlord can access information about any property unit at any point of time being online. He can manage all the records related to property lease. He can share information with his team members.

Online Rental Payment: Tenants can pay rentals online. The software will automatically calculate any extra fee such as late fee. And it keeps track of all payment transactions for accuracy and to avoid any controversy.

Maintenance: You can keep track of all maintenance requirements and expenditures. You can assign the maintenance task to any team a can authorize them to access information regarding property maintenance.

Maintenance on Tenants Request: Tenants can request the landlord for maintenance of the property. Since tenants are actual users they know the maintenance requirements better then others.

Centralized Lease Agreements: All the documents related to lease are centralized and online. Property management software informs the landlord and tenant about the date of completion of lease.

Tracking of Income and Expenses: Property management software will track all the money which comes in the form of rent and all the expenses in any form. All the records can be accessed in future.

Generating Reports: Landlords can generate specific reports in order to perform research about any particular property unit. It can track depth history about the property can take better decision about it.

Work in Team: Property management software improves the cooperation among team members. They can communicate with each other, with the landlord and with tenant easily. They can assign task and can manage to complete within time limits.

All these benefit makes the landlord and his team stress free. They can devote themselves to their business and can make most out of it.