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.

Eight Tips to Consider When Looking at Apartments for Rent

Finding apartments for rent can be a stressful task. However, there are several tips that can alleviate the annoyances and make the search for a new place fun.

Be Specific

When apartment hunting, make sure to determine which features are a must-have and where it’s okay to compromise. If there’s a perfect two bedroom in a great location, but it lacks the perfect yard, it may be time to adjust priorities. Decide what is necessary and stick to it, but try to remain realistic.

Find Out the Included Utilities

This is another major must-do when looking for a new place. Many rentals include some utilities, but there are hidden costs to look out for such as trash or water costs. If not included, these costs can add up quickly. As well, there may be additional charges for parking or a security system.

Ask Around

This may seem obvious, but asking friends of the family for landlord referrals is helpful. If anything, it’ll help weed out the inattentive and neglectful landlords. Who knows, a friend may even know someone who has apartments for rent.

Take Measurements

Depending on what furniture one currently has, this may be an important part of house hunting. Making sure the bed fits in a smaller bedroom or being able to comfortably walk around seating in the living room is essential to a cozy environment.

Avoid Scams

We all know of popular classified sites that offer rental deals, but if it sounds too good to be true, it probably is. Make sure the listing includes photos and a local phone number. Also, be sure to check the average rent prices in the area; if the price seems like too good of a deal, it likely is. There may also be a catch to a cheaper place, like bad parking or poor renovations.

Check the Pet Policy

If a pet is important, double check the lease for costs such as a pet deposit. Also, there may be weight, number, and breed restrictions to consider. Some listings may not mention a pet policy, but it’s worth asking. Some landlords allow pets on a case-by-case basis.

Bring a Friend

Always have someone tag along when looking for apartments to rent. It always pays to have an extra opinion, and they may be able to point out things that wouldn’t always be noticed on a solo look. It’ll also be convenient to have one person ask questions while the other takes photos and measurements.

Make a List

This may not be common, but it’s a great idea to make a list of questions to ask when hunting for apartments to rent. Getting caught up in the excitement of the search can make one forget about asking about things such as the average electric bill cost or if the washer and dryer are included. Having a list makes a person prepared, but it also makes them appear responsible to the potential new landlord.

Keeping this advice in mind, one can be sure to find a great new place to make a wonderful home.

Tips For Evaluating Apartments For Rent

Rental units offer numerous amenities that make them attractive for living. Apartments for rent also have varying prices depending on the location and the features offered. Learn tips for exploring these living quarters to help you choose the best one for your needs and budget.

Location and Neighborhood

The location of a unit can be a deciding factor for many people. When you need to live a convenient distance from employment, school, or family, focus your search to apartments for rent within this area. It’s also helpful to further refine your search to specific neighborhoods within a geographic area. Visit neighborhoods at different times of the day and night to learn typical noise level and activity. Speak with residents to learn details about the neighborhood.

Price

Price will narrow your selection of places to live. Figure your monthly income and expenses to determine how much money you can afford to pay for housing. Experts generally recommend that people not pay more than 30 percent of their total income on housing expenses each month. So, if you earn $3,000 per month, you should not pay more than $900. Shop for apartments for rent that fall within your budget to ensure affordability.

Amenities

Explore the variety of amenities available with different units. Underground parking or an attached garage, washer and dryer in the units, pool, exercise room, clubhouse, children’s playground, high-speed Internet, dishwashers, and air conditioners are just some of the many features you may enjoy with your rental. Some apartments also feature decorator options. Hardwood flooring, granite countertops, and upscale lighting are just some of the amenities you might enjoy.

Safety

Safety can be a major consideration. Assess units carefully to ensure that all windows and doors open freely and lock securely. Every room should have a window to enable occupants to escape in the event of a fire. Look for working smoke detectors on the ceilings. Each state institutes different requirements regarding the number of smoke detectors for areas of different size, so inquire with your state for this information. Assess outdoor lighting to ensure that all common areas are well lit. Consider contacting local police to find out about crime statistics in this area.

Maintenance/Service

Staff on the premises should be friendly and accommodating. Employees should be available to handle maintenance requests in a timely fashion. If you see residents, ask about response times for maintenance and repair requests.

Pets

Some apartments for rent allow pets on the premises and others do not. If you have a pet, find out whether it’s permissible for you to keep it. Ask about limitations in pet policies, such as weight or breed restrictions. Inquire about monthly fees and an extra security deposit for keeping a pet in a unit, as well.

With careful exploration of all the different options in apartments for rent, you can narrow your search to the unit that fits your needs. You can then submit an application for rent to see whether the management will accept you as a tenant.

6 Tips to Help You Rent an Apartment

If you are looking for a cheap and beautiful apartment, you need to work on your deal-finding and negotiation skills. Before you go ahead and negotiate, make sure you know what you need. Given below are 6 tips that may help you rent the right apartment.

#1: Use an apartment locator

First of all, you need to consider a few important features before you look for an apartment in your area. You can check out an apartment locator as well. There are many websites that can serve this purpose. This tool can help you find the right place for you.

#2: Consider your needs

You want an apartment that can meet your needs, not those of your friend’s. Make sure the place is located in the type of neighborhood you like. It should have all of your desired features.

#3: Call a local Locator

You can also contact a local apartment locator for help. In the same way, you can also use a phone book.

It’s a good idea to make a call to at least 2 providers to ask about rental neighborhoods and communities. Make sure you let them know about the features you are after.

Since the locators work for commission, they will try their level best to find you the property you need.

#4: Call a Community

Make sure you pay a visit to the property before you make the decision. It’s even better if you make a call to ask for a quote. Once you are in the apartment, the agent may impress you with the features of the property. On the phone, you will just get numbers. What you need to do is compare the numbers you get with the figures you found online.

#5: Visit the apartment

Although virtual tours can help you make the final decision, you shouldn’t rely on them alone. You can find these tour videos on websites, and this can give you some idea of the features of the property. However, it’s important to keep in mind that visiting the house in person is a must. You just can’t rely 100% on the virtual tours. To get a better feel, you still need to walk around your neighborhood.

#6: Review the features

Make sure you review the features you want in the house. Actually, you should remove the features that are on the bottom of your priority list. This will help you have you choose from a broader list of properties that may have the features you want. You should make adjustments to your list based on the short list of features. Finally, you should make the renting decision after weighing the features and the price you are willing to pay.

The Takeaway

So, these are a few things that you should keep in mind when looking for an apartment to rent. Keep in mind that you will get what you pay for but keeping a few basic things in mind can go a long way.