As a landlord, it can be difficult to keep track of all of the moving parts associated with managing and maintaining your rental property while improving your relationship with the tenants who rent from you. You may think that adding a new service offering will be time-consuming and add to your already endless to-do list. In fact, however, by adopting a platform that allows tenants to pay rent online, you’ll create both an improved workflow and improved cash flow while expending minimal time and effort.
What follows are just a few of the reasons that an electronic rent payment system is the right option for you and your renters.
1. Satisfaction for your tenants
In every area of our lives, companies are looking for ways to offer more options and increased satisfaction to clients and customers. Why shouldn’t your tenants expect the same? The ability to pay rent online provides greater tenant satisfaction, which translates into good word-of-mouth and eager applicants whenever you have a vacancy.
2. Better tenant retention
Similarly, to hold on to your best tenants -- those who pay on time and take care of the property as if it were their own -- the ability to pay rent online provides yet another incentive. When tenants feel that you have their ease, convenience, and best interest in mind, they feel connected to the property and to you as their landlord. That can make all the difference when it’s time to renew their lease.
3. Increased security for your tenants
Think about what it takes for tenants to bring a rent check or money order to your office or to the post office. For some, it may mean taking time off work, dropping off a check late at night, or asking a friend to help when they are out of town. For elderly tenants or those with disabilities or illnesses, it may be a dreaded task that requires extensive coordination each month. By providing a way for them to pay rent online, you give your tenants their time back and keep them from having to take risks with their financial and personal safety.
4. More payment options for tenants
Depending on the platform you choose, your tenants may have the ability to pay via debit card, credit card, direct bank withdrawal, or an electronic payment tool like PayPal. This helps to enhance their overall ability to stay current on the rent while offering them added convenience and improved personal cash flow.
5. More secure record keeping
You don’t need to manage physical copies of your renters’ banking information, paper checks, or other financial instruments. You don’t need to keep track of their online banking access either. Electronic rent payment is an option that allows your tenants to provide their information through a secure portal that you don’t have to design or maintain.
6. Improved financial accounting
Forget chasing down checks, money orders, and tallying up late payments, pet rent, and other variables. With electronic rent payment, you’ll enjoy the ability to more easily manage the amount you’re charging while more effectively recording your tenants’ payments in real time so that there are no surprises and fewer errors.
7. Kindness to the environment
The real estate industry as a whole has an outsized environmental impact. To offset this, it’s important to find ways to make your business more environmentally friendly whenever possible. Allowing tenants to pay rent online is an option that you can feel good about while providing them with an easier, more streamlined process. In addition, for many renters, environmentally friendly policies increase satisfaction and align them with your business practices.
8. Value-added service for tenants
As a landlord, you can increase your tenant satisfaction by offering something beyond four walls. Value-added services of all types -- from improved application and onboarding processes to service provider referrals and more -- make tenants feel better about renting from you. Electronic rent payment is one more way to provide a better experience for your tenants to do business and to simplify their financial lives.
9. More on-time payments
Maybe the day rent is due falls on a weekend or holiday. Maybe your renters are out of town on vacation and can’t get back in time to bring a check to your office. Perhaps bad weather is holding up mail delivery in your area. With the ability to pay rent online, you can expect more consistent on-time rent payment, improving both peace of mind for your renters and cash flow for your business.
10. Ability to schedule recurring payments
Why take the time and trouble to write and mail a check every month or to go in and schedule a payment through the bank’s online bill payment platform? With electronic rent payment, your tenants can “set it and forget it,” scheduling recurring payments each month so that the rent is always on time with little or no effort on their part.
11. Greater ongoing communication with tenants
Don’t leave it up to your tenants to remember when the rent is due. Set reminders throughout the days leading up to the due date so that your tenants will be sure to remember, then schedule notifications to go out if the rent is running late. This automated communication ensures that tenants stay informed without you having to track and follow-up on their payments manually.
Bonus: Why host electronic rent payment through RentSpree?
The answer, of course, is convenience! You already use RentSpree’s platform for everything from initial applications and background checks to electronic signing solutions to renter’s insurance referrals. By adding RentSpree’s integrated electronic rent payment service, you create a more streamlined and convenient option for your renters and greater peace of mind for you. Learn more today at RentSpree.