Property managers and landlords conduct their rental business in various ways. Some landlords manage independently, while others may use an agency. Some landlords allow pets while others limit both animals and yard decorations.
There's no one right fit, but there is one universal trait all landlords and property managers share: the need to collect rent. In fact, collecting rent is one of the most important activities for these rental businesses.
Fortunately, RentSpree has made rent collection easier for property managers and landlords with our monthly rental payment feature -- and it just got better.
Fees Beyond Rent
Anyone affiliated with rentals knows that collecting monthly rent is only part of the financial transactions you'll have between property representatives and tenants. There are also fees associated with renting like security deposits, pet deposits, move in & late fees, fines, and prorated services.
Previously, RentSpree was focused on just the monthly rent transaction, but now our online solution can accommodate more transactions.
Inspired by landlords, property managers and agents like you, we're building a no fee One-time payment option to help close the gap in the rental journey.
All-in-One Rent Management
Our research tells us that Rent Payment should be a one-stop tool and we couldn't agree more. Moving all tenant financial transactions to a single portal will enable landlords to quickly accept a security deposit upon applicant approval.
This helps prevent the renter from seeking alternative payment options and facilitates collection at this critical moment in the leasing journey.
When it comes to moving in, this new process can help support a separation between the start of monthly rent and the start of a transaction, allowing deposits and holding fees to be collected prior to the actual move-in. It's a flexible process built for landlords and agents who want to onboard tenants to the rental property with a need to collect upfront payments, but not necessarily begin rent collection.
Renters may also wish to transfer rent payment funds online while paying other rent-related fees directly to the landlord.
How Does One-Time Payment Work?
Its process is a little different than the recurring monthly setup, but one-time payments allow the flexibility to add other rent-related fees as a one-time payment, at no cost to either you or your tenant.
The process is simple and mirrors the same experience you've come to know with our recurring rent payments.
Each transaction of the one-time payment consists of the following fields:
- Payment type
- Due date
- Payment amount
When you select the payment type there will be a drop-down menu where you can additionally designate:
- Security deposits
- Move-in deposits and fees
- Pet fees
- Utility costs
- Lease Termination
- Parking space rental
- Prorated rents
- Late fees
There is also the option to select a custom fee which will generate a text box for further explanation of the charges and payment.
Digital Rent Solutions Make Sense
Choosing digital solutions for rent management simply makes sense. Gone are the days when checks were the primary and preferred form of payment. When we go to the store, your consumer clientele pays with digital debit -- and your renters want this service too.
As a landlord, you may have a variety of rental fees that do not fit within your recurring payment system. Instead of forcing your tenants to track down those aging checkbooks, opening your options to a fast, secure, and affordable digital solution for one-time payments makes sense.
In addition, offering a digital solution may be a more viable alternative for those who have difficulty with more traditional methods. Getting stamps to then mail a check or money order, can be a struggle for working heads of households.
For an aging senior or an emerging college grad, digital payments allow family members to help support costs across any distance making your renter's future more secure.
RentSpree understands the value of incorporating technology into rentals and is ready to help you take those next steps. Learn how we can save you time and money as a landlord, property manager, or rental agent.