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How to Set Up the Ability to Pay Rent Online

How to Set Up the Ability to Pay Rent OnlineHow to Set Up the Ability to Pay Rent Online

Summary

The ability to pay rent online offers a host of advantages for both renters and landlords. From encouraging on-time rent payments to providing easy access to financial information, online rent collection is the new industry standard for property management. As we all know, however, technology is only useful when it’s easy to adopt and adapt to your specific needs. Fortunately, paying rent online with RentSpree is easier than you ever imagined.

One of the biggest advantages of online rent payment through RentSpree is the fact that much of the information you’ll need is already available to you through the RentSpree dashboard. From property information to contact information for renters, you’ll be able to draw on the platform’s existing data to set up and schedule the payment of rent each month.

Pay Rent Online with RentSpree’s Easy-to-Use Platform

With a fully integrated platform for paying rent online, RentSpree allows you to manage your rental properties from the initial application through the onboarding process and all the way up to the last rent payment. This provides more ease and convenience for you and more peace of mind for your renter. Here’s how easy it is to set up rent collection with RentSpree:

Step One: Choose your property.

Go to your RentSpree dashboard and choose a property from the dropdown menu.

Step Two: Enter information about your renter.

Input information about the renter who’ll be paying. Include name, email address, and phone number to ensure that notifications are promptly delivered.

Step Three: Enter payment details.

Here’s where you’ll add the amount of rent, the due date for the rent each month, and the last month of scheduled rent payments. That’s set it and forget it convenience that allows you to schedule payment information for the life of the renter’s lease term. Ready to renew? Add a new lease amount and lease term anytime from the RentSpree dashboard.

Step Four: Connect with your receiving account.

Now you’ll connect your RentSpree account with the bank account information for that particular unit. You can use the login credentials for your financial institution to instantly connect RentSpree rent collection with the account you’ve designated. Don’t worry about errors: with two-factor authentication, you’ll know you’ve chosen the right account.

Step Five: Enjoy the ease and convenience of online rent collection month after month.

Now instead of hoping for a timely rent payment each month or waiting for the mail to arrive, you’ll be able to view payments right from your RentSpree dashboard. In addition, when it’s time to consider a lease renewal, you’ll have instant access to payment history so that you can get an overview of your tenant’s reliability as you make your decisions.

How can I encourage my renters to pay rent online?

With the power, ease, and convenience of RentSpree, you and your tenants will enjoy greater security and peace of mind every month. Some people are, of course, resistant to things that are new and unfamiliar. If you’re looking to increase buy-in among your tenants, here are some ways to encourage them to begin using your online rent collection option:

pay-rent-online-infographic

Communicate the advantages to existing renters

For tenants who are already in place, it is important to communicate the ways that paying rent online can simplify their lives. Provide communication that is positive and upbeat and focus on the advantages for your renters, not just for yourself.

Consider making online payment part of your lease criteria

Consult with your attorney about your current lease and determine whether you can make online rent payments mandatory for new renters. This way you can walk them through the process of onboarding and be assured of their continued compliance throughout the lease term.

Create automatic rent reminders via email or text

One way to encourage online rent payments is with rent reminders. These can be scheduled via email or text along with a link to the online payment portal. This helps increase online payments and helps your renters get used to the process of paying rent online.

Provide multiple payment options

You may get more compliance from renters if you provide multiple options for rent payments. These can include ACH direct deposit from their bank account as well as debit and credit card processing. The more options you offer, the more likely your renters are to pay rent online and on time each month.

Provide additional incentives

Rewarding people for what they do well is a cornerstone of encouraging the behavior you want. Consider incentives for on-time rent payments through your online platform. These can include discounts for early payments, earlier lease renewals, or credit bureau reporting to help your tenants improve their credit scores.

RentSpree is dedicated to helping you do more, offering streamlined services for property managers and landlords all over North America. With the ability to pay rent online through RentSpree, you’ll enjoy first-in-class processing and financial record keeping that simplifies your business and leads to increased tenant satisfaction. Contact us today for more information on online rent collection and all of the other services RentSpree provides.

Cap Rate Calculator

rentspree illustration of calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Value

Current market price or listed value
$

Yearly earnings

Anything you make a profit from that has to do with the property
$
$
$
Total A:

$

0.00

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Yearly Expenses

Anything you make a profit from that has to do with the property
$
$
$
$
$
$
Total B:

$

0.00

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Cap rate

0.00

%

Cap rate

$
$

0.00%

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Commission Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Price

$

Commission Percentage

%
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Total Commission

$

0.00

Commission for Each Agent

$

0.00

Total Amount Seller Receives

$

0.00

Rent to Income Ratio Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Rent-to-Income Ratio Calculator

$
$
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Rent-to-Income Ratio:

0

%

Move-in Move-out Calculators

Move-In Calculator

$
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1st Month's Prorated Rent:

$

0.00

Additional Move-In Costs (optional)

$
$
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Total Move-In Cost:

$

0.00

Move-out Calculator

$
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Move-Out Prorated Rent:

$

0.00

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