Before we can discuss why rental payments need to be easy, let’s figure out what an “easy” payment means. In the 21st century, easy payments can be done anywhere, anytime in any payment method.
Easy rental payments take the hassle and extra steps out of the process. They remove the excuses of lack of time or a closed bank. Making something like paying rent easy means making it nearly effortless for a renter. In today’s world, that means using online payment systems and portals.
Collect Rent Faster
When your tenants have to write a check or buy a money order and then drop it off at the office, you’ve added multiple steps to what should be an easy process. Allowing a tenant to login to an online portal and pay using a debit card or checking account saves them steps and time. The benefit is that you get paid faster.
Improve Cash Flow
The purpose of renting your properties is to earn income. Online payments allow renters to pay as soon as they have they money - not when they have time to stop by the office or go to the bank. Making payment easier for a tenant means they’re more likely to pay quicker, putting more money in your pocket sooner.
Give Renters More Options
Including an online payment system gives your tenants flexibility. They can pay at 5:00 a.m. on a Tuesday because that’s the best time for them, or they might pay at midnight on a Saturday. As long as the rent gets paid before the due date, tenants shouldn’t be stuck dropping off a payment between 8:00 a.m. and 5:00 p.m. during a workweek or trusting a drop-off box.
Attract Younger Renters
The old-fashioned process of writing a check or buying a money order may be comforting for some of your older tenants, but younger renters have likely never written a check, let alone ordered any from their bank. Everything they do is electronic. They’re used to logging into a website on their schedule and making a payment with a click of a button. Offering this option attracts young families who may stay in your property for a long time.
Track Payments More Efficiently
Want to know who pays on time consistently or which tenant is continuously late? An online payment portal makes this effortless. Every landlord has at least one tenant that drops off a payment at the last possible minute or just on the edge of late nearly every month. With an easy rental payment system that’s online, you’ll know exactly when rent is paid each month and by whom.
Save Yourself Time
Collecting checks and money orders to take to the bank can be a hassle for you, too. You need the money in your own account, but processing payments on your end isn’t always easy, either. You’ve got to record the payments, get them ready to deposit, and make time for all of it. An easy-to-use online payment system can link directly to your bank account, freeing up your time for other tasks.
If you’re not sure where to start or how to choose an online payment system, work with a property manager who’s already done the work for you. At ERA American Real Estate, we offer a comprehensive online portal that makes rent collection and tracking easy. It’s a full service option that gives you access to all the information you need - on your schedule - not just payment processing. Ready to make rent collection easier for you and your tenants? Give us a call today.