A happy tenant is a lease-renewing tenant. The property business is a mix of customer service and operational improvements to increase profits. You need solutions that keep tenants happy but also streamline your business and increase efficiencies. Solutions that tenants see the value of, but also help you scale your operations.
One of the must-have features for any multifamily property firm is the ability to allow residents to pay their rent online.
Three Reasons Tenants Love Online Payments
Everyone expects to be able to pay their bills online, and it’s now the exception to demand paper cheques. An online payment portal gives your tenants the convenience they want. They can pay their rent anytime, anywhere, and even effortlessly schedule regular rent payments so that rent automatically comes out of their account on the due date.
2. More Options
Let your tenants can choose to pay however they want to pay. They can opt to pay by debit, credit card, or electronic funds transfer (EFT). And, they can make their payment from their desktop, tablet or phone. By giving your renters numerous ways to pay their rent, you can not only make it much easier for them, but you can instantly reduce late payments.
3. No Barriers to Access
No one wants to call the office to change payment methods. With an online payment portal your residents can easily update payment type themselves. This means that they can use direct banking one month, and if they are a little short on cash the next month, switch to their credit card. Not only that but they have quick access to a digital payment history and can print receipts if needed.
Three Reason Property Managers Love Online Payments
1. Better Protection
This one is a win-win for both property managers as well as tenants. Online payment solutions are quite simply safer and more secure. Unlike paper cheques, online payments cannot be lost, stolen or misplaced. There is also a digital record, for added visibility, traceability and accountability.
2. Improved Cash Flow
No more trips to the bank. No more waiting for cheques to clear. And, with the ability to set up automated rent reminders (both upcoming payments and overdue payments) you can really impact your cash flow by reducing delinquencies. For repeat offenders who may be deliberately delaying rent payment, with real-time reporting you can easily flag and track their activity, so you can take preventative action to ensure your cash flow stays steady.
3. Less Hassle
No more chasing down cheques means more time for property managers to do more important revenue-generating work. In cases where rent is shared by two or more roommates, the payment portal makes is so simple to split payments. And, you can automatically apply late fees, where applicable. An online rent payment service makes it easy to apply it to the next rent, or send a separate notice.
Happiness All Around
When it comes down to it, online payments are really a no-brainer. It makes life so much easier for tenants, and makes the work day far more productive and profitable for property management firms.
At Property Vista, we can help you implement the systems and processes to minimize late payments, ensure a clear audit trail and improve renter satisfaction with issues like maintenance requests. We can help you mitigate the consequences of bad tenants and protect your bottom line. Check out pricing and arrange for a demo here.