The property management business depends on timely and consistent rent collection. Today, tenant portals make it possible to offer renters a multitude of online payment options, that make paying rent easier for them… and for you.
Top Reasons to Have a Tenant Portal
Very few people still use cheques. Tenants expect to pay their rent the same way they pay all their other bills – online. Renters also want this same type of flexibility and ease of payment. On the flip side, it’s also far more convenient for the landlord and property manager, as it reduces paperwork and processing.
Your tenants can choose how they want to pay, whether its online or via mobile technology or by phone. They can opt for credit card, Interact payment, cash transfer or pre-authorized payments. And, this type of modern approach gives your property a competitive advantage.
If your tenants want to change payment methods, they can update the info themselves with no faxing and no calls to the office. They can easily view their payment history and print receipts. It also means that your people are spending less time answering phones and more time on the business.
Both the property management company and the tenant benefits from the built-in security of online payment solutions. Unlike paper cheques, online payments cannot be lost, stolen or misplaced. There is also a digital audit trail, for added visibility, accountability and safety.
Improved Cash Flow
In many cases, overdue payments are the result of your tenant absentmindedness. In a tenant portal you can set up automatic reminders of upcoming or overdue payments, which help correct late rent payment. And, because you don’t have to wait for cheques to clear, the funds are available right away.
Easier Tracking & Monitoring
For repeat offenders who may be deliberately delaying rent payment, you can easily flag and track their activity, so you can take preventative action to ensure your cash flow stays steady.
Finally, no more picking up the phone or knocking on doors to get paid. Tenants love the convenience, and you’ll love the improved cash flow.
Think about all the ways a tenant portal makes payments easy and saves you time...
- Saves hours of administrative time each and every month
- Accept credit cards, Interac, pre-authorized payments and cash transfers, and no more waiting for cheques to clear
- Automate reminder letters and optional automated phone calls
- No more deposit slips
- No more endless trips back and forth to the bank
How to Get Tenants to Pay Online
Start from Day 1
When new renters sign the leasing agreement, it’s an opportunity to demonstrate how they up can easily set up online payment through the tenant portal.
Show the Benefits
Encourage your tenants to pay online by demonstrating how it makes their life easier and more secure.
If you are still accepting paper cheques, set a cut-off date. If you choose to keep accepting cheques after that time, you might want to add a processing fee to cover your costs and act as an incentive to switch over to making payments through the tenant portal.
The Last Word
Tenant portals help reduce paperwork and administrative costs, save a ton of time and improve cash flow. So, why not do everything in your power to ensure that the process is as efficient and seamless as possible? If you are curious about how a tenant portal can help your business, be sure to see our pricing and request a free demo.