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Rent collection can quickly be tedious when you have multiple tenants, and even more so when some of them pay rent late. Thankfully, the emergence of certain technologies has made it more convenient to pay bills, and more people are now opting for online payments over cash.
With that being said, it puts you at a disadvantage if you choose not to adopt this method, not only because you’ll miss out on the benefits of the tools, but also because tenants would prefer having choices when it comes to paying rent.
Property Management Software
Many self-managing property owners utilize this tool to streamline their operations and automate key aspects. Rent collection, for instance, can be made easier with features that allow online and automatic payments. Some can even send out late notices when no payment has been received.
Depending on the product you use, you can even set reminders for tenants to ensure they don’t forget to pay rent, or allow recurring payments as long as they provide payment details, such as Cash App accounts, debit cards, or credit cards.
Do your research on this option, particularly since it handles your tenants’ private information, including their names, addresses, bank details, and more. Make sure that the software is secure and not vulnerable to potential cyberattacks.
Bank Apps
Banks understand that remote access is a feature customers will appreciate, and most already offer apps that allow users to pay online, set automatic payments, and check their balances.
Installing the most used bank apps in your location will make payments more seamless for your tenants. In many cases, same-bank transactions don’t even have charges, which is a downside that many users try to avoid with interbank transactions.
If you’re using several bank apps, find a way to keep track of all the payments. It’s advisable that tenants send proofs of payment, such as screenshots of successful transactions, if the bank app you use doesn’t display payer and payee details in transaction histories.
Tenant Portals
You can also use or create tenant portals that your residents can access, allowing them to monitor transaction histories and pay remotely. While this makes for a more convenient method since it provides two-way access for data, it’s not as easy to create.
One way to access one without hiring a professional to create it for you is by hiring a property management company. Investment Safe, for instance, features an in-house resident portal that enables tenants to pay online, submit maintenance requests, and utilize a move-in checklist.
You also wouldn’t have to worry about cybersecurity measures to avoid data leaks, which can be pretty disastrous since financial information is involved.
You Don’t Have to Worry About Rent Collection: Here’s How
You’d think collecting rent is the easiest part of property management, but tasks like handling late rent payments, issuing late notices, organizing payment records, and reminding tenants about due dates can be overwhelming.
The fact that this is not your only responsibility as a landlord can already be exhausting, so what can you do to manage it? You can delegate the work to someone just as qualified. Backed with expertise about the rental industry and tenant relations, Investment Safe Property Management can help lighten your workload.
We want your investment plan to work out for you. Contact us today, and let us help you reach your goals.