If you’re not currently having your tenants pay rent online, you’re missing out on untapped potential from a financial and timesaving standpoint. Hear us out — as landlords, we know what it’s like to chase down rent payments each month. Spending hours driving around town to get that check or cash. Awkward encounters with consistently late payers. And the inevitable guilt trip.
Guess what? All these woes can be easily avoided when you have your tenants pay rent online. It’s easier than it sounds. And tenants will be thrilled with the convenience (even if you’re convinced they wouldn’t be).
Studies have shown that payments are a huge concern for property managers. According to a SmartMove study, landlords ranked payment problems as their top concern, even above criminal and eviction history. According to a recent survey by CitiGroup, more than half of Americans have paid a bill late. The number one reason? They forgot. When tenants can set up automatic ACH payments, you’ll get your money on-time, and they will rest easy knowing their financial obligations are taken care of.
Still not convinced? Here are more reasons to show the benefits of having tenants to pay rent online.
Why You Should Offer Online Rent Payments
Professionalizes Your Processes
When you accept online payments, it helps conveys to your tenants that you’re running your business well. In addition, using a system like RentMindMe helps you brand the online experience for rental payments versus using an app like Venmo or Cash.
Increasing professionalism helps you support the fact then when it comes to rental payments, you’re not messing around. You expect them on-time and in full.
Automatic Rent Reminders
Do you dread calling or following up with your tenants about paying their rent? It’s okay. We’ve all been there. Chasing rent isn’t fun. That’s why implementing a rental management system helps. It can take care of the reminders on your behalf.
With a platform like ours, rent reminders are sent on intervals that help you tenant prepare each month. In addition, custom invoicing helps you to bill for items outside of rent and communicate the open invoice for you.
Enforcement of Late Fees
When your tenants approach their late date, the system automatically alerts them. The excuses don’t exist anymore. If they miss a payment and get charged a fee, the system bills your specified late fee, so you don’t have to worry about being the bad guy. When your tenants run late, you collect extra money. But the ultimate goal is helping them with reminders so they can make payments on time, which benefits you too.
Builds Your Tenants’ Payment History
When your tenants pay rent online, with a solution like RentMindMe, they build a reportable payment history that’s available to them on their personalized dashboard. In the event they want to get a car loan or verify their credit, they have access to their payment history 24/7, which is another huge benefit to them.
All Payments are Automatically Recorded as Your Income
As your tenants submit payments, we help you automatically build a record of your income. When it’s time to manage the books, you’ll have less paperwork to worry about. You’ll also have organized reports to send to your accountant at the end of the year.
Bonus Reason to Pay Rent Online
Implementing direct deposit saves you time (as well as gas money) by not having to run unnecessary errands to deposit your collected rents.
Want to learn more about how RentMindMe works for you? We’re here to talk with you directly about our complete rental management solution. Get in touch with Ben and Dina today!