The Benefits of Online Rent Collection for Tenants and Property Managers
These days, everyone is busy. Tenants have busy lives and so do investment property owners and property managers. Though paying rent and rent collection is an important monthly activity, it can still fall through the cracks on occasion. Property managers who utilize online rental payments make it easy for tenants to pay rent on time, free up time in their own schedules, and also protect the investment the property owners they represent.
Here are four reasons why tenants love online rent payment systems:
- Tenants Can Pay Rent Online at Any Time
Collecting rent through the mail or in person sounds simple, but it can actually lead to endless issues and problems. It’s easier for tenants to pay late, checks can bounce or get lost, and someone has to physically take the check to the bank to be cashed. Tenants love being able to pay rent at their convenience and electronic payments are usually instantly accessible for property managers and owners.
- Online Rent Payments Are Easy to Track
When tenants have access to online tenant portals they can check payment history and due dates without any hassle. On the other side of the transaction, property managers can also instantly track payments and see what a tenant has paid, when they paid it, and any amount still owed. Professional property managers understand the importance of being able to instantly track outstanding balances and payments.
- Rent Can Be Paid from Anywhere
Every investment property owner has a few tenants who are hard to contact. Some tenants are frequent travelers or work extended hours, making it difficult for them to make it to an office to pay rent. This causes unnecessary stress for owners and tenants alike. When property managers implement online rent collection, tenants can be in another time zone entirely and still pay their rent on time. This is a win for them as well as the rental property owner.
- Fewer Mistakes are Made
When a property manager such as Martin Feinberg is connected to an online rent payment system, it is easier to see the rental payment history of each tenant. This makes accounting simpler because it provides a well-organized list of accounts receivable. Using an online tracking system for rent payments reduces the likelihood that a property manager or tenant will make a mistake. This increases tenants’ satisfaction and makes them feel more financially secure while making live easier for the property manager and rental property owner.