November 11, 2023
Last Updated
When it comes to managing rental properties, technology can ease many of the burdensome tasks you face as a landlord. Whether you are seeking a way to electronically remind tenants about the rent due date or set up mobile payments, the convenience associated with improved rent collection technology will transform the way you deal with tenants and payments.
Rent Due Reminders
Because so many people have cell phones, it’s easy to text a simple reminder to your tenants anywhere from five to seven days ahead of the due date. Email reminders are another convenient method to contact all your tenants in just a few minutes. You can send texts or emails from smartphones, laptops or tablets. If you’ve set up a Facebook account for your apartment community, you can also post reminders there.
Electronic Funds Transfers
The days of paying rent by paper check and waiting for funds to clear are gone. Today’s tech-savvy landlords are making it easy for tenants to set up fund transfers via electronic check, recurring withdrawals and other automatic funds transfers between banks.
Many landlords offer an incentive for tenants to set up automatic payments, such as a discount on rent. It’s a good idea to provide discounts for tenants who sign up for automatic debit, such as $50 per month off for all tenants who participate. Getting a tenant on an electronic payment system will increase the likelihood of getting rent payments into your own account on time with minimum follow-up.
Online Rent Collection Services
Bring your rent collection system solidly into the 21st century by choosing one of the reputable online rent collection and payment services online. While each services features small differences, in general, the online rent systems can do everything from sending out rental invoices, transferring funds from a tenant’s account to yours, calculating late fees and sending out late notices.
Some of the top rent payment and collection sites include:
- PayClix.com
- Spark Rent
- eRentPayment.com
- Simplify’Em Pay Rent
- Paylease.com
- PayYourRent.com
- ClearNow
- RentMerchant
- Domus
The goal of these services is to make it easier for tenants and landlords to exchange funds completely online and to keep both parties informed during the entire process. Online rent collections companies do charge a small fee for their services, so read the fine print carefully before signing up.
Technology Benefits Everyone
When the rent collection process goes smoothly, it generates higher customer satisfaction and contributes to a smoothly run operation. Once you see how technology can help you become more efficient and competitive in your job as a landlord, you’ll reap the benefits and enjoy the peace of mind you deserve.
Photo Credit: kenteegardin