Today, we live in the fast-paced world of changing technology, but something that has been slow to adapt is how rental payments can be made by renters. This payment is generally the largest made each month, and one of the few (or only) that will have no positive impact on their credit for being on time since it is often paid by personal check or cash.
As a landlord, you can entice renters to your properties by leveraging cutting-edge technology to automate the payment process for renters each month, while at the same time simplifying the rent collection and record keeping process. It’s a mutual win-win.
Renters who pay their rent through an online collection service, such as ClearNow, have the option of choosing different payment options each month. Depending on their circumstances, they may choose to make one payment, two or even pay bi-weekly. Forgetting to make a payment or mail a check becomes a thing of the past and renters do not need access to a computer.
The automated process results in more renters paying on time, which offers peace of mind. For landlords not using an online service, it can be difficult to track down late payments and makes cash flow tighter.
Furthermore, online rent collection provides you as well as the renters, greater consistency when the payments are debited and accounts credited. Providing a scheduled, anticipated timeline of payments for renters each month is an incentive for them to have greater peace of mind living in your rental property.
As a service traditionally only used with large-scale property management companies, you can impress your renters by going above and beyond. When enrolling, many participants choose to conveniently take photos of the required sign-up documents such as a voided check or recent bank statement along with emailing their enrollment form. The sign-up process is fast and efficient – once it is complete the notifications and automatic debit functions make it easy to track your rental payments on mobile devices.
In addition to simplifying the rent collection process, using a secure online rent collection service can help you better track rental payments and expenses. These services leverage technology to present digital reports, while allowing you to export data to programs such as Microsoft Excel for easy use with your accounting software. When using online rental payment services, you can easily track and identify income and expense items, such as rent payments and service fees. It simplifies your record keeping and makes tax season much more efficient.
Also consider that these services are a great incentive to young renters and those who are looking to establish or build their credit. By reporting payment data to Experian RentBureau®, the credit bureaus are notified of payment histories. The service is not only more convenient for renters, but it allows them to demonstrate how responsible they are with their rental payments each month.
Take advantage of online rent collection to simplify the process and better accommodate your renters.