Did you realize that over 100 million people in the United States rent their living space? With all of the renters in this country, there is no mystery as to why so many investors are buying up residential real estate. If you are relatively new to the world of being a landlord, finding a way to make this new investment easy to handle should be one of your main goals.
If you are looking for a way to make paying rent easier for your tenants, then using an online payment processing hub is a good idea. Often times, the providers of these services make signing up easy for tenants.
Read below to find out more about how online rent payment can benefit you as a landlord and your tenants.
The Power to Schedule Recurring Payments
Going through the hassle of writing a check and mailing it is something most tenants want to avoid. In most cases, an online payment option will entice a tenant to set up recurring payments. Doing this allows the tenant to keep their rent payments on time without having to worry about making them manually.
Recurring payments are also beneficial for a landlord. With recurring payments, a landlord will be able to avoid reminding tenants to pay what they are owed. Studies found that nearly half of the consumers in the United States prefer to pay their bills online. This is why offering in an online rent pay option is so beneficial.
Electronic Payment Reminders
Most rental property owners and landlords have an extremely full schedule. Often times, this schedule will prohibit them from being intimately involved in the day to day operations of their properties. If you are a property owner looking for a way to make on-time rent payments a near certainty, online payment options are a must.
If you get all of your tenants to sign-up for online pay, you will be able to send out reminders that rent is due days in advance. This not only saves you from having to physically remind each tenant, it will also help you avoid late payments.
Making Your Tenants Happier
Being able to make a rent payment from a mobile phone or computer is convenient. Your main goal as a landlord should be finding ways to increase the level of contentment your tenants have.
With the addition of this technologically advance payment option, you can make life easier for your tenants. Making an effort to increase convenience can help you keep tenants loyal, which can reduce your turnover rate substantially.
A Safer Way to Pay Rent
Most people are a bit hesitant to put a check for a large amount in the mailbox. There have been numerous cases where criminals have stolen checks out of mailboxes and cashed them. Rather than making tenants deal with the risk of mailing a rent check, you can offer them a secure online portal to make their payments on.
A 21st Century Payment Solution
If you are looking for a way to attract younger tenants, then online rent payment options are a must. While it will take a while to get acclimated to this change, it is well worth the effort you invest.