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
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.