It is important for landlords to receive their rent payments in a timely manner, so it is essential that they look into property management payment solutions that can facilitate this goal. How can property managers increase their chances of receiving rent payments on time?
Today, landlords have found an effective way to increase their income and improve their cash flow and this is by making use of an online payment portal to make life easier for tenants and at the same time increase the chances of that the owners receive the payment. money owed to them at the right time.
However, as the saying goes, you can’t teach old dogs new tricks. It can be a challenge to convince reluctant tenants who are used to traditional payment methods to pay rent online, even if this might be the best solution.
1. Change the policy.
This may not really be motivational advice, but rather a change in policy. Some owners adopt a new policy, that is, pay rent through electronic payments. While landlords cannot force tenants to do so, when they say this is their new policy, tenants will abide by it.
2. Reward them for using the online payment system.
When tenants are reluctant to sign up for the online payment system, landlords may try to reward them if they do. It can be a gift card or a discount on rent.
3. Hold a raffle for eligible renters.
If there are several tenants, organizing a raffle will be a profitable option. Those who agree to sign up for online rental payments will receive a raffle ticket and the price could be a gift certificate worth $50 for dining at a restaurant.
4. Remind tenants subtly.
Sometimes a simple reminder is still effective. Landlords can mention the option to sign up for online rent payment on the property management company’s website in the office, via email, flyers, or wherever tenants can see it.
5. Tell them directly.
Owners can tell you directly. When they meet with a resident, they can mention the advantages of making rent payments online.
The above tips will go some way to encouraging most renters to sign up for rent payments online, especially when they realize the advantages of taking the burden out of handling check payments.
Make sure the online payment system is set up correctly
Landlords may be eager to get their tenants to sign up for their online rent payment solution, but first they need to make sure it offers the things residents expect. Otherwise, they won’t be convinced to sign up.
Certainly, tenants would like to have access to online payment system 24/7, anywhere and anytime they want, to fit their schedule.
In addition, the system must be easy to navigate, use and understand. In other words, it has to be easy to use. Another important element that can be taken into consideration is that they are given the option to use the payment method they prefer, so it would be convenient to set up recurring payments.
