Many of our landlords indicate rent collection is their biggest hassle in managing properties, even above evictions and dealing with criminal activity. If you have had to track down lost or late payments, you know what they’re referring to. Chasing down payments can be a time sink and create strains in the landlord/tenant relationship. Though there are many reasons people are late on rent payments, one of the top reasons is they simply forgot to send it in. This, along with many other reasons, is why our landlords and tenants both see the many benefits of online rent payments. Additionally, with nearly two-thirds of millennials preferring to pay bills online, it’s essential that the modern landlord provide online payment options to tenants. Here are five reasons why online rent collection saves our landlords and tenants time and is much more convenient than traditional check or cash-based payments. 5 Great Reasons to Collect Rent Online
Landlord software, such as Schedule My Rent, allows tenants to schedule rent payments from their bank accounts on the same day each month. It even enables tenants to approve each monthly payment separately. Today’s modern tenants prefer flexibility in payment options, and landlords looking to offer optimal solutions are wise to consider Schedule My Rent’s landlord software products.
If a payment is submitted after the due date, email reminders for late rent are also a great feature. With Schedule My Rent, late fees can be added when a payment is paid past the lease due date. By automating the late fee process and communications, our landlords find increased understanding of payment expectations, reducing unnecessary strain on the landlord/tenant relationship.
Schedule My Rent’s services include receiving an ACH payment in 3 days, as a standard. Attaining your money sooner enables landlords to achieve improved return on investment.
To better enable landlords to manage their properties, Schedule My Rent provides landlords with a status e-mail collection report reflecting the complete payment status by property and across their real estate portfolio. With this feature, landlords are able to spend more time increasing profitability in other areas. In managing properties, landlords are looking to receive rent payments as quickly as possible to better enable them to meet mortgage commitments and to improve cash flow. Schedule My Rent’s everyday 3 day ACH processing time is standard, and enables landlords to count on payments receipt in this time-frame.
In a recent report titled Identity Fraud Consumer Report, authors encourage customers to “use online bill pay whenever possible.” With Schedule My Rent, all personal payment information is encrypted, and the transaction is fully secure. As landlord software for online rent collection can save both landlord and tenant time in many aspects of the rental management process, consider Schedule My Rent for your electronic rent payment needs.
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AuthorSchedule My Rent makes it easy for landlords to collect rent online. The service Archives
May 2018
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