It is important for landlords to receive rent payments in a timely manner, so it is essential that they look into property management payment solutions so that they 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 more of a change in policy. Some landlords adopt a new policy, that is, pay rent through electronic payments. While landlords can’t 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 give them a reward if they do. It can be a gift card or a rental discount.
3. Host a raffle for eligible tenants.
If there are multiple tenants, hosting a raffle will be a cost-effective option. Those who agree to register for rent payments online will receive a raffle ticket and the price could be a $50 gift certificate to dine at a restaurant.
4. Remember tenants in a subtle way.
Sometimes a simple reminder is still effective. Landlords can mention the option to register for rent payment online on the property management company’s website in the office, via email, flyers, or wherever tenants can see it.
5. Tell them directly.
The 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 tenants to sign up for rent payments online, especially when they realize the advantages of removing the burden of handling check payments.
Make sure the online payment system is set up correctly
Landlords may be eager for their tenants to sign up for their online rent payment solution, but first they need to make sure it offers the things residents expect to have. Otherwise, they won’t be convinced to sign up.
Certainly, tenants would like to have 24/7 access to the online payment system anywhere and anytime they want to fit their schedule.
Furthermore, 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 be given the option of using the payment method they prefer, so it would be convenient to set up recurring payments.