Processing rent checks manually is both time consuming and costly. It usually takes about five minutes and $ 2-3 per check. If you expect 500 checks per month, it would take nearly 42 hours and 12 to 15.000 $ a year. If you want a more cost-effective and timely way to collect rent, you can rent an online collection system with the help of your web-based property management software, which allows you to implement cost cut in half. It also allows you to avoid the dilemma of waiting to appear before the checks in the mail or in person to collect the rent.
All you need to do is encourage your residents to vote in this program. You probably will not have any problems with your technically sophisticated tenants who already use online banking.
On the other hand, other tenants may not be to the advantage of this idea. In this regard, here are 10 ways to encourage your tenants to opt for online payment of rent:
Give an incentive to pay online. You can reduce the rent by $ 20-30 you encourage more economical tenants
Specify a 2-payment date option for online payments -. For example, on the first and the fifth of every month. This flexible payment option may motivate residents.
Offer an incentive for signing up, such as a $ 30 gift card from a restaurant.
Create a lottery win $ 100 gift certificate from a local store, and let all those who connect sign up for online rental payment.
Tell them that the rent payments reported to national credit bureaus so they can increase their creditworthiness.
Explain why online payments are environmentally friendly. A list of the advantages of online payments, which include the convenience of saving time on writing checks and avoid late payment fees.
In the lease, including the obligation to pay online (California and other states have laws that prevent this).
If they refuse to pay online, charge an additional service fee each month.
As a landlord, are responsible. When customer issues, respond immediately. Keep your home well. If you look after your tenants, they will cooperate and more likely to give your request to pay rent online.
Like other issues, the most effective way to convince your residents to pay rent online is constant communication and have transparent with them. The moment they realize how useful this could be for them and of course, you, they can be convinced to sign up.