Seventy-five percent of landlords still collect personal checks from tenants. If you're still accepting this payment method from tenants, now is the time to stop.
Online payments have become the preferred method for collecting rent. You enjoy secure transactions and quick payments. It also saves both landlords and San Francisco Bay property managers time and money.
You can easily manage your property from anywhere using your computer or mobile device. There are no checks or cash to handle or deposit, just electronic funds in your account.
If you are wondering about the benefits of online rent collection, this short and simple guide is for you.
Fewer Late Payments
Many late payments happen because tenants forget or are too busy to pay the rent. But when you have an online payment system, tenants can easily set up recurring payments or make their payments any time of the day or night.
If they forget, there's always a reminder email. You'll get paid faster and more often, which means more income for your San Francisco Bay property management business.
Less Paperwork
A paperless payment system can save you a lot of time, which means more time for your business. You won't have to worry about lost checks or having to send out reminders.
You can also save on postage since you won't have to send out paper bills or receipts.
Your online system will keep all of your tenant records and receipts. Accessing the records is easy, which will be especially helpful if there's a problem with a tenant.
Transparent Transactions
The benefits of using an online payment system don't stop at saving time and money. It also makes your property manager in San Francisco Bay transactions more transparent.
Your tenants can see exactly how much they owe for rent, utilities, and other services. They can also view their payment records and see exactly how much money they've paid you. This may seem like an insignificant thing, but it will help build trust between you and your tenants.
Improves Tenant Satisfaction
A happy tenant is a good tenant. They're more likely to pay their rent on time and take care of your property.
By implementing an online payment system, you're making your tenants happier. They won't have to go through the hassle of paying you in person or mailing a check.
Instead, they can do it from the comfort of their own home. This will make them feel more secure about their living situation and less stressed out about paying rent.
You Can't Go Wrong With Online Rent Collection
There's no doubt that an online rent collection system will improve your business and make you more money. You can expect to see a decrease in late payments, along with an increase in tenant satisfaction. If you want to keep your properties profitable, then it's time to implement an online rent collection system.
Kenny Realty is a San Francisco Bay residential property management company that will take care of all your needs. Contact us today to learn how we can help!
Evan has been in the real estate and property management field for 6+ years. He is experienced in working with first time home buyers, is an Accredited Buyer’s Representative (ABR®), Seller Representative Specialist® (SRS) and Seniors Real Estate Specialist®(SRES®). He also works closely with Kenny Realty owners, getting their rental properties rented as quickly as possible. Evan is responsible for monitoring rental market conditions and advising our owners on market rates. He has outstanding communication with all clients he works with, keeping everyone in the loop at all times. He is the third generation of the Kenny family to practice property management on the peninsula.