As a landlord, receiving rent on time is about as important as it gets, and finding property management payment solutions that facilitate this goal is essential. So, how can property managers improve their chances of receiving payments in a timely manner?
One of the key ways that landlords today have found to boost their revenue and to improve their cash flow is to adopt an online payment portal that not only helps to make tenants’ lives easier but also helps to increase the likelihood of landlords receiving the money that they are owed at the correct time.
However, as they say, you can lead a horse to water, but you cannot make it drink. So, how do you go about coni reluctant tenants that making an online rental payment is the best solution for them?
Top Motivational Tips
- Perhaps not quite a motivational tip, but more of a policy change – one of the tricks that some landlords are adopting is simply to make rent via electronic payments their policy. While it is not possible to force tenants in every case, most often, when tenants are told that it is the policy of the property management company, they tend to agree without question.
- Rewarding tenants for signing up. If your tenants are showing reluctance to sign up to a recurring online rental payment system, you could consider giving them some kind of reward, such as a gift card or small discount.
- Raffle tickets. This is similar to the physical reward system. If you have a number of tenants, this could be a cheaper option. Give each tenant who agrees to register for online rent payments a raffle ticket with the chance to win a gift card for, say, $50 for a nearby restaurant or store.
- Remind them subtly. Sometimes, a subtle reminder will be enough to do the trick. Make sure that you mention the possibility of registering for online rental payments on the property management company’s website, in the office, on flyers, and in your e-mails – basically, anywhere that it will be seen and noticed by tenants.
- Actually, tell them! Each time you speak to a resident, always mention the possibility of making online rent payments.
These motivational tips will, hopefully, encourage most, if not all, your tenants to sign up for online rental payments so you can free up your own time from having to handle all those checks.
What Do Tenants Want from A Property Manager’s Payment Portal?
While you may be keen for your residents to sign up for your online property management payment solution, you need to make sure it offers everything that your tenants expect. Otherwise, you’ll never achieve success.
Tenants want to be able to access the payment system 24 hours a day, seven days a week to fit in with their own lifestyles. In addition, they will need a system that is simple to navigate and user-friendly and one they won’t struggle with when trying to understand and use. A key element that tenants are looking for is the option to use their preferred payment methods and to be able to set up an automated recurring payment for their own convenience.
Billing Tree’s property management payment system offers all these facilities and makes life easier for both landlords and tenants. By offering a cost-effective and convenient way for tenants to make payments and landlords to receive them, BillingTree’s property management payment solutions hold the key to improving landlord/tenant relationships, increasing cash flow, and freeing up property managers’ time for a more streamlined operation.