The Importance of A Positive Moving Experience in Tenant Retention – How Property Management Credit Card Processing Can Have an Impact

Moving into a property is a time for creating key memories, so it is important to create a positive experience for your tenants if you want them to feel satisfied.

Evidence has shown that a resident's happiness begins as early as the day he or she moves in, and since a happy resident is one who is most likely to renew his or her tenancy or membership, it is vital to create the right impression. Because this is also the day on which the leasing process finally wraps up, landlords and community association managers who are keen to improve the stability and consistency of their revenue should take the time to make sure that all residents are as happy as possible. A survey has recently shown that the tenant renewal rate for those who were satisfied with the way in which their moving day was handled was 59 percent higher than for those who had a negative experience. This evidence shows that landlords and property managers need to pull out all the stops to ensure satisfaction on all fronts. That means giving tenants more of what they want and what they expect, and property management credit card processing plays a role in those expectations.

A Solution for Today's Landlords

Not so long ago, tenants expected to make their monthly rental payments in cash or by mailing a paper check to the property management company. This is no longer the expectation, however. With so many people now used to making payments for all of their key expenses online or via the telephone, it is no wonder that tenants want the flexibility to make their payments in a similarly convenient manner when it comes to paying their rent. If tenants are able to pay their utility bills and check their bank statements over the Internet, why couldn’t they pay their rent in that manner as well? When keeping tenants satisfied is a landlord's priority, offering an online payment portal, or IVR system, makes sure that residents have the flexibility they crave, with the ability to use their preferred methods of payment and the opportunity to make payments at a time and place to suit their schedules.

Where Does Property Management Credit Card Processing Come In?

From taking an initial deposit to receiving the monthly rental payment, offering residents the option of using their preferred credit card is one of the best ways to guarantee that payments are made in a timely manner and in the correct amount. Expecting today's residents to go to the effort of mailing a check or visiting the bank to take out cash and then fitting into the post office or property management company's opening hours is often a step too far. This leads to nonpayment of rent and cash flow problems for the landlord, not to mention the additional time-consuming hassle of having to chase down residents for missing rent or association fee payments. Property management credit card processing services make sure that tenants are able to benefit from convenience from day one, thus guaranteeing greater levels of satisfaction and a more positive tenant-landlord relationship.

BillingTree's Property Management Solution

The goal of BillingTree is to make being a landlord or community association manager more profitable, more convenient, and a lot less work. With convenient property management credit card processing services that are entirely secure, fully accessible at any time, and highly cost-effective compared with the cost of processing paper checks, BillingTree's innovative solution for property managers is fully compliant with all current regulations and is entirely secure for both the landlord and the resident’s peace of mind, ensuring maximum satisfaction for both sides of the transaction.