Anyone who runs a property management company will be very familiar with the most common tenant excuses for non-payment of rent. While some of the reasons may be genuine, others are often because of poor financial management on the tenant’s behalf. Yet, whatever the reason, the fact remains that failure to make regular payments can lead to cash-flow problems for the property management company and financial hardship for the landlord. The key to resolving this issue lies in implementing effective rental payment system solutions.
Helping Tenants to Prioritize Rent Payments
The most popular tenant excuse for making late payments is by far, “I have too many bills to pay.” While this is probably true — the cost of living is rising all the time — the fact is rent payments must come first. Without paying the rent regularly, tenants must realize that they could end up being evicted, which would, in turn, lead to further hardship and problems. The good news for tenants, however, is by putting a convenient online rental payment system in place, they could guarantee their rent is paid in full and on time in a way that is easier for them. Internet tenant payment portals help to increase the number of tenants who pay in a timely manner, leading to a more productive and substantially smoother tenant/landlord relationship.
Dealing with the Transportation Factor
Another common excuse heard by property managers is, “I couldn’t get the rent to you because I didn’t have any transport.” Luckily, it is very easy to eliminate this excuse, too, by offering an online payment portal that would enable tenants to quickly and easily send their rent payment at any time of the day or night from the comfort of their home, work or even while on the bus. If tenants are required to mail their rent payments or hand deliver a check, the issue of transportation could rear its head. However, no vehicle is needed to make an Internet payment. Putting in place an online rental payment system also eliminates a few other popular excuses including: “I dropped by, but nobody was in”; “The bank was closed”; and “The check is in the mail.” Internet payment portals are open 24/7, and are activated instantly so payments are received in real time. This means that the property management company gets its money at the appropriate time, and the tenant enjoys the peace of mind that comes with having a confirmed transaction. As an added bonus, tenants can use a wide variety of payment methods, from credit cards to bank transfers, to make their payment to give them even greater flexibility and convenience.
Eliminating Tenant Confusion
While some excuses used by tenant debtors may not be genuine, others are truly as a result of confusion. For example, some tenants may not be aware of the date on which their payment was due to be paid, or they may be unaware of a change in the fees or rental amount that they owe. Sometimes, the property management company may even make a mistake and overcharge the tenant. All of these problems can be eliminated by using an effective property management payment service. Thanks to its highly efficient system, tenants will be able to see at a glance the precise amount that they owe, the dates on which rent is due and a complete payment history for their account. The automated rental payment system also ensures that the property management company will make no errors and will charge the correct amount at the correct time without any accidental overbilling.