Being a landlord is never easy, especially if you are operating multiple rental properties. The process of finding a responsible and trustworthy tenant, dealing with maintenance, and, of course, collecting rent, can be exceptionally demanding and time-consuming. However, property management companies that are keen to seize any opportunity to reduce their stress levels could benefit from adopting a facility that allows them to collect rent online.
In the past, tenants had no option but to make a payment in person or write a check for their monthly rent. Now, there is a more convenient solution. The rise of the Internet has enabled people to handle their finances in a much simpler way. Checking your balance online or buying an item through an ecommerce store is just as common, if not more so, than going to a bank or shopping mall.
Landlords who offer their tenants the opportunity to pay their rents online are not only making life easier for themselves but are also helping to simplify the payment process for their tenants, too.
What Are the Benefits of Online Rent Collection?
Most people who rent their homes or are members of their community HOA, are already used to carrying out most of their financial transactions online. With the rise of online banking portals, credit, and debit cards, there is hardly ever any need to use a checkbook. So, if you collect rent online, what are the benefits?
Better Relationships with Tenants
A recent survey carried out by The National Multifamily Housing Council showed almost 80 percent of tenants would rather make their rent payments electronically, and evidence has shown that landlords who collect rent online often have a better relationship with their renters.
Saving Time and Money
As a landlord, it can be stressful to wait for a rent check to arrive. However, when an online payment is made through ACH or a credit card, money will be directly transferred within two working days, which means you don’t have to go to the bank.