Today, we live in the fast-paced world of changing technology. For most renters, the only check they write each month is to pay their rent. Property managers can entice renters to their properties by leveraging cutting-edge technology to automate the payment process for renters each month, while at the same time simplifying daily office operations. It’s a mutual win-win.
Forgetting to make a payment or mail a check becomes a thing of the past and renters do not always need access to a computer to utilize these types of services. With built-in convenience functions, accepting payments online can allow property managers to know if a payment was made or not. In the event that a payment was not made, an electronic notification can be sent to the renters and they can make alternative arrangements to pay.
The automated process results in more tenants paying their rent on time, which directly improves your net operating income. For property managers not using an online service, it can be difficult to track down late payments and it can take a substantial amount of time.
Tenants who pay their rent through an online collection service, such as ClearNow, have the option of choosing different payment options each month. Renters may choose to have the automatic debit occur one-time, twice per month or bi-weekly. When enrolling, many participants choose to conveniently take photos of the required sign-up documents such as a voided check or recent bank statement along with emailing their enrollment form. The sign-up process is fast and efficient – once it is complete the notifications and automatic debit functions make it easy to track your rental payments on mobile devices.
In addition to simplifying the rent collection process, using a secure online rent collection service can help you better track rental payments and expenses. These services leverage technology to present digital reports, while allowing you to export data to programs such as Microsoft Excel for easy use with your account software.
Further expediting the payment and allocation process, property managers can opt to directly deposit a percentage of the rental payment to the owner’s bank account and a portion to their account to cover property manager fees. Email notifications are sent to the owners and renters that the transactions have taken place.
This type of service offers a great incentive to renters of all ages and those who are looking to establish or build their credit. ClearNow reports positive payment data to Experian RentBureau®, which is automatically reflected on the individual’s tradeline section of their credit report. The service is not only more convenient for renters, but it allows them to demonstrate how responsible they are with their rental payments each month.
Take advantage of online rent collection to boost efficiency in your daily operations, online rent collection, visit https://www.clearnow.com/CIC while offering your renters an incentive to choose your properties.
By: Laura Mowry