Collecting rent by cash and check is often considered a very risky choice. There are few assurances, and in the case of cash almost zero records of the transfer taking place.
So, have you started considering rent collection via an online system instead?
This article will help you understand some of the major ways an online payment portal can help you take the stress out of collecting rent. At the end, we will offer a way to help you set a system up for yourself.
Convenience for Tenants and You
Instead of writing checks, paying in person, or making a direct deposit, a renter can instead use a card or bank transfer to give you the money. This removes the need for them to set aside a portion of the day to handle this responsibility. Some systems also offer automated payments or reminders, which are useful for your records and give a sense of ease to the whole process.
These systems are not hard to set up. Still, if you are not tech-savvy, you might want to work with a property management company. They can help you handle your properties and any online systems to give you the time you can use to manage the rest of your life.
Reliable and Recorded Payments
As the online system has a record of when people pay, you can then cross-reference this with your bank. If a tenant says they paid but you do not see it in your bank, you can see if there are records of the tenant attempting to log in. If they did not, it means they did not even try and you can follow up with that in mind.
Higher Rental Appeal
Renters these days are both tech-savvy and interested in simplicity. By offering an online rent-payment system, you can appeal to people on the fence between different properties. This benefit means you will have empty properties for a far shorter time.
On top of this, tenants who know about and use online systems tend to be higher-quality, trustworthy renters. Their comfort with well-tracked digital payments suggests they are not people who prefer to be off-the-grid.
Other Helpful Systems
Online portals such as rental payment systems can also handle other issues. For example, you can allow a tenant to access up-to-date records on the property, notices you send them, or even a digital version of the contract. Another feature might be the ability to send you maintenance and repair notices if something fails in the rental.
These can help both you and the renter remain up-to-date on the latest goings-on with the location.
Get Someone Else to Handle the Rent Collection
Now you understand why online rent collection can be so useful, it is time for you to use such a system for your own properties. However, what if you do not know how to set one up? Lucky for you, we can help.
We manage properties in the North Carolina area and are experts in handling large portfolios. We have people ready to set you up with the perfect system to reduce the amount of work you need to do to handle your properties. So, get in contact today and find out what else we can do for you.
