It is important for landlords to receive rent payments in a well timed manner so it is essential for them to look for property management payment solutions so they can facilitate this goal. How can property manages increase their chances of receiving rent payments on time?
Nowadays, landlords have found an effective way to increase their revenue as well as improve their cash flow and this is by making use of an online payment portal to make lives easier for tenants and at the same time, increase the chances of landlords to receive the money due them at the right time.
However, as the saying goes, you cannot teach old dogs new tricks. It can be challenging to convince reluctant tenants who are used to traditional paying methods to make an online rental payment even if this could be the best solution.
1. Change the policy.
This may not really be a motivational tip but rather a change in policy. Some landlords adopt a new policy, that is, to pay rent by means of electronic payments. While landlords cannot force tenants to do so, when they say that this is their new policy, tenants will abide by it.
2. Reward them for using the online payment system.
When tenants are reluctant to sign up for the online payment system, landlords can try to give them a reward if they do. It can be a gift card or discount on the rent.
3. Set up a raffle for eligible tenants.
If there are several tenants, setting up a raffle will be a cost-effective choice. Those who agree to sign up for online rent payments will receive a raffle ticket and the price could be a gift certificate worth $50 to a dine- in- restaurant.
4. Remind tenants in a subtle way.
At times, a simple reminder is still effective. Landlords can mention the option to register for online rental payment on the website of the property management company in the office, via email, flyers or wherever it can be seen by the tenants.
5. Tell them directly.
Landlords can tell them straight. When they come across a resident, they can mention the advantages of making online rent payments.
The abovementioned tips will somehow encourage most of the tenants to register for online rental payments especially when they realize the advantages, which removes the load of handling check payments.
Make sure the online payment system is set-up properly
Property owners may be eager for their tenants to register for their online rent payment solution but first, they have to ensure that it offers the things that residents expect to have. Or else, they will not be convinced to sign up.
Certainly, tenants would like to have access to the online payment system 24/7 anywhere they are and at any given time they want, to adjust to their schedule.
Also, the system should be easy to navigate, use and understand. In other words, it has to be user-friendly. Another important element that can be taken into consideration is to be given the option to use the payment method they prefer so it would be convenient to set up recurring payments.