Most modern renters will agree that electronic rent payments are more convenient than writing a check, finding an envelope and stamp, and going to a mail drop box. In the same way that technology shapes the retail industry, and savvy retail merchants develop agile, consumer-centric policies to remain competitive, property management companies who evolve with changing housing shopper patterns position themselves for growth and prosperity.
There is an ever-increasing expectation from all consumers, including renters, that their bills must be as mobile are they are. According to Fiserv, a national data processing organization, 65 percent of mobile consumers expect paying their bills to be a seamless, safe, 24/7 solution. In 2016, 6 percent of all digital wallet users surveyed used electronic payment options to pay all or part of their rent. That number may seem low, but remember that this number includes renters, homeowners and those people who don’t have any housing expense, but still pay other bills electronically.
Consider Property Management Software Electronic Payment Solutions
Exploring electronic rent payment solutions means your company is prepared to go with the flow, or better yet, lead the way toward modernizing the rental market with advanced technology. Modernizing your operation delivers benefits for all stakeholders. Consider these advantages:
For renters, the benefits are plain to see. Flexibility, convenience, instant payment, and a digital record of all prior payments identified by payment type – ACH, debit card, credit card, electronic check, etc.
For property managers, with more available channels, tenants are more likely to pay their rent on time. Every automated transaction reduces accounting time – saving the organization time and money. Manual rent collection, a time-consuming, costly necessity for remote property managers becomes less burdensome with automation. Efficiency and accuracy both improve substantially.
Symbiotic vendor relationships benefit everyone in the rental market chain. While automated supply replenishment guarantees on-site maintenance teams always have repair items on-hand, electronic payments help vendors control costs. This means your maintenance team can focus on improving response time and building relationships with tenants: less stress and faster services. Your suppliers and contractors may also be willing to negotiate better terms when they know your payments will arrive on-time and accurate.
A fully-integrated accounting system empowers owners with on-demand tools to monitor rent capture and variable maintenance costs in real-time. This is something every owner or investor who is concerned about profit margins values.
Electronic payments are a win for everyone – vendors, property managers, owners, and renters. It makes sense to utilize your property management software to its full capacity.
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