The life of a landlord is stressful enough, whether you manage one rental property or a hundred. It is difficult to find tenants who are responsible and trustworthy, in addition to maintaining a property and collecting rent. The process is undoubtedly demanding.
In fact, a recent study reveals that 66% of owners say that managing a property is much more stressful than having a full-time job. That’s why it’s important that you take advantage of every opportunity to minimize stress for yourself and your tenants.
Internet technology has allowed people to manage more and more of their financial obligations online, as the methods of past generations are now considered obsolete. For example, bank depositors rarely, if ever, balance their checkbook.
Online rent collection is an effective method of ensuring that landlords are doing everything in their power to make the process easy for themselves and their tenants. It is now easier for them to collect rent and for tenants to pay rent. The best reasons to connect and start making life easier now are:
convenience
Today, most tenants conduct their financial and business transactions online. Debit cards, as well as online banking portals, have made it possible for you to rarely take out your checkbook. For this reason, 79% of renters would prefer to pay their financial obligations electronically.
Certainly, online rent collection is not only convenient for tenants. This is also beneficial for homeowners as they no longer need to wait for the monthly check(s) in their mailbox before heading to the bank. Online rental payments are made via Automated Clearing House (ACH) or credit cards, allowing tenants to transfer money directly to a landlord’s account in as little as 2 business days. This is comfort at its finest.
Safety
About 9 million people will be victims of the crime of identity theft each year, which translates to about 19 people every minute. When fraud occurs, it would take the victim $500 and 30 minutes to resolve each identity theft case. Since a tenant is not likely to handle a literary check in person each month, a rent check makes it easy to become a victim of this type of crime.
This is because the check, which is deposited in the mailbox, has the tenant’s banking information written on it. Also, when a tenant’s bank account is emptied due to fraud, this becomes a problem. Due to its security measures, collecting rent online ensures that no one is at risk.
Improvement of Tenant-Landlord Relations
When it comes to sales, the agent who closes the deal and wins over the customer is rarely the same person who collects payment. This prevents a good client-client relationship from souring when problems arise during the collection process.
Online rent collection provides the same advantages: tenants will associate their landlord with the new sink they choose to install, not with the monthly withdrawal from their bank account.
Landlords should keep in mind that tenants are not the only ones who enjoy the positive outcome of paying rent online. This minimizes the stress of dealing with tenants who don’t pay rent on time, which is unpleasant for both parties.
