It is important that landlords receive rental payments in a timely manner, so it is essential that they seek property management payment solutions in order to facilitate this goal. How can real estate administrations increase their chances of receiving rental payments on time?
Today, landlords have found an effective way to increase their income and improve their cash flow and this is through the use of an online payment portal to make life easier for tenants and at the same time increase the possibilities. that the owners receive the money owed at the right time.
However, as the saying goes, you can’t teach old dogs new tricks. It can be challenging to convince reluctant tenants who are used to traditional payment methods to make a rent payment online, even if this might be the best solution.
1. Change the policy.
This may not really be motivational advice, but rather a policy change. Some landlords adopt a new policy, that is, paying rent using electronic payments. While landlords cannot force tenants to do so, when they say 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 reward them if they do. It can be a gift card or a rental discount.
3. Host a raffle for eligible tenants.
If there are multiple tenants, organizing a raffle will be a profitable option. Those who agree to sign up for rental payments online will receive a raffle ticket and the price could be a $ 50 gift certificate to a restaurant for dinner.
4. Remind tenants in a subtle way.
Sometimes a simple reminder is still effective. Landlords can mention the option of registering for rent payment online on the property management company’s website in the office, via email, brochures, or wherever tenants can view.
5. Tell them directly.
The owners can tell you directly. When they meet a resident, they can bring up the benefits of making rent payments online.
The tips mentioned above will somehow encourage most tenants to sign up for rent payments online, especially when they realize the advantages, eliminating the burden of handling check payments.
Make sure the online payment system is configured correctly
Landlords may be eager to have their tenants sign up for their online rent payment solution, but first they need to make sure it offers the things residents have come to expect. Otherwise, they won’t be convinced to sign up.
Certainly, tenants would like to have access to the online payment system 24 hours a day, 7 days a week, anywhere and anytime they want, to suit their schedule.
In addition, the system must be easy to navigate, use and understand. In other words, it has to be easy to use. Another important element that can be taken into account is that they are given the option of using the payment method they prefer, so it would be convenient to set up recurring payments.