The monthly rent you collect from your tenants is the life blood of your business as a landlord. It is this rent that forms cash flow for your business and makes it possible for you to pay your mortgage obligations to your lender. You also use this cash to carry out maintenance and repairs in your property. Then why is it that so many landlords create hurdles in the path of their tenants when it comes to rent payment? If you talk to tenants, you will also feel the same way.
There are still lots of landlords who ask their tenants to pay their rent through checks sent through mail. A vast majority of landlords still require tenants to come in person to hand over checks of their monthly rents. Times have changed and so have payment habits of most people. People love to make payments digitally using their mobile phones and credit cards. They find writing a check to make payment for utility or to their landlord a relic from the past.
Being a landlord, you are also a customer in all other places except your rental property. You must be making payments of your bills online through net banking or by using your credit and debit cards. You know it is comfortable and much more convenient than writing a check. This is why it is so necessary to set up an online rent payment facility for your tenants. By putting in place such a system, you make it possible for your tenants to pay their rents form anywhere and anytime they so desire.
If you ask a Millennial, you will find that he or she has not written a check in his entire life. These kids and young adults have been paying their bills online for a very long time now. It is like fumbling for cash in the wallet when a customer finds that the shopkeeper does not have a swap machine in his shop. Youngsters of today pay bills at grocery stores using their cards. If you do not provide online rent payment facility to your tenants, they will pay the rent through check grudgingly, but they will also look for another property where they will have the freedom to pay the rent online.
Setting up an online rent payment service can help you to attract many more tenants that you are able to attract today. Such a system will serve the purpose of a marketing tool for your business as most tenants wish to live in a rental property where they can pay their rent in a convenient manner. It is also great for tenants who are trying to build their credit. Online rent payment is equally beneficial for you as the landlord. Rent paid by the tenant goes directly in your bank account at the same instant. Compare this with rent collection through checks where you need to deposit all the checks in your bank and their clearance takes a number of days. You can easily misplace 1-2 checks that can have serious repercussions for you.
Online rent payment is a fantastic service offered by payment gateways even though they charge a small commission in return for their services. But the kind of comfort and convenience you get through online rent collection is simply incomparable. However, this service is not for tenants who do not have a checking account with their bank.
Remember, you will have lost the bus if you do not switch to online rent collection from your tenants. Rent payment online has increased tremendously in the last few years and more than 75% tenants are paying their rents online. Set up online rent payment service today to take your investment property business to the next higher level.
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