Why Online Rent Payments are More Convenient for Landlords and Tenants
There are so many things to think about when you are a landlord. It is all worth it when you get a tenant into the property and they are settled in. When that happens the passive income can begin and you can go back to earning money whilst focusing on other things.
Some landlords do not hear from their tenants again until they are ready to move out, or until the contract is to be renegotiated. Finding that elusive dream tenant can be a challenge, so it is good to know the problems in advance and try to fix them before they come up.
Getting timely rent payments and keeping tenants informed of contracts, updates, visits, or issues with the property, are two of the most difficult things for landlords to manage. These difficulties may bring additional stress to rental property owners. It is always important to maintain the cash flow, and ensure tenants pay their rent, however, it is also important to treat the relationship with respect. Luckily, online rent collection may help ease some of that anxiety.
To collect rent from your tenants, landlords use a variety of payment options. The following are the top four payment methods:
1. Cash
2. Cheque and post dated cheques
3. Standing Orders and Direct debits
4. Online Payments including e-wallets
Each of these have benefits, which will differ based on the specifics of your rental business, the different tenants, and the contract with them. . Here are some reasons why online rent payments are more convenient for both landlords and tenants.
1. Tenants no longer have to wait until they get an alert on their mobile device before going online to make the payment. It can all be done through the phone, so a quick text reminder, linked to the Payment function can be all you need. Overall, this payment method saves time and is much more efficient. Giving peace of mind can help to improve the relationship.
2. There is no need for tenants to keep track of all of their rent receipts. Rather than fumbling with printed receipts, renters may check their invoices, statements of account, and payment histories at any time by using an online interface.
3. Recurring rent payments are a huge advantage to landlords that use online rent collecting. All the renter needs to do is plan their regular payments, and monitor them online.
4. It is all in the control of the mobile device that fits into the palm of your hand. No need for paperwork, no need for waiting for cheques to clear, instant, simple payments are processed and reported on quickly and efficiently with transparency in the relationship.
Anyone who lives in the digital age favours convenience and efficiency above everything else; so, establishing a safe online payment for your tenants to pay monthly payments without having to travel is a distinct edge for your property business. These seemingly little things may have a significant impact on your tenant’s happiness and loyalty.
They can even lead to contract extensions which is always the goal.
