The rental market has seen increase alongside economic and real estate fluctuation, and as such, both property owners and renters have come to expect different things than they did a decade ago—convenience, eco-friendliness, affordability, amenities.
Something we’ve seen introduced that offers benefits to both landlords and tenants is the option to pay rent online. Many property management companies offer this as a perk to their renters; however, they too see benefits from the feature.
Here are just a few of the benefits landlords and property management companies receive when they utilize online bill pay.
1. Experience higher, better collection rates. Most tenants will pay in a more timely manner if they can do so at their convenience, any time of day or night, online.
2. Higher lease signing rate. Use online bill pay as an incentive for people to lease your apartment units or property.
3. Many landlords will use the online rent pay to allow residents to pay security deposits, pet deposits, late fees and application fees. This simplifies the transaction processes.
4. Online rent pay can be used as a marketing tool when it is promoted as something different from the traditional landlord/tenant model. Set yourself and your property apart with it.
5. Many tenants like to have payment history available, and by using online rent pay, they can have access these records themselves, as opposed to requesting it in paper from the property owner.
As mentioned, however, tenants receive benefits of paying rent online, as well. Do you currently have a drop box only open during specific hours? Is your rent the only bill you’re forced to write a check to pay? If so, consider some of the online rent pay perks, and consider switching landlords to one that offers this feature.
First, ask yourself if you have these three things in place: a bank account, a good credit card and access to the Web. You’ll need all three to pay your rent online.
1. Free! While some property management companies and landlords will charge you a convenience fee, many include online rent and bill pay free. Plus, you’ll save money in checks and stamps over time.
2. Your payment immediately covers your rent. With checks, you have to wait for them to be cashed and accredited to your account, but with online rent pay, it’s instant.
3. Convenience is probably the biggest perk. No trips to the mailbox or post office; no missing drop box times; no watching your check account for it to clear. It’s fast and easy from the comfort of your home.
4. Auto-deduction is available for many who pay rent online, and this makes it even more convenient. With this feature, you don’t have to sit down to pay your rent because it’s automatically drafted from a pre-approved account.
5. It’s easier to avoid late fees, especially if you set up the auto draft.
6. Have you ever paid your rent, it got lost in the mail and you were charged late fees? This doesn’t happen with online rent pay.
7. You can receive instant proof of payment by printing your receipt should an error occur.
8. With all of these benefits, it can be easier for many to build a strong, credible rental history with online payments.
There are a few drawbacks to paying your rent online, such as technical glitches, fees and occasionally, you may overlook information online that you would have seen if it arrived it the mail. But, for the most part, online rent pay is the best, easiest and most affordable way to pay your monthly rent.
Boundless Management, as well as other landlords and property owners, offer more to their renters than simply onine bill pay.