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What are the Benefits of Managing Rent Collection Online?

With some of the world trying to go green and the Internet dominating most financial processes, it is a prudent time to consider managing your rent collection online. It provides convenience to both you as the property manager and your clients, as well. It allows you to cut down on the paperwork and administrative staff expenses. But most of all it helps you obtain the following major benefits:

1. Improves customer service

Customer service is all about delivering convenience. And with the online system of collecting rent you provide your customers just that. At the same time, since you will be concentrating less on personally collection rent, you can use that time saved for more productive work like marketing to new renters or building stronger better relationships with your present customers, or watching Transformers or the World Series!

2. Reducing disputes with paper trails

Any kind of online payment leads to the creation of paper trails in the digital format. This is also the case with online rent collection. In case, a renter claims to have made payment, you can instantly check through the online system if the transfer has been made. Property management software systems allow you to automatically mark the date and time when a payment is made and transfer the rent amount to the property owner’s account. It also gives you the details of all the tenants who have and have not made their payment for the month.

3. Control over the management of fees

With the online system of rent management, the administrative staff requirement is reduced in half. This means you will spend less resources to manage the rent collected. And, this, in turn, helps you spend more on things like property management or reduce the cost of your entire service package.

4. Improve security

The risks associated with payment of cash are reduced. You do not have to deal with miscalculations or fake notes. The rent amount will directly be transferred to your business account. As a result of this limited risk, property insurance companies are likely to charge you a lower coverage rate.

5. Keep payments on schedule

Some people tend to forget that their rent payment is due, resulting in delayed payments which caused a crunch to occur in their cash flow. This can affect your business since you have bills to pay too with that money. With the online payment system, payments can be made on the due date itself. You can also send the renter an email to remind him that his rent is due a few days before it is due, this way you do not have to deal with delayed payments or at least mitigate the chances of this occurring.

If you don’t have this capability available, it’s about time you made some changes to your rent collection system and keep your client, the landlord, happy.