Collecting Income – Making It Easier for Tenants to Pay Rent on Time
On the heels of our previous blog regarding the importance of collecting income and billing your tenants, let’s discuss how Unit Connect makes it easier for tenants to pay you.
On the heels of our previous blog regarding the importance of collecting income and billing your tenants, let’s discuss how Unit Connect makes it easier for tenants to pay you. Many property managers rely on property management software to schedule and generate their monthly bills on time. But just, because you generate your bills on time and have your finances under control, doesn’t mean your tenants are managing their finances, nor does it guarantee they will pay you on time.
Believe it or not many landlords are still driving/walking door to door to collect the monthly dues or they have a dropbox. This is especially common when an owner has several multi-family houses or a building with an onsite super. A two hour task can consume the whole day, knocking on doors, getting caught up in some friendly chit chat and fielding complaints. Perhaps your tenants were unhappy with the snow removal, the people downstairs are too loud or their sink is leaking. Either way, your two hour trip to collect the rents from your different renters has now put you way behind schedule. Plus you have no clear and detailed record of the complaints or repairs you just received. Instead, you’ve got a notebook if you’re lucky or more likely the back of a piece of junk mail with notes scribbled on it.
Now it’s 4:00 pm and you finally make it back to your office. You’ve still got to update the tenant ledgers, make a deposit to the bank and deal with all those complaints and repairs. Your time is valuable and every minute counts. Wouldn’t it be great if your property management software could help you by making it easier for your tenants to pay on time, effortlessly and consistently?
Unit Connect can drastically reduce the amount of time you’ve been spending on rent collection with the Tenant Portal feature. Unit Connects Tenant Portal gives you the control to send out individual invitations to your renters so they can sign up online. They can view their account history and make a payment all in the app. Tenants can even set up automatic payments.
The renter demographic is getting young and the younger crowd is techier than ever. They do everything online, order groceries, shop for clothes, bank and pay bills. Offering a way for them to manage their account directly from their phones will not only make it easier to collect the rent but makes a great selling point. When you are interviewing a potential renter they want to feel confident that you are well organized and on top of your properties. The ability to manage their account with you is an amenity they will love. Check out our tutorial on the Tenant Portal feature and see how easy it is to use.
Sending out bills on time and providing an easy to pay method for your renters can all be done with the click of a button. Sign up for your free trial today and see what you’ve been missing.