If you manage a lot of apartment units and do not have a good system in place for collecting rent, you may want to look into accepting rent payments online. This is not only a convenient way for you to collect rent, but it also offers a simple way for tenants to complete this task each month. To make it even easier for them, you could offer recurring electronic payment options to them. This too would be a huge benefit for you as the landlord, and here are some ways to encourage your tenants to sign up for this service today.
Explain The Benefits
If this is a new service you will be offering, you will need to explain it to the tenants. A good way to do this is by sending a letter to them that outlines the program. Paying rental payments online is a simple method for your tenants, but signing up for automatic payments is even better. The goals of your letter should be to explain the following things to your tenants:
- The new method you are offering for rental payments
- Steps the tenants need to do to begin using this system
- Benefits it would offer them
When tenants set up automatic payments, the payments will occur each month without having to do a thing. In other words, this offers a convenient and simple way to pay rent each month. This could save the tenant time, and it could reduce the chances of late payments that may occur if a tenant forgets to send in his or her rent check.
In addition to explaining the system and the benefits it would offer your tenants, you could also encourage your tenants to enroll in this by offering them incentives. For example, you could offer to reduce the tenant's monthly rental payment by $5 or $10 for signing up. Yes, this would reduce the total amount of rent you collect each month, but it could also help you collect more rent. It could eliminate the number of tenants that pay their rent late each month, and it will save you time.
Another incentive might be a bonus as the end of the year for tenants who use this service all year. You could offer a $50 gift card or credit towards rent as the incentive.
Offering the option to enroll in automatic payments could be a smart move to make as a landlord. This is just one of many tenant services you could use to improve your business operations. To learn more, contact a company that specializes in tenant services.