If you normally collect rent with cash or
checks then collecting rent online can be a quick way to help save you time and
energy as a property manager. Property managers who have set up online rent
software to collect
rent online have already secured the benefits. If you are thinking about
landlord software, here are some pros and cons to keep in mind if you decide to
finally collect rent online.
Pros:
- Automatic payments and processes
- Real time payments
- Save time and energy as software collects and follows-up
- Easy to use software
- Payments made anywhere anytime
- Reliable record keeping
Cons:
- Relying on 3rd party
- Reduced control of collecting rent in person
- Less face to face communication
- Withdrawal bank fees (transaction fees)
Splitting
Rent Payments
Another major perk of collecting rent
online is being able to split rent payments with 2 or more roommates. This is
convenient for the landlord but also for tenants as each renter can pay their
fair share.
Enforcing
Collect Rent Online
As the property manager it’s your
responsibility to spell out the rules on collecting rent. Schedule My Rent
advises its landlords and property managers to enforce the collection policy in
the lease agreement. Doing this, sets the expectation up-front and minimizes
any miss-communications.
Get
Paid On-time
Taking advantage of online landlord software also minimizes the
amount of late payments and missed payments. Our reports show that property
managers that collect rent online also have improved relationships with their
tenants.
Conclusion:
It’s an Overall Benefit
Adopting landlord software makes collecting
rent online easier for both landlords and tenants. The benefits outweigh the
cons when referring to collecting rent online. Accepting cash and checks are
options for business exchanges in the past. Schedule My Rent is happy to
provide a free demo including support and training to help property managers collect
rent online. If online rent collection is something you’re excited about call
Schedule My Rent today!
Awesome post. You shared a quick bibliography for pros and cons of the procedure of online rent collection for Landlords. Yet it may have cons also, but I think pros are enough to ignore cons.
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