Despite a number of property management companies offering the facility of making online payments of the rent to their residents, there are so many who do not follow this practice. Of course, there are some individuals who are used to making online payments against most of their bills, including rentals, yet only a small percentage of tenants prefer this mode of payment.
Property management companies find it beneficial to receive online payments as they are generally timelier and do away with the bother of stamping the checks and visiting the bank. Moreover, there is no fear of checks getting lost, and no time or effort is needed for the collection of checks.
Because of the benefits of getting paid online, any property management company would prefer its residents to pay online, and should be willing to motivate its residents to do the needful. Property management companies need to make their residents aware of the benefits of making online payment. Here are some benefits that the residents enjoy on making online payments of their rentals:
It allows residents to make timely payments, especially those who are in the habit of waiting till the last moment for making the payment, and who often end up paying late fees.
Residents don’t need to keep any record of payments made, and they can quickly view the history of payments made by them at any time. A resident may simply inform the banker to pay the needed amount every month on a fixed date, and thus have no worries of making late payments.
Companies may offer some incentive to residents who agree to pay online. Nobody minds getting anything free. For example, the company may offer a cash voucher of five to ten dollars from a neighborhood convenient store to motivate the tenants to pay online.
Design a contest
Every month, the company may hold a draw of all tenants making online rental payment and reward the winner through a dinner for two or give a gas card worth $50. This could encourage reluctant tenants to start paying online.
Make it binding
Should all your efforts and incentives to residents fail to bring the desired result, you could perhaps make it mandatory for all tenants to pay online. You would need to consult some professional or local state agencies if you can rightfully implement such a proposal. You may also check if you’ll be right in asking for little extra from residents who don’t pay online. In any case, you can certainly include a clause to that effect in the agreements that your new tenants need to sign before moving in to your apartments.
Well, there will always be some who prefer writing checks, but many would consider making online payment a convenience and not a disadvantage.