Did you know that a delinquent renter now owes $5,600 for being almost four months behind on their rent? If you have a delinquent renter, the last thing you want is to make rental payments difficult for other renters.
Online rent collection through a tenant portal is easy and provides many benefits. Keep reading to learn more.
What Is a Tenant Portal?
Tenant portals let tenants log onto a website to view information about their rental and community. A portal login is personalized to the tenant.
The portal organizes the following information:
- Financial balances
- Communication preferences
- Work orders
Most importantly, a tenant portal allows tenants to pay rent online with ease.
Online Rent Collection Pros
There are a lot of pros to online rent collection. It's convenient for landlords and tenants to pay rent via a tenant portal.
Some of the best benefits are:
Reduce Late Payments
One of the main benefits of online rent collection is that it can help reduce late payments. Because collecting rent online is easy and convenient, tenants are less likely to miss payments.
Tenants can set recurring monthly payments through a portal so they don't forget to pay their rent when the time comes.
Landlords can use the portal to send automatic reminders to tenants about their upcoming dues.
Using online payment does come with risks. Although you can reduce late payments, your tenants might dispute a charge on their account. Payment providers sometimes side with the customer.
Additionally, a tenant might only make a partial payment. This could derail eviction proceedings if it were to come down to it.
Fast and Secure
When you collect rent online, you receive fast and secure payments. ACH payments can take five days or more to come through.
With online rent payments, there are different options for instant transfers. Funds go directly from bank to bank so the money isn't at risk of being lost or stolen.
Rent collection online is a more convenient process for everyone involved. Not only do you benefit from a better experience, but you can improve relationships with your tenants.
You spend less time chasing down tenant payments and free up time to concentrate on improved customer service and tenant background checks.
Saves Time and Money
A lot of landlord tips stem from making money. Collecting rent online through a portal can help you process payments faster and automatically tracks your rental income.
When you can automatically track your income and expenses, you remove hours spent on administrative tasks.
These portals can also remove costly and time-consuming accounting errors.
Depending on the service you use, there might be fees and limitations on transfers. However, this con is outweighed by the many pros of online rent collection.
How Rental Property Management Can Help
If you don't currently have a tenant portal, implementing one for your property can reap the above benefits. Rental property management firms can manage your property and help with online rent collection.
To get started, contact us now to learn more about our services.