Are you looking for ways to streamline and improve your rent collection practices?
When you're a landlord based around Portland or Gresham, Oregon, efficiency, and security are key. Your tenants need to feel incentivized to pay their rent on time, and you need to get your money promptly and safely.
Collecting rent online and using rent collection apps can be a great way to do both.
In this short guide, we'll go over everything you must know about online rent payments. Keep reading to learn more.
Benefits of Collecting Rent Online
Collecting rent online is both safer and simpler than collecting cash or checks.
Cash can't be documented and can be stolen easily. Payments can get lost in the mail. And writing out checks is tedious and can be easily forgotten by busy tenants.
With digital rent collecting, income receipts can be integrated into bookkeeping and accounting software for simpler tracking. You can also track who has paid and who hasn't automatically, which further simplifies things.
Additionally, most people are accustomed to managing the most important parts of their lives from their phones or computers. By accepting digital payments, you're inserting their rents into their preexisting digital ecosystems.
Perhaps most important of all, software that accepts online rent payments often provides automatic payment functionality, too.
By making recurring payments automatic, tenants have less to try to remember, leading to fewer late or missed payments. Late fees and other routine payments can also be automated to make things even easier.
How to Set Up an Online Rent Collection Service
As you can see, there are lots of benefits to collecting rent online. Unfortunately, setting up your own payment platform for tenants to use isn't so straightforward.
To begin accepting mobile and online rent payments, you would need to either code an app or website yourself, hire someone else to make one, or buy complex, specialized software that will do it for you.
The good news is, there's another way: you can partner with a property management service that already has this infrastructure set up.
A good property manager will have the most efficient and secure processes already set up for you. They'll also handle all the little tasks that go into maintaining rental properties, saving you precious time and energy for better things.
Learn more about rent collection at Kerr Properties, Inc.
Upgrade Your Oregon Property Management Today
Now you know everything you need to start collecting rent online. You've learned about the benefits of online and mobile rent payments and how you can set up such a service for your properties. Now, it's just a matter of taking action.
Kerr Properties, Inc. has all the services Oregon landlords need to make the most of their rental investments. If you have properties in Portland or Gresham, contact us today to see how we can upgrade your rental business.
