Modern Rent Collection Methods for Property Managers

Modern Rent Collection Methods for Property Managers

Posted on 09. Feb, 2016 by in Articles

Today, property managers find themselves in a tough spot. With baby boomers looking to downsize from their home in the suburbs, and recent college graduates entering the rental market for the first time, property managers can find it difficult to know exactly how to market to and communicate with these two very different groups.

So how exactly does the successful property manager market and provide perks to both generations, as well as those in-between? A good start is realizing what is important to each of the renters and provide the capability to offer it to them, including various rent payment options that make everyone happy.

For instance, while baby boomers and the senior generation are much more comfortable writing checks for all of their expenses, including rent, many millennials will never write a check a day in their life if they don’t have to. But by working with your bank and a good property management software product, you can offer the latest rental payments options available while also being mindful of the preferences of your older tenants.

Here are a few options that are available:

  • If you continue to offer tenants the option to pay rent by check expedite check processing; many banks now offer remote deposit capture, where property managers can run checks through a scanning device that immediately delivers checks to the bank for deposit. This eliminates the need to hand endorse and prepare bank deposits, as well as the time it takes to drop the deposit off at the bank. while still being mindful of resident preferences.
  • Offer the ability to pay rent via smartphone or other electronic device. This can be done by offering an online rent payment option on your website, where tenants can securely log in and pay rent.
  • Set up a tenant portal that allows tenants to view rent history, check for messages from management, and choose to pay their rent using a either a checking account or a credit/debit card.

While finding ways to make tenants of all ages happy can be challenging, employing various rent payment options will offer all of your tenants a way to pay rent that suits them, while offering management companies a way to process rental payments more quickly and efficiently than ever.

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