Breaking the A Common Myths Around Online Rent Collection

Posted On Dec 14, 2019 By admin With Comments Off

By Ben and Dina Lynch, Co-Founders of RentMindMe

Managing your rental belongings the old school way by label, texting, and emailing your renters the first week of every month to chase down rent…is a real pain in the #!%. We know. We did it for years. If you’re a landlord or asset manager still stuck in the analog daylights, there are better ways that will save you occasion, exertion, headaches, and money.

Chances are you’ve heard about online rent collection.

But maybe you’re wondering … How does it genuinely become life easier for me and my holders? We’re now to answer that question and debunk some of the more common stories that may be holding you back.

3 Myths Surrounding Online Rent Collection Myth 1- It’s Complicated

Sure, you’ve been doing it by hand for years, and despite all the time, exertion, and headaches, it eventually gets the job done. We get it. But did you are well aware, online rent collect application is easy to set up and flexible enough to support your current business process? Exactly speculate how astounding your life could be if you could instantaneously reduce the monthly stress of collecting lease. No more textbooks, calls, or emails chasing after fee. Technology does it for you … automatically … for every tenant … every month.

Whether you succeed your qualities by yourself or with a crew, online tariff accumulation automates statement start-up, tariff remembers, pay accumulation, and direct situates. No need for excess reporting or tasks to CYA.

Are you still having to track down renters after the fact to collect late fees? If your renters are late paying lease, lease collection software will automatically calculate the late reward, add it to their invoice and transport endless remembers until lease is paid or you decide other action is necessary.

Support When You Need It

Most online rental management solutions have support teams ready to help you and your team during the transition. In some events, these support teams can even help your tenants put up the application so you can focus on your work instead of playing the role of customer service.

When searching for the best solution, we recommend checking out their website, make a list of questions and schedule a demo. Once you’re on a bawl, you’ll be able to share your specific needs and challenges to ensure you’re choosing the best online rent collection solution for your business.

Superstition 2- My Tenants Don’t Use Technology

A common fallacy is that renters don’t have access to technology or worse yet, don’t have an email address. Did you know that according to a recent 2019 study, 96% of Americans own a cellphone and over 70% of Americans use some figure of social media?

To pay rent online all a tenant needs is an internet connection and an email address. If “theyre using” a smartphone and log into Facebook, Twitter, Snapchat, LinkedIn, or any other form of social media( and there are lots out there) they have an email address.

Technology isn’t Scary When you Communicate

Introducing change can sometimes seem scary, especially if you’ve been doing the same thing for a while. However, where reference is communicated that we were switching to an online payment alternative , we found that our holders were not only counteracted, but grateful to finally have a more opportune room to pay rent.

These periods, beings are used to the convenience of digital pay methods for everything like compensating credit cards, car loan, utilities, online browsing and student lends. Why not add lease to the list? Once we introduced online pays , not only did our late payments decline, but 30% paid before fee was even due. With the calmnes of automated email and text fee remembrances, it makes less than one minute to pay rent. Making things more convenient for your tenants is a benefit to them and a benefit to you. We call that a win-win.

Belief 3- My Tenants Don’t Have Bank Accounts

Just because your tenants pay you in money or money order doesn’t mean they don’t have a bank account. Harmonizing to a 2017 FDIC survey, 94% of Americans have bank accounts yet only 40% actually write checks. Because of debit card and ATM’s, fewer people own checks.

Before offering an online lease fee alternative, our holders had to make a special trip to the bank to get a money order, or worse, because tariff was more than $ 500, they had to procreate numerous expeditions to the ATM to get money. We never recognized what a fus it was for our holders to pay rent.

With online rent collection you give them the option to use the free digital check busines or pay with a debit/ credit card( for a small fee ), all from the convenience of their dwelling. No more trips , no more hassle.

What About Credit/ Debit Card Fees?

Many rental management mixtures offer the ability to process credit or debit card deals with no cost for you. Renters pay the transaction fee along with their fee payment. And although it’s an extra cost, often it’s less than a late fee.

Bonus Myth- It’s Expensive

There are many answers available that you can quickly work into your budget without ending the bank. And with the amount of epoch you’ll save exercising an online solution, you’ll more than cover the cost in free time…and as everyone knows, experience is money.

Your time is valuable and equates to real dollars. That’s why an online tariff collection software is designed to not only save you headaches, but also help you streamline procedures, which saves day and coin across your operations. Online rent collection has worked wonders for our business. If you’re interested in learning more about these solutions, check out RentMindMe today.

About Us

RentMindMe.com is an online rent collection and management software designed by landowners like you to streamline business processes for proprietors, belonging both managers and unified business offices. Co-founded by Ben and Dina Lynch, RentMindMe mixes their 40+ years of business experience with their 20+ years of rental control suffer to provide you with an easy to use, intuitive rental management tool.

If you have questions, please call 419 -3 18 -0 664 or email info @rentmindme. com.

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