Paying rent online is the quickest and easiest pay method for managing properties, for both the tenant and the property owner/ manager. Here are three tips to increase online rent pay:
1. Make it Simple:
Writing rent checks is not too difficult overall, which means that if you want your tenants to pay online, the system and website need to be just as easy or easier than writing out two lines and a signature. Make sure common buttons, such as “Pay Rent Now,” or “One Time Payment” vs “Recurring Payment,” are large, bright, and on the main page. Keep the webpage open: don’t bog it down by having a ton of words or links on the page. Lastly, keep the number of re-routing pages to a minimum; if the process from clicking “Pay Rent” to “Payment Confirmed” is 3 steps/ pages or less, it will make rental payments easy.
2. Send Reminders:
Sending reminders to tenants gives them confidence that you are responsive to them as a tenant. Reminders also make it more likely that you will receive rent on time. It is a courtesy that can easily be done via emails, and can set up to automatically to email tenants that have not paid rent. Since most property owners require rent by the first of the month, I suggest sending the emails on the 25th of each month, giving tenants a reminder one week before rent is due.
3. Make it Free:
Understandably, there are often unavoidable costs associated with online card payments. However, most property management companies allow tenants to pay for free using their banking information. This is the most important tip for property owners to heed. If there is always a fee for paying rent online, tenants will rarely pay online. The cost of a 49 cent stamp will beat out the cost of most “convenience” fees.
Remember, If you want someone to do something for you, you need to make it easy for them. These tips will ensure you are creating an easy, quick, and efficient way for tenants to pay their rent online.
Holly Yang, Office Administrator