One of the most common questions asked by both landlords and property managers is: how do I get my renters to not only have paid rent on time, but to pay it in full? Nobody likes having to deal with slow payments or even tenants who default, and even fewer still like having to face down an eviction. (I’m sure there are some out there who do, I’ve just never met any of them and I doubt you have, either.)
It’s probably not much of a surprise that I’m writing about the use of technology on the Rentpost blog, but stop and think about it just a minute. When you have multiple ways to pay your bills, doesn’t it make things much easier for you? The more convenient something is, the more likely people are to do it.
A number of recent studies back this up: people not only really appreciate having different options in terms of how to pay bills, but they also like being able to do it with the push of a button (Or swipe) from their phones. Having access to both mobile and online methods of payment actually encourages people to not only pay, but to, at the beginning of the month, have paid rent on time, and even in some cases: earlier than usual.
Several marketing studies have found that most people are shifting more towards paying bills online. Keeping yourself technologically up to date has a number of added benefits: greater organization, for example, which is particularly important for those with multiple units; as well as documentation on hand for tax time. Those same studies showed that most people who do pay via mobile do so because it is more convenient and saves them time. Others still yet said they did it because they could do it outside of office hours, and many more still yet found it helped them to pay rent and other bills on time, because they got an email reminder. So, if you’re looking to get the rent paid on time, you may want to think about changing the way you charge for it.