One of the biggest complaints you’ll see out there about property management is that it can be hard to get people to pay rent when you ask for it. While reminders and the like can make it so your tenants don’t forget- have you ever thought about just being more accessible and making it easier for them to pay in the first place? Offering more than one way to pay is definitely a big boost to making sure things get paid on time, all the time.
If you take a look at some recent studies, both through Pew Internet Research and the Marketing Workshop, you’ll find that it’s more than just something that helps you stand out. It’s good business sense. Not only do people like being able to choose how they pay, but they’re also more inclined to do business with someone who offers convenient pay methods, such as mobile and online options. People who use online billpay have been shown to fall behind less, and those who pay by snail mail are more likely to “lose track of bills”. One survey showed that to be 19% versus the 6% of those who pay bills online.
These studies showed that half the people who do pay their bills online or by way of a mobile device do so because it’s just more convenient and time saving. Almost half of them said that 24/7 access to their bills and other aspects were the draw to online billpay. When asked about electronic, or paperless billing- 69% of the respondents said that they preferred it as it was more convenient.
Now, there are many reasons why using a property management software would benefit you as a property manager or landlord- that’s easy, but I think ultimately, the biggest one is that it benefits your tenants. With improved communication and ease of bill paying- it just makes a lot of sense. Being able to organize your maintenance tasks in a better way is also a clear benefit- but when you get right down to it, making it easier for your tenants to pay on time, each month? That’s a benefit everyone can enjoy.