A Few Healthy Reasons to Start Collecting the Rent Online

A landlord’s life is quite stressful, whether he manages one rental property or a hundred. It is hard to find tenants who are responsible and trustworthy, as well as maintain a property and collect rent. The process is, without a doubt, demanding.

As a matter of fact, a recent study reveals that 66% of landlords say that managing a property is a lot more stressful than handing a full-time job. So, it is important that they take advantage of all opportunities to minimize stress and that of their tenants.

The Internet technology has enabled people to increasingly manage their financial obligations online, since methods of past generations are now considered obsolete. For instance, bank depositors seldom balance their check book – if ever they do so.

Online rent collection is an effective method to make sure that landlords are doing everything within their power to make the process easier on them and their tenants. It is now easier for them to collect rent, and for tenants to pay rent. The best reasons to go online and start making life easier now are as follows:

Convenience

Nowadays, most tenants are doing their financial and business transactions online. Debit cards, as well as online banking portals, have made it possible for them to seldom pull out their check book. For this reason, 79% of tenants would rather pay their financial obligations electronically.

Certainly, online rent collection is not only convenient for tenants. This is beneficial to for landlords as well, since they no longer need to wait for the monthly check/s in their mailbox before heading to the bank. Online rent payments are accomplished by means of Automated Clearing House (ACH) or credit cards, letting tenants transfer money straight into their landlord’s account in as fast as 2 business days. This is convenience at its best.

Safety

About 9 million individuals will fall prey to the crime of identity theft each year, which translates to around 19 people per minute. When a fraud takes place, it would take the victim $500 and 30 minutes to have each instance of identity theft solved. Since it is not likely for a tenant to handle a check literary in person each month, a rent check makes it easy to become a victim of such type of crime.

This is because the check – which is dropped in the mailbox – contains the banking information of the tenant written on it. Also, when a tenant’s bank account is drained due to fraud, this will become a problem. Due to its safety measures, collecting rent online makes sure that no one is at risk.

Improvement of Tenant-Landlord Relations

When it comes to sales, the agent who closes the deal and wins the customer over is seldom the same person who collects the payment. This prevents a good customer-client relationship from turning sour when issues arise during the payment collection process.

Online rent collection gives the same advantages – the tenants will associate their landlord with the brand new sink he choose to install, and not the monthly withdrawal from their bank account.

Landlords should bear in mind that tenants are not the only ones to enjoy the positive outcome of online rent payment. This minimizes the stress of facing tenants who do not pay rent on time, which is an unpleasant situation for both parties.