Like every other part of life, the way that rental businesses operate has been changed by the advent of the internet. Landlords have started to move parts of their operation online, and this includes rent collection. The process of collecting rent from your tenants is an essential part of your business, and online platforms have made it much easier.
More recently, however, smartphones have also become a vital part of business operations, and the real estate industry is no exception. More landlords are making the switch to mobile rent collection, and you might be wondering if this is the right choice for how2invest. Here are three benefits of mobile rent collection that prove it is the right option for you .
- Autopay for Tenants
Because the money that comes from rent payments is a primary part of your business income, making sure that your tenants pay rent on time is essential. If you use offline methods of rent collection, it becomes a lot easier for a tenant to get behind on rent payments, which is an issue you want to avoid at all costs.
Online rent collection methods allow a tenant to set up regular automatic payments that make forgetfulness a non-issue. This is convenient for them as it helps them steer clear of late fees. It will also undoubtedly give you peace of mind knowing that the payments are coming in reliably.
Mobile platforms make this even easier for a tenant. If they need to make any last-minute payments or changes to their autopay setup, they can do so on-the-go. Mobile apps often do not require a solid internet connection and can function entirely on cellular data, meaning that a tenant could hypothetically pay their rent during their morning bus ride to work.
- Keep up with Your Business from Anywhere
Mobile applications are designed to be responsive to their users, and as a business owner, there’s a lot of information that you need to stay up to date on. A good mobile property management platform will notify you whenever a payment comes through and allow you to accept rent from wherever you are.
In the interest of making sure rent is on time, mobile apps also give you the option to send a notification out to your tenants that reminds them about an upcoming payment deadline. The timing of these reminders is flexible, and you can choose when and how often a notification goes out. Mobile devices dominate over computers in terms of screen-time, and a notification sent to a smartphone is much more likely to be seen than one that only shows up on a computer.
- Improved Security and Transparency
Arguably the greatest benefit of mobile applications is the security that they provide both to you and your tenants. As a landlord, you deal with a lot of sensitive client information, and it’s important that any software integrated into your business is reliable home and secure.
In general, mobile apps tend to have improved security features since they have to undergo an approval process before being uploaded to an app store. Reputable mobile software can help you feel assured that your client’s information is in safe hands.
Additionally, mobile rent collection software will automatically generate records for you whenever a transaction is made. These platforms will produce an invoice and a receipt for every payment that will be available both to the landlord and the tenant making the payment. This kind of transparency is bound to improve trust between you and your tenants, which can strengthen your business relationship and lead them to stick around longer.
If you haven’t made the switch to online rent collection, the benefits are obvious and abundant. Finding the right mobile platform streamlines the process even more and can lead to a total shift of the way you run your rental business.
Be sure to keep your needs as a landlord in mind, as different software platforms can offer you different benefits that might play into your strengths or help with some unique needs. Since rent collection is a baseline that is certain to be a necessary part of what you do, however, any step you can take to make it a little easier is incredibly valuable. Making the switch to mobile platforms is more than worth it.