How to increase resident adoption of online rent payments
According to the National Multifamily Housing Council, 74% of renters are below the age of 45. With this age group, paying bills online has become the norm, and their rent is no exception. For property managers hoping to collect more digital rent payments, rather than paper checks, the first step is to encourage resident adoption.
Three reasons your renters should make online rent payments
It’s easy and flexible – Instead of having to locate a check and drop it off in the leasing office, tenants can pay their rent the same way they pay many other bills – from the comfort of their home, computer or mobile app. Paying online also gives them the flexibility to use a credit card, debit card, eCheck or cash – or change between these options month-to-month – whatever works best for them. They even have the option to set their payment on auto-withdrawal, making the whole process flawless.
They can take advantage of incentives – To help increase engagement, consider offering an incentive to new tenants who switch to online payments. For instance, you could do a small monthly giveaway for anyone that signed up for autopay that month. This is something you easily promote across your community to increase excitement and awareness.
Also, it’s worth mentioning to tenants that many credit cards offer points or cash as a reward for using them. By including a larger purchase, such as their rent, on the credit card, they are automatically boosting their benefits, such as cash or points, and helping themselves build credit over time.
It’s more secure – Gone are the days of worrying that their rent check could be lost in the mail or stolen, ultimately exposing their bank account information. Renters can rest assured that their personal details are protected behind secure rent collection technology and strong passwords.
The benefits of rent collection software for leasing teams & residents
Managing online payments and online rent collection from residents has been a cumbersome process for property managers in the past – but not anymore.
RentPayment makes it easy for you to accept credit cards and eChecks for monthly rent payments and move-in expenses. Not only will this keep your tenants happy, but it also means you can easily collect rent on-time. As the largest independent electronic payments processor in the multifamily industry, RentPayment already represents over 2.5 million apartments.
Severn Management Company Uses RentPayment to Improve Payments Experience
Learn about how Severn Management Company, a real estate development company based in Annapolis, M.D., uses RentPayment to reduce the time and workload of processing payments and improving the payments experience for residents.