Mark Development boosts resident adoption of online payments over 90% with RentPayment
Mark Development is a housing developer and property management company with the sole intent to build affordable housing for the people of Hawaii. They have 15 properties they developed, own and manage.
Business Challenge
Mark Development had recently seen acquisitions in their payment provider that resulted in dissatisfaction with their existing residents. They wanted to find a payment provider that was easy to implement, easy to use and integrated with their existing solutions.
Solution
To increase efficiency and maximize their use of MRI Financials, Mark Development chose MRI’s RentPayment solution as their new online payment solution. The existing integrations between RentPayment and MRI products offered the ability to cut down time spent processing payments for their internal teams
Business Impact
With the goal of achieving both resident satisfaction and resident adoption of their processes and technology, Mark Development partnered with MRI’s RentPayment.
Meeting resident needs
Understanding that their residents have varying levels of comfort with technology, Mark Development gave their residents two ways to sign up and use RentPayment:
1. Mark Development manages the resident’s account for them – For residents that choose this option, Mark Development created an Authorization Form. As part of the Authorization Form process, the resident gives Mark Development the right to set up their account and set them up on autopay for their rent. This gives residents the ability to individualize their own payment methods and timing.
If anything changes with rent, the resident is notified ahead of time and can give authorization for the account to be changed. The business has seen a lot of success with the senior population and populations that have lower confidence in the use of technology.
2. Residents manage their own account – Residents also have the ability to manage their own account. For any resident who declines the Authorization Form, they are given a flyer created from the RentPayment Property Manager Playbook. The Property Manager Playbook is a marketing guide provided to all RentPayment clients, at no charge. It includes starter tactics and multi-touch collateral templates.
Save time for Property Managers and residents
Property Managers are ultimately responsible for resident adoption, so Mark Development wanted to provide an automated method for them to collect rent and save time. Using RentPayment has saved their Property Managers time by eliminating the need for bank runs and manual work to process payments.
From the resident perspective, not having to seek out a Property Manager to hand in their checks, or make sure they come during office hours results in huge time savings. The best part, the residents can set up autopay, where they truly set it and forget it – a huge win for everyone involved.
“Your time is worth more than walking to the bank.”
– Sonya Kimura, Operations Manager — Mark Development