The real estate industry has not been left out. Recent years, property management software has helped landlords to simplify their work in several areas. Rent collection is an opportunity that landlords can take advantage of.
You may have heard of the benefits that online rent collection can bring to landlords and you might even be considering using a property management system to collect rent. You might also be concerned about the risks associated with such a major change, particularly if you’ve heard some of the myths surrounding online platforms.
This article will discuss and dispel a few of these myths in an effort to ease your hesitation about moving rent collections online.
The Claim Regarding Online Rent Collection :
Online shopping is too complicated
It may seem more complicated to use software to rental business than to simply write a check. The software will require some work to set up, but once it is running, there are many steps that become automated. This makes the whole process much easier.
Renters who pay online via property management software can set up automatic renewal payments when their rent is due. Automatic payments are easier to manage than having tenants walk a check to the mailbox.
Once a payment is made, it can be viewed on a mobile or laptop device. This means that the transaction can take place anywhere. It’s not only easier but also more flexible.
Online payments are a security risk
You might have concerns regarding the security of client data when using an online platform as an intermediary.
Online payment is extremely safe. Often, national regulatory bodies require that sensitive information, such as routing, credit card, and account numbers, be encrypted. It is a standard practice for software to encrypt personal information to protect it from cyber-attacks.
Apps must also meet industry standards for security and reliability if you’re using a mobile app platform. Platforms that are unreliable or unsafe usually don’t make it.
Online rent collection harms transparency
In the beginning, it may seem that in-person payments are a more transparent way to do business than working behind a computer screen. Property management software comes with features that facilitate clear communication between the parties involved in the payment process.
When a transaction is submitted online, a record of the transaction will be automatically created. This includes a receipt as well as an invoice which are sent to both the landlord and tenant. This feature adds transparency and shows tenants where their money has gone.
Regarding No Cash or Checks Online?
You don’t have to choose between online or offline rent collection if you can’t decide. It is better to frame the introduction of online rental collection as an alternative for your tenants, since it will alleviate any concerns that they may feel lost or prefer to use the traditional methods.
Property management software allows you to offer your tenants both the automatic and manual records that are generated by online payments.
Conclusion
It is safe to assume the opposite when it comes to myths regarding roadblocks to online rent collection. Features that appear to be drawbacks may actually save you both time and money in the end. Rent collection can be made easier and more efficient with the right property management software.