1. Automated Rent Collection Saves times
Setting up automatic rent collection is a first step in streamlining your rental operations. Traditionally, landlords have used many methods of rent collection from cheques through e-transfer and in some situations, they still even collect cash. Unfortunately, all of these collection methods still require extra work on the landlord's end. Whether this be time at the bank or time chasing payments, it’s extra time that could otherwise be spent growing your business or renoing that new purchase. Automated payments allow for a set and forget style of collection that takes the hassle out of collection
2. Improved Compliance
Unlike some of the methods stated above, automatic rent collections are not reliant on the tenant to take action. Automated rent collection has the terms of the rent programmed into the collection so that accounts can talk to each other via banking systems allowing money to be directly pulled at a specified date for a specified period. This means less room for error or obstacles as well as potential consequences for non-payment.
3. Automatic payments are easier for Tenants
Like landlords, tenants are busy. Whether it be growing their own businesses, spending time with family, or managing studies, tenants also value their time. Having an automated rent system in place provides a simple and secure way for tenants to pay allowing them to “set and forget” their payments while helping to ensure you get paid on time everytime.
4. Keep track of payment status
Payment management is easier at first, but what about as your portfolio scales? More payments, more tenants, and perhaps multiple payment methods? How does one stay on top of it? Utilizing automatic rent collection allows landlords to keep track of the status of payments within their portfolio. Not only does this mean you will be able to track the status of a payment, you’ll also have a complete log of completion dates and any missed rents that can be easier pulled up or compiled into missed rent lists allowing for easier management of the collections details.
5. Payment reminders
Even though automatic rent collection can help to improve the compliance with and details of rent collection, issues with payment can still arise. Should those issues arise, this can often lead to awkward conversations or work hunting down those payments. By managing your collection via an automated process you’ll also enable the ability to easily send reminders that specify the date of payment missed and how much is owing. These reminders are clear and straight to the point, letting a tenant know that the payment is missed and providing them an option to pay directly, still logging the details of the payment and having the payment processed directly into the same account.
Managing automated rent collection with Tenantcube
Ready to start managing your rent collection via an automated process? You can learn more about Tenantcube online rent collection here.