Are you a landlord in Orlando or considering purchasing an investment property?
Over 60% of homes in the area are occupied by renters, making it a great place to invest.
One aspect of being a landlord is rent collection. It's one of the more challenging parts, but fortunately, there is a way to make it easier.
Collecting rent online comes with a lot of benefits, not just for you but also for your tenants. This article is going to tell you everything you need to know.
It's Convenient
The days of your tenants running to the bank to get cash or a cashier's check are over. With online rent collections, renters can pay from wherever they are, from the comfort of their homes, or even from another country if they are traveling.
It's also convenient because renters can set up automatic payments, which play in your favor, too. Both you and the tenants can see what's going on in the online portal as well. You can see when your renters have scheduled payments, upcoming payments, and payment history.
Added Security
People tend to be wary of online payments because they believe it's not safe. However, this is entirely untrue.
Collecting online rent is much safer than mailing a check. Its instant and reliable service will have protection measures set up.
Decrease Late Payments
Since online rent collection is easy and more convenient for tenants, there's a lower risk of late payments.
Life can get busy and it's easy for renters to forget to pick up the cashier's check or pay on time. With online rent collection, that issue is completely illuminated. They can schedule payments to go automatically and even get reminders.
People are always looking for ways to save money and benefit from paying rent on time. With a rent collection service, you can allow your tenants to build their credit by paying on time. Which is more incentive.
Track Rental Income
Owning and managing property comes with a lot of responsibilities. When you collect rent online, you reduce some administrative burden.
There will be less paperwork and you will no longer have to manually collect and process checks. This will give you more time to focus on other aspects of managing property.
You will also be able to track all the payments much easier. All the information will be online and easy to access. You will no longer have to enter it manually.
Tips for Smooth Rent Collection
Managing probably is not an easy task. The last thing you want to deal with is late payments from your tenant.
Investing in a service that offers online rent collection is going to make property investment much easier for you.
Finding the right property management team to help you implement online payment is key. We know how tough it can be and we want to help.
Book an appointment here and we will manage your properties and ensure you get paid on time.