3 Ways Property Management Software Helps You Collect Rent on Time

By: on June 14, 2019

More than ever before, bills are being paid online, and the last thing you want as a property manager is to fall behind the times by using outdated, inconvenient rent collection techniques.

Property managers who use the robust features of property management software to the fullest decrease late rent payments and increase tenant satisfaction. The features provided by property management software help you seamlessly collect rent from tenants.

With the ability to pay rent online, set up auto-pay, and send text and email reminders, property managers have never had better tools to make sure rent gets paid on time.

By utilizing these three common property management software features, you’ll make your life easier, improve tenant satisfaction, and remain a competitive option for potential renters.

Online and mobile rent pay makes your life easier

Gone are the days of having to remember to write a check on the 28th of the month in order for it to arrive to a P.O. box on the first.

The ability for your tenants to pay their rent online is one of the largest advantages of using property management software and the best way to collect rent. This feature isn’t going to blow anyone’s mind, but it’s one of the main reasons to consider using property management software.

Additionally, mobile pay often comes alongside online payment. Tenants will have little excuse for late payments if they can access the tenant portal on their mobile devices.

Above is a modified screenshot of Buildium’s property management software

More tenants paying online means fewer trips to the bank because the money is automatically transferred into your accounts. The instant nature of online pay makes dealing with late rent and late fees easier because if a tenant does pay rent late, you won’t have to worry about depositing a check.

Recurring monthly autopay increases tenant satisfaction

A slightly less common feature that pairs with online pay is the ability for tenants to set up recurring auto payments. Tenants setting up autopay at the beginning of their lease will vastly reduce the amount of late payments you receive and comes with all of the benefits mentioned above.

It’s a win-win for everyone involved. Tenants don’t have to remember to write a check or go online and pay, and you don’t have to send as many reminders to your more forgetful tenants.

Setting up recurring payments is easy within the tenant portal, even for some of your less tech savvy renters. As easy as it is, you should still communicate with tenants about the options they have for paying rent during the leasing process.

SimplifyEM’s property management software’s tenant portal allows renters to set up recurring automatic payments

Offering potential tenants the ability to automatically pay rent might even be the tipping point that gets them to rent from you.

Eliminate ‘I forgot’ excuses with automatic text and email reminders

Another common feature of property management software allows you to send automatic text or email reminders to your tenants each month. These automatic reminders are one of the best ways to make sure you collect rent on time.

Let’s face it, sometimes people forget, so a quick text on the first of the month might be just the thing that gets your tenants to log onto the tenant portal and submit rent.

As a property manager, you’ve probably found that most late payments aren’t malicious. The ability to send an automated blast text message is a great tool for those tenants who just plain forget two to three times a year.

Once you set it up, you don’t have to touch it.

With automatic text reminders, you can also send out text blasts to any tenant who hasn’t paid rent yet. Along with a physical copy of the late rent warning, the text message provides another source of documentation.

The ability to see every communication you’ve had with your tenants is crucial in case you have to go through with an eviction.

AppFolio’s property management software allows managers to send automatic rent reminders via text message or email

The future of rent collection looks bright for property management software

Even if your software only excels on these three core features, they’ll increase tenant satisfaction and simplify your life as a property manager. Software companies haven’t stopped with just the ability to pay rent online though.

Some software includes even more uncommon features. These features aren’t revolutionary, but they are interesting quality of life improvements for you or your tenants.

Three unexpected rent payment features

Don’t get left behind

The ability to pay rent online is the best way to collect rent, and it’s quickly becoming a more and more common feature for every property management software.

Soon, tenants will expect these conveniences. If you are behind the times, your potential tenants might go elsewhere.

Don’t worry though. Our team of advisors are here to help you determine which features you need to ensure you and your business scale and continue to grow. Give us a call at (844) 688-1783.

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