As you continuously look for ways to streamline your rental property management processes, it’s usually recommended to spend some time evaluating your billing process. Collecting timely rent payments is the goal, but there are ways to make the billing easier for the renters. It may help to begin by asking any current tenants for feedback on your current payment and communication channels. They might be able to offer insights and preferences you can address first. Otherwise, these billing considerations can help streamline your process, as well. After all, the easier it is for your renters to pay, the more likely you will continue to collect on time.
Understanding What Makes Sense for Your Situation
There are key factors to consider before carving out your billing strategy and process. For example, those Riverdale rental property owners who manage several tenants might have different procedures for those who only manage a few. No one wants to knock on 50 doors when an email billing reminder can do the job. Also, consider how close you are to your properties and your preferences for in-person availability. Your personal comfort level with technology will also play a role in what you use for billing communications. If you’re not familiar with mass messaging platforms or accounting invoice generation software, you might be limited in your efforts without learning more.
Payment Options Make Billing Easier
The old-fashioned way of collecting rent meant landlords would knock on doors to remind tenants of due dates and timelines. There were then extra steps in collecting, documenting, depositing the funds. Make billing easier on you and your Riverdale renters by incorporating every payment option you can.
Pay By Mail: Allowing your renters to pay by mail works, as long as you have specific language to outline the terms of late payments in your agreement.
Third-Party Payment Platforms: Offering online payment options is often the easiest for renters, as most individuals make their routine monthly payments with secure online channels. There are websites designed specifically for rental property managers that can be helpful when setting up your options. You’ll have to subscribe to fees for most of these third-party sites. However, your level of need for digital tools and the volume of tenants will determine if these sites offer relevant solutions for you.
Free Payment Transaction Sites: There are a host of popular cash transaction sites available that operate for free. Paypal.com, Venmo.com, and Zelle.com are just a few that make sending and receiving money a breeze. Renters can quickly authorize payment, and landlords can process payments usually within 24-48 hours.
Direct Deposit: Some Riverdale rental property owners prefer to offer ACH deposits via automatic withdrawals. Some banks have tech-based options for their account holders to use that make it easy for renters to authorize the payments and automatically send the rent amounts each month.
Drop-Off Options: While it’s not recommended that landlords share their home addresses with tenants, it is possible to set up a neutral and secure drop-box or drop-off location. Be mindful of making your Riverdale renters aware that cash deposits are too risky and encourage verified payment by check or money order instead.
Leave It to the Professionals
If your billing process is becoming too time-consuming and you don’t find yourself with the time or resources to pursue other payment channels, it may be time to partner with a professional. Professional rental property managers can take the stress out of creating a billing platform that’s easier for the renters and makes it easier for the property owners, as well.
When you’re ready to make your billing easier for your Riverdale renters, and yourself, contact us! Let the professionals step in and offer efficiency at every level of your process. Your tenants will thank you, and so will your investment bottom line.
