The advancement of technology has now made it possible for property management duties to be accomplished more easily with the help of online and mobile applications. If property managers are considering using electronic payment services so tenants can pay their rent online, they need to think of some ways to encourage them.
At present, it is becoming more common to send and receive electronic payments. For this reason, most tenants are already used to electronic banking practices so they will not need encouragement to make them pay through a rent payment service online. On the other hand, property managers need to find ways to motivate tenants who are reluctant to do so.
Give Incentives To Their Tenants
Everybody likes perks. Nothing can be more alluring than getting rewards when signing an agreement. Property managers can come up with an efficient incentive program without effort. Some incentives they could offer when tenants agree to pay online are as follows:
- Provide a free newspaper subscription for a specific time.
- Give a gift card to dine at a nearby restaurant
- Give a discount in their monthly rent payments.
- Provide a guarantee that there will be no rent increase for a specified time.
They can allow them to choose from the different option or give one incentive at a particular time. In case tenants do not read the newspaper they would like to have the option to choose some other reward. Whatever they offer, property manages can use their creativity in creating a reward program.
Provide A Payment Facility In The Office
We may live in the electronic age but there are individuals who still do no know how to use the computer. It is even possible that they do not have an email account. Individuals who still use flip phones and pay with personal checks; it could be assumed that they could apply for a debit card from their bank.
When there is a payment facility in the office of the property manager or even in the lobby, renters can pay rent online without using a personal computer.
Explain the Advantages and Cost Savings
In addition to offering incentives and providing payment facilities, they can explain the advantages of an online rental payment system to convince these renters. A lot of people may not be aware of the cost savings given by electronic payments when compared with paying with a paper check. Writing checks entails the trouble of finding a stamp, writing the address on an envelope and making sure that the check is given enough time to go through the postal system.
They can also explain to tenants that paying rent online will benefit them by reducing rent increase. Property should be transparent so they will understand the reason for such an arrangement.
Once tenants understand the benefits of an online payment system, they will be convinced to sign up for it. Aside from allowing them to save time, money and effort, the other benefits of paying rent online are:
- They can view and pay bills from any place and at any given time.
- To avoid late charges, they can set up recurring payments.
- They can maintain good credit standing paying on time.
Property managers can encourage tenants to pay rent online through a flyer/newsletter where the benefits are explained.
They can also notify tenants through by posting a notice where the latter could see it. they can also send it as a way to remind them to sign up right away.