How to Convince more of your renters to pay their rent online
Landlords who are offering online rent payment options to their tenants are ahead of the competition even while they try to manage their spreadsheets as well as deposit check payments on-time. However, it can be challenging to convince these residents to make use of online rent payment.
Younger tenants can easily get it and most of them have no idea how a check book looks like. Other renters, though, are reluctant to use debit cards online for fear that their personal information would be compromised when submitted over the internet. The moment these people realize the convenience of paying their rent online, both parties (landlords and tenants) will be a lot happier.
What is the best way to convince tenants to pay rent online? First, landlords should explain the advantages of paying rent online such as securely paying rent from anywhere using a mobile device, no late charges if checks are lost, and knowing the status of payments. If still they are not convinced, property owners should give an incentive. They can consider a number of tips to run a raffle so more tenants will use an online rent payment platform:
Decide on the Raffle Prizes
Though the benefits are obvious, at times, renters need some kind of motivation. Landlords should give much thought on the prizes they want to offer in their online rent payment raffle. These should be something residents can benefit from like the following:
- Gift certificates (from coffee shops, restaurants) to be drawn each month for tenants that pay rent with credit card online;
- A discount on next month’s rent;
- One-time carpet cleaning free of charge;
- Upgrade on amenities such as shower head or additional ceiling fan.
In case the first raffle is not too successful, landlords can set another raffle with a different prize up to the time they come up with the incentive that is a winner.
Let Tenants Know about the Raffle
Property owners can try different ways to let their tenants know about the raffle. It should make them feel excited so they will engage themselves. Such methods include:
- Sending a text message or email;
- Including a message on their site;
- Posting a flyer where it can easily be seen or leaving it on their door;
- Telling them personally.
It might be a good idea to do full-blast marketing a week prior to the due date of rent payment. This adds a sense of urgency. Since the first day of the month is fast approaching, it will be easily remembered.
Announce the Winners
Usually, when a contest is held, the winner only finds out when they have won. For this reason, there will be several emails and phone calls asking who the winner is. Therefore, landlords should announce the winner to the public to let everyone know.
In their newsletter, the landlord should congratulate the winners and try to know their thoughts on using the option of paying rent online. This can be used in the next contest. Such social evidence will encourage new renters to join and keep the high level of excitement.
Considering the above mentioned tips will hopefully encourage many residents to use the online rent payment service so they can enjoy all the extra time saved during rent week.