The Benefits of Electronic Transactions in Property Management (6)

Electronic Transactions and Property Management

I’m sure almost all modern renters will rather make an electronic payment than write a check and all it entails. There is so much technological advancement in the rental industry, which is why rental property owners have to evolve with the times and come up with consumer-centric policies to stay ahead of the competition. The property management companies that are able to evolve with the times will be in the best position to enjoy prosperity and growth. Also see:Do Hidden Safes Attract Tenants

Consumers always expect more from service providers and renters are not an exception, they want their bills to be as mobile as anything. This is especially so regarding multifamily properties. The more rental units a property has, the more is expected of the multiproperty management company. A data organization, known as Fiserv, stated that 65% of mobile users expect a seamless, safe and round the clock service when paying their bill. About 6% of digital wallet users in a survey, paid part or all their rent via electronic payment options in 2016. Though the number appears low, you have to consider the fact that this figure encompasses homeowners, renters and people without housing expense, who still manage to use electronic means to pay other bills.

Electronic Payment Solutions for Property Management

Electronic rent payment option is the best way to ensure that your company moves with the times, it paves way for the modernization of the rental market through technological advancements. A modern operation benefits every stakeholder.  Here are some of the advantages: Also read: How to Talk to Late Paying Tenants

For renters: Convenience, instant rent payment, flexibility and digital recording of prior payments according to mode of payment – debit card, electronic check, ACH, credit card, etc.

Property managers: The addition of extra payment channels means tenants have more incentive to make prompt payment. Automated transactions have a way of reducing accounting time, thereby helping the organization save money and time. Manual rent collection on the other hand, can be time-consuming, and expensive for property managers. Automation also makes the operation more efficient and accurate.

Symbiotic vendor relationships: Everybody in the rental market benefits from symbiotic vendor relationships. Although there’s always on-site maintenance with automated supply replenishment, teams always come equipped with repair items, so vendors can control costs with electronic payments. The implication of this is that, your maintenance team will not have to stress themselves so much, so they can concentrate more on building their relationships and improving their response time. In addition, contractors and suppliers will be more inclined to offer better terms if they’re confident that they’ll get accurate payment and that payment will arrive on schedule.

With an accounting system that is fully-integrated, owners will have tools on demand to monitor their rent capture as well as variable maintenance costs. Every owner who desires to make profit, will value this feature.

With electronic payments, everyone wins. This is why you need to maximize your property management software and all it offers.