Say Goodbye to Late Rent Payments
Lucas Kobat • October 20, 2023
Say Goodbye to Late Rent Payments
As a distant owner, managing properties from afar comes with its own set of challenges. One of the most common and stressful challenges is ensuring that you receive rent payments on time. Traditional methods of rent collection, such as checks or cash, can be particularly cumbersome when you are not on the ground to manage the process.
The Challenge:
Meet Hank, a distant owner who lives in Arizona but owns a 24-unit building in Sioux Falls, South Dakota. For years, he relied on traditional methods of rent collection. His tenants would mail him checks, and he would deposit them into his bank account. This method seemed to work fine until he faced multiple instances of late payments, lost checks, and the hassle of dealing with bounced checks. The stress and time spent on managing these issues were taking a toll on him.
The Turning Point:
Hank realized that he needed a more efficient and reliable solution. After researching various options, he decided to implement a digital payment solution. This allowed his tenants to pay their rent online, and the payments were directly deposited into his bank account.
The Solution:
Introducing the "Pay Online" feature! This feature allows your tenants to make their rent payments online, eliminating the need for checks or cash. It also comes with automated reminders, so your tenants are prompted to pay their rent on time. As a distant owner, this means less stress for you and a more streamlined process for your tenants.
The Benefits:
Since implementing the "Pay Online" feature, Hank has experienced several benefits:
- Timely Payments: The automated reminders have helped his tenants to remember to pay their rent on time.
- Convenience: Both Hank and his tenants found the online payment system to be more convenient than dealing with checks or cash.
- Reduced Stress: Hank no longer has to worry about lost or bounced checks, and he can easily track the payments online.
If you are a distant owner struggling with late rent payments and the hassles associated with traditional methods of rent collection, it might be time to consider a digital solution. The "Pay Online" feature can streamline the process, reduce stress, and ensure that you receive your rent payments on time, every time.
Looking to attract the best renters from afar? Dive into our tailored guide for distant property owners. From pinpointing ideal tenant traits to leveraging digital tools and virtual tours, discover seven essential steps to simplify your remote rental process and achieve success in the rental market
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Tenant selection
Quick Check tool
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