Sometimes, even details that seem small can make a significant difference when maintaining tenant relationships. Anything property owners can do to make it easier for tenants to uphold their end of the lease can lead to renewals—especially when "business-as-usual" conditions aren't exactly "usual." As an expert in McKinney property management, we know this certainly describes how most landlords had to operate in the wake of the COVID-19 crisis.
Are you still collecting rent checks? How's that going during social distancing? If you've been working remotely yourself, you can probably appreciate why your tenants might struggle to turn in their rental payments. While you can delay inspections or other tasks during the tail-end of a global pandemic, you know that rent is still due on time to meet the demands of your overhead as a property owner.
While it's the job of your renter to make sure they keep up their end of the leasing agreement, consider these tips from your allies in McKinney property management to make it easier for tenants to pay their rent as we begin to ease out of pandemic restrictions.
Please note: This article is not intended as a substitute for the great legal advice of a skilled attorney or the expert services of a property manager. When in doubt, reach out to RentHub Property Management!
Push Payments Online
Paper checks might get the job done on a typical day, but a crisis makes it more difficult for tenants to deliver or mail rental payments. During social distancing, hand-delivering a rent check to you isn't possible for your renters who might be at-risk or immunocompromised.
You can help your tenants pay their rent on time with an online payment system. When you set up a secure online portal, your residents can pay the rent while they stay safe at home. It's a contactless way to collect the rent that keeps your family safe, too!
An online portal offers benefits that go beyond crisis rent collection, including:
Online rental payments post to a tenant's account right away. They don't have to wonder if their check was lost in the mail or risk late fees because the payment didn't make it on time. This kind of security and transparency in record-keeping often appeals to your renters, as well.
Use Online Rental Payments Year-Round
We know your tenants will embrace an online rental payment system. We're also confident that you'll keep it as your primary method of collecting the rent—with or without a crisis! As providers of McKinney property management, these are the same kind of systems we use to serve our renters because it is the most convenient option for them.
As a landlord, you shouldn't have to spend valuable time chasing down late rental payments. As normal collection activities resume after social distancing, returning to a manual system of collecting checks and visiting your bank to make a deposit every month simply doesn't make sense.
An online portal gives you back your time! Encouraging your renters to keep using the online system after social distancing protocols relax isn't difficult to do with the right incentives.
Expert McKinney property managers embrace online payment systems because modern renters look for properties that accept online payments. In most cases, it's a smooth transition for tenants to stop sending rent checks and use an online portal. Most renters even expect the option to pay rent online.
However, you probably also have worked with or are currently working with renters who may distrust online payment portals. They may feel safer with a paper check as opposed to typing their credit card number into an online platform. They also don't want to pay any online processing fees on top of their monthly rent amount.
For tenants who struggle to adapt to an online system during social distancing, offer to waive those fees.
While they get used to paying the rent online, they can enjoy a fee-free trial run.
After they experience the ease and security of paying the rent through an online portal, they'll have a hard time going back to writing a check.
Property Management Eases the Transition
Professional McKinney property managementis the best way to maintain social distancing while collecting the rent on time! We hope social distancing protocols don't become a regular way to do business—but now is the ideal time to upgrade your rent collection system.
With expert property management and an online portal, your tenants will enjoy:
Easy and secure online payments
Secure access to lease agreements
Speedy maintenance requests
Reduced risk of late fees
Contactless lease renewals
A safer and more secure rental experience.
Property investors benefit from:
On-time rental payments with great reporting
Faster payment processing and fund transfers to your account
24/7 maintenance responses for tenant requests
Full-service property management before, during, and after a crisis.
You could pay for a separate software system to help log rental payments and track tenant details. However, hiring a property manager can streamline your processes, boost your bottom line, and help keep your tenants happier—for about the same price you would pay for software.
Getting more from your investment properties while spending less time on the routine task of collecting the rent is a winning situation for everyone!
Use the Right Resources!
If social distancing made it challenging to collect the rent, it's time for a better solution. Property investors don't need the hassle of tracking down tenants and late rental payment checks! The RentHub team has a plan and the tools you need to make paying the rent easier for everyone.
Learn more about how we collect the rent during social distancing! Get your free copy of the Collecting Rent in a Crisis Handbook.