Property management companies that still require tenants to remit rent and lease payments via paper checks or money orders are missing out on many conveniences, not to mention creating potential serious obstacles for their tenants. As members of the millennial generation enter the rental market in large numbers, it bears keeping in mind that the majority of young consumers have never issued a paper check and are used to the security and convenience of paying all of their bills online. Most young consumers are naturally going to gravitate to property management companies that offer online payment options when given a choice — and many members of older generations have also embraced paperless technology, particularly when it comes to their routine financial transactions.
Tenants aren’t the only ones who benefit by using online payment services. Property management companies, private landlords, and vendors all have much to gain by implementing an online payment system. Here’s some of the benefits you’ll enjoy by following suit:
A Reduction in Late Payments
Because many people who use online payment systems to take care of ongoing financial obligations such as rent choose automatic bill paying options, property owners and managers see a noticeable reduction in late payments as a result. Checks getting lost in the mail and similar scenarios won’t happen with regularly scheduled payments.
A Reduction in Paperwork
You and your staff won’t have nearly as much paperwork to handle after you set up an online payment system. You can also set up automatic online invoicing and receipt systems that supply tenants and vendors with their own necessary copies of financial transactions that don’t require you to fill, address, and stamp envelopes.
A Reduction in Security Concerns
The average paper check has all the information that a criminal would need in order to steal someone’s identity or possibly even access their bank account. The less compromising information that you have on your tenants and vendors, the more secure they are against this kind of activity, which is especially important since many thieves are targeting property management mailboxes specifically to steal checks.
At AZ Residential Management, we work closely with property owners and managers to find best practice solutions for all their administrative needs. Please contact us at your convenience to learn more about how our services can make your workload lighter, make it easier for vendors to do business with, and help you attract top quality tenants.