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Change can be difficult and uncomfortable, as you probably already know. It can also be very beneficial and can improve your business.
As a landlord, you must consider your strategies. If you haven't established a way for tenants to pay rent online, now is the time to make a change.
A survey showed that 67% of respondents pay their bills online and 63% reported paying through an online portal. Rent collection is a tough task to tackle, but setting up an online option can significantly benefit you.
We've put together this guide to help you discover the advantages of online rent collection. Keep reading below for all the information you need.
Convenience
One of the best benefits of online rent collection is that it's more convenient for you and your tenants. Technology dominates the modern world and the ability to pay rent online aligns with many people's lifestyles.
Giving your tenants the ability to pay rent from wherever they are will make life easier for them. Online rent collection eliminates the need for physical checks or cash transactions.
If your tenants are on vacation or traveling for work, they'll be able to pay rent without worrying about late fees. The flexibility that online rent collection offers is especially beneficial for those living a busy lifestyle in Orlando.
This option is also convenient for you as a landlord. You won't have to be available to accept cash or checks throughout the month.
You also won't have to worry about cashing or depositing the payments. You can accept rent from anywhere in the world as well.
More Timely Payments
You have a lot of administrative duties and collecting rent is one of them. Setting up an online payment system will reduce some of this burden.
The automated tools that are integrated into online platforms can generate reminders. This will lead to less late payments and you won't have to send manual follow-ups. You'll save time and be able to focus on other aspects of your investment business.
Improved Security
Security must be at the top of your priority list. An online rent collection platform can help you ensure transactions between you and your tenants are safe.
This will give your tenants peace of mind. They'll know their information is protected and their payments aren't being stolen or lost.
Detailed Financial Records
Running a successful property investment business is a lot of work and it's crucial to have compressive financial records. Online platforms will allow you to track income, payments, expenses, and more. This will make running the business and paying taxes easier.
The Future of Rent Collection in Orlando
Whether you own one rental property or 50 units in Orlando, you can benefit greatly from online rent collection. We've only listed a few in the guide. Once you integrate an online system, you'll see just how helpful it is.
It's time to take advantage of this technology and include it in your business strategy.
Timothy R. Schmidt has been leading our team and helping investors like you since 2021. With years of experience, Right House Realty is here to help. Contact us today for more information about online rent collection and property management.
