AUTOMATED REMINDERS CAN HELP TENANTS REMEMBER WHEN THEIR RENT IS DUE.
AUTOMATING PAYMENT REMINDERS
Automation doesn’t stop with payment tracking. Automated reminders can help tenants remember when their rent is due. These reminders can be sent through email, text, or app notifications. This helps tenants stay on track and reduces the chances of late payments.
Tips for Automated Reminders:
• Send Multiple Reminders: Send reminders at different times, like a week before the due date, a few days before, and on the due date itself. Good software can manage all of these dates for you, handling the communication details.
• Use Various Channels: Reach tenants through their preferred communication channels, such as email, SMS, or app notifications. Sending emails to a young renter who only bothers with texting does no one any good.
• Personalize Messages: Include the tenant’s name and specific payment details to make reminders more effective and valuable.
OFFERING FLEXIBLE PAYMENT OPTIONS Offering flexible payment options is another crucial aspect of a smooth rent collection process. Different tenants have different financial situations, and giving them options can increase the likelihood of timely payments. By allowing tenants to choose their preferred payment method, you can cater to their individual needs and improve their overall experience. Most rent collection software supports a variety of payment methods, including bank transfers, credit cards, and ACH payments. Allowing online payments through these platforms provides a convenient solution for tenants, who can choose the method that best fits their financial habits. Some services even offer the ability to split payments, which is particularly helpful for tenants with irregular income schedules. Allowing tenants
to set their payment schedule while ensuring you, the landlord, get paid up-front in full is a great option. Always know what your rent collection system charges tenants for the various payment options. These payment fees can vary considerably from a flat fee to a percentage fee per payment, sometimes both. Percentage fees, in particular, can be painful for tenants when paying larger expenses like rent. It’s important to communicate these payment options to your tenants clearly. Providing detailed instructions on using each method ensures tenants feel confident and comfortable with the process. By offering flexibility and clarity, you not only make it easier for tenants to pay on time but also foster a sense of trust and cooperation.
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