Automation is now the name of the game when it comes to rent collection! It seems most rent payment platforms are now boasting of automatic features they have to make rent collection using a rental property payment system efficient.
But what features need to be automated? A good way to determine this answer is to examine obstacles in your current rent collection system.
Below, we compiled a list of features you can automate to ensure you set up an automatic rent payment system to benefit you and your tenants
Automated Rent Collection Features – What You Don’t Need
For landlord payment software, you want to ensure FIRST that automated features won’t hinder your process in any capacity. Why? Because there are certain aspects of your business that can benefit from automation and parts that can’t.
For example, having custom charges is important because your leases and addendums will be different for every property or even every tenant—even if renters share a unit. One tenant might pay $500, while another tenant pays $600. However, after you created your charges, here’s where the beauty of automation comes in.
Automated Rent Collection Features – What Will Benefit You
Now, for software like RentRedi, there are several rent collection features that offer you headache-saving management of your properties. Firstly, automatically generated rent charges after you set up the custom charges. Essentially, once you create the payments to collect (whether it’s rent, utilities, or other bills), these charges are automatically generated in the tenant’s web and mobile apps.
Another awesome automatic feature is rent reminders. You can create custom rules around when to send rent reminders to tenants that notify them a payment is due soon.
Additionally, on certain rental payment platforms like RentRedi, you can also set up automatic late fee rules. These rules offer you the ability to set up percentage or dollar late charges, charge by week or day, and set max late fees—depending on your state’s laws around late fees.
Tenant Payment Systems – Customization + Automation
As you might have noticed, the name of the game with automated rent collection is customization. Automation is great when it comes to eliminating manual tasks you currently experience in your rent collection. However, tenant payment systems like RentRedi make sure that any automated features come with the customization you need to ensure you’re getting the specific automation you and your business need to run efficiently.
Interested in checking out RentRedi for your rent collection process? Sign up below!