When it comes to collecting rent online, you might be curious as to where to start and which platforms to use. There is a wide range of property management and rental payment apps at the disposal of landlords and tenants.
So, what to look for?
Check out our easy-breezy mini-guide below on what key features you want when collecting rent online.
If you’re setting up charges, you’ll want to pay sure they’re personalized. Every landlord’s situation and relationship with tenants is different, so you might need more than one type of charge to send to your tenant. For example, if you collect utilities, pet fees, parking fees, or other bills, you surely can’t house everything (no pun intended!) under a “rent” category.
Not only is this not good for collecting rent online and other fees, but it will also make managing your books or accounting more difficult for tax season.
Mobile and web apps
When setting up for collecting rent online, it’s a good idea to have both a mobile and web app. Why? This ensures that you can track rent payments, who’s paid and who hasn’t, and create charges from wherever you’re working.
Let’s face it, the life of a landlord is a busy one! Many are working part-time or full-time jobs, have familiars, extracurricular activities, or are just focused on trying to grow your business! Having web and mobile apps means your rental data syncs from your laptop to your phone so you can manage your investment properties across multiple platforms if you need.
How many of you are reading this on your phone and just got a notification? On average, an individual can receive between 65 and 80 notifications per day! Whether it’s a text, an email, a weather alert there’s a notification for everything. And you want to make sure tenants and yourself have notifications around rent time.
With RentRedi, for example, you can set up recurring and custom rent notifications to remind tenants that their rent is due soon. Tenants themselves can set up recurring notifications and even set up auto-pay, which makes collecting rent online that much simpler!
Additionally, as a landlord, you receive instant notifications when a tenant has submitted a rent payment so you know when your money is on the way~
Best Practices for Collecting Rent Online
Regardless of how you choose to collect rent online, you want software and apps that helps keep you organized and on top of payments. RentRedi’s property management software offers the best features for collecting rent online, including ACH, cash, and card payments; auto-late fees; tenant auto-pay; custom charges; mobile and web apps; and notifications!