When shopping around for payment portals, make sure that you know which features are integral for easily managing your business. This includes generating rent rolls, as well as collecting payments.
Features for Property Management for Rent Payments
Collecting rent payments is an essential part of using property management software to handle the business side of managing rentals. You want to ensure that your rent collection (and tenants paying rent) is easy for both parties. After all, rent is the main source of revenue for investment properties.
Firstly, when it comes to nailing down the features you want for your property management rent payment system, take a look at the sticking points you currently face:
- How are your tenants paying you currently?
- How do you prefer your tenants pay you?
- How are you currently organizing and tracking payments?
- What would make your life 100% easier if you had it as a rent collection feature?
Once you sit down to think about and answer these questions, you’ll begin to form an idea of what software features will benefit you and your tenants the most for online rent collection.
Why are Rent Rolls Important?
If you’re using software to collect rent, chances are you can track everything and get a pretty easy rent roll. Rent rolls can help keep you organized knowing who lives where, when their lease is up, and how much their rent/security deposits are.
When it comes to rent rolls, property management software can be implemented for this process as well. Typically, you’ll be able to find a dashboard that enables you to pull together rent roll payments and reports. This information usually includes tenants, their address, lease start and end dates, and their payments.
Tenant Portal for Rent Payments
A tenant portal rent payment system is an amazing way to easily collect rent from tenants and track rent payments for rent rolls. Most of the population is online to some degree—whether that be on a laptop or on a smartphone. You’ll want to check out property management systems that offer both web and mobile portals for paying rent.
RentRedi, for example, has web and mobile apps that make it simple for tenants to pay rent. They can either download and sign up to use the RentRedi tenant mobile app to pay on their phone OR they can use the online tenant payment portal to sign up and pay through the web.
Both ways are easy for tenants to use. Additionally, the tenant mobile app offers features like auto-pay and credit boosting so that renters paying through the app can build their credit with on-time rent payments!
Rent Rolls & Property Management Software
If you’re currently using a spreadsheet to organize information for your rent roll, consider using a property management software like RentRedi! RentRedi provides you with a dashboard where you can track renters, payments, properties, and maintenance requests.
Sign up here to learn more about RentRedi!