Getting the rent on time is the top priority for landlords. An automated payment system is the best way to accomplish that goal.
In fact, many property managers insist on it.
The benefits to the landlord are easy to understand: stability in cash flow means you pay your mortgage on time.
If you think selling the service to the tenants would be tough, think again.
Many tenants are requesting it.
Tenants who pay by credit card receive rewards, like airline miles. In this economy, every penny counts, and renting with a landlord who provides this payment option can make all the difference.
Tenants can also improve their credit scores with this payment method. And, for many who pay nearly everything electronically, it’s just plain easier than remembering to cut a check once a month.
“With the economy down and vacancies high, offering payment options like paying with credit card or e-checks helps you compete for savvy tenants,” according to Jim Adamek, with AutoPayRent.com. “Besides, you are letting the credit card companies take the risk of not getting paid. That’s more important than ever today.”
Multi-industry merchant account providers fail rental owners. Pay Pal, for example, has the right to freeze your funds while investigating customer service complaints. You don’t want to fall short on your mortgage because someone complains about the leaky faucet in the unit.
The AutoPayRent system is unique in that it is specifically for rent collection, so rather than using generic forms, APR’s system is custom-fit for the rental industry. They provide authorizations, tech support and coaching on a rental collection policy that fits a particular property.
“A lot of our clients are realtors who manage properties, or property managers. So we’ve streamlined the system to allow them to take their cut and transfer the funds to the clients quickly,” Adamek continues. “We also have import/export capabilities to get information into your accounting software.”
“We’re a small business that caters to small landlords. That allows us to offer the service whether you run leases long term, month-to-month, or just need a one time automatic debit. And our system does not require you to set up your own website.”
The bottom line: You get the rent on time.
See our feature, Take Charge of Your Cash Flow.
American Apartment Owners Association offers discounts for landlords on products and services related to your rental investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.To subscribe to our blog, click here