REAL ESTATE INVESTMENT SECRETS: Part Eight of Twelve
COLLECT YOUR RENT THE EASY WAY WITH ELECTRONIC PAYMENTS
an interview with Tom Villante, Founder and Chairman: RentPayment.com
Tom Villante has seen an incredible increase in the use of electronic payments, a system that benefits both landlords and tenants alike. Landlords spend an inordinate amount of time opening paper checks, manually entering reports, making trips to the bank for deposits or transferring funds. Traditionally, they are out of pocket from the 28th to the 5th of each month. His proprietary system allows tenants to pay rent through credit or debit cards, automatic payments, or electronic scans of paper checks, freeing up landlords from the time consuming task of manual rent collection.
No more sending notices, knocking on doors or chasing down tenants to collect rent.
Tenants like it, too. “We have a whole generation of renters who have never written checks – everything they do is off a card,” Tom explains. “Others complain that the only check they have to write each month is for rent.”
One of the greatest benefits of this system is an increase in closing rates. When you can access funds immediately, you can rent immediately, rather than sending away your prospect until the next business day when they can get certified funds. Some landlords have reported as much as 25% improvement on closings. Closing immediately also decreases the number of days a rental stays vacant. It also minimizes deliquencies, and that, in turn, improves cash flow.
The RentPayment system is superior to a bank merchant account in many ways, primarily because
It offers line-item detail on accounting. As the landlord receives payments, each will automatically be detailed by name and unit, current rent, pro-rated rent, deposit and the like in online, real time reports.
This system can be integrated into property management software, so that 100% of the transaction is automated, freeing the landlord up at the end of each month.
Copies of checks can be archived, which can be instrumental to collection efforts later on.
It integrates industry rules; for example, the system will not accept payments while an eviction is pending (because that would require refiling your eviction).
A landlord’s time can be better spent concentrating on keeping the tenants happy, and improving occupancy rates.
For more information on RentPayment.com services, contact [email protected] or call 877-927-7866.
American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit. Real Estate Investment Secrets is available for purchase from American Apartment Owners Association. Join as a Premium Plus member, and receive all of the benefits of our association including Real Estate Investment Secrets free as our gift for joining. Visit www.joinaaoa.org for more information.