The Answer to Tenant Defaults
by Andrew McLeod
Until recently, you had to be a super hero or a magician to show tenants extra value without spending a fortune. So, how do you reward tenants while reducing default, saving time and money? The answer is simple:
The Rent Revolution
With today’s mobile revolution you can give your tenants the option of paying their rent on their phone, tablet or computer with their favorite rewards credit card, earning them trips, gifts and more. Your tenants are now getting rewarded for paying rent, and statistically, by offering your tenants multiple payment methods, youre reducing the likelihood that you wont get paid. As Americans, over 80% of our purchases are paid with a credit or debit card, so why not rent, too?
Value — for Free
For landlords concerned about costs, there are now services that allow landlords and property managers to accept debit cards (or low cost e-checks) and credit cards for free.
That means there are no charges to the landlord — no monthly fees, no interchange fees, nothing.
And, tenants can pay from their mobile phones, meaning no more excuses!
You’ll simplify your payment process, enjoy guaranteed funds and make your tenants love you! You can also significantly improve your accounts receivables and reduce administrative costs.
Why Go Paperless?
Traditionally, tenants are paying rent by check, which costs you money. Up to $25 per check, per tenant to be exact. It also takes up valuable time. Minutes turn into hours and hours turn into days. You could use this time to address tenant inquiries or fill building vacancies. Checks can also go NSF days after rent is due costing you even more time and money.
As you can see, it doesnt take a super hero to give tenants some extra value for doing something as simple as paying rent.
This payment solution allows tenants to make recurring or one time payments using any major credit card (and soon through ACH/Debit) from almost anywhere in the world. RentMoola also offers an exclusive rewards program called MoolaPerks that gives tenants access to discounts to their favorite stores and services helping you retain and attract the best tenants.
Other industries are already going paperless and providing added value. What’s stopping you?
Lead the way in the rent revolution and don’t be left behind in a world where change is easier to make and harder to ignore.
Andrew McLeod is Director of Customer Success at RentMoola, and has experience as both a landlord and property manager. To find out more about RentMoola’s innovative online and mobile payment network, visit https://rentmoola.com.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.