where the money is, when it was sent, or if it got lost. If you’re collecting it in person, then you have to physically go down to the rental to do so. This isn’t so bad if you live nearby, but most tenants don’t want to deal with their landlord on such a regular basis. Finally, this method just isn’t pro- fessional. Every other business in the world has been making digital payments for years. I even recent- ly came across a busker who was accepting donations by card. Digital payments aren’t the future anymore; they’re the present. This means that you need to be looking for an efficient online rent collection platform - one that can
integrate with your current workflow and tools.
you to set the payment amount and block unpermitted partial payments. Property management specif- ic solutions do all this, as well as enabling you to set up automatic late fees, and rent reminder emails, and automate your income track- ing in our professional income and expense tracking system. •
AUTOMATING RENT COLLECTION
When searching for the right rent collection solution for you, you should look for a few principal features that will help you optimize your processes and increase on-time rent. First, tenants should be able to see their historical and upcoming payments, they should also be able to schedule and set up automatic payments so that they don’t have the onerous task of remembering each month. The system should also allow
Ben Luxon has worked with real estate professionals all over the world during his role at Landlord Studio, and has distilled their knowledge into ebooks, guides, and articles which can be found on sites like Forbes and Mashvisor. Landlord Studio is a member savings program offered to NARPM members. For more information about joining NARPM, please visit www.NARPM.org/join.
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