Here we are, 2015. Are you stuck in a paper rut? Why? Trust issues? Tenants won’t do it? Too complicated? At RenterUp, we talk with hundreds of property managers and yes, we hear it all!
Let’s review several comments we hear from property managers about receiving rent payments online and comment on each.
- Why? Cash flows and late payments! For my business, cash flows are critical; I pay my mortgages, utilities, and maintenance out of my cash flows, so I have to stay on top of it or I quickly dip into my savings. Also, I don’t like late fees – I’d rather have an on-time tenant than deal with fees that stress the relationship. That said, I do charge fees because I do not reward bad behavior, but I’d much rather avoid it. Since setting up my tenants with online rent payments through RenterUp, I have personally seen a 30% improvement in on-time payments. My favorite is my Atlanta tenant. She gets an automated email reminder 5 days before rent is due, clicks through the link on her phone, clicks “pay rent,” and boom, early rent! Early!
- It’s too complicated for me. It is easier than you might think. We have gone to great lengths to make the setup process as painless as possible, from mobile or desktop, and we’ve developed a process that avoids the need for collecting too much personal data. For your safety, we have implemented an identification verification process, so our team will personally follow up with you by phone to verify your registration. We estimate 90 seconds for account setup and 90 seconds on the phone for verification. 3 minutes and we’re done. If you have a lot of properties you might want to import into RenterUp, just let us know and we’ll import them for you.
- My tenants won’t do it. Really? You might be surprised at the response. We hear about tenants who are tired of writing checks, collecting cash, scrambling for money orders, and so much more. RenterUp is working to make it easier for tenants to pay, regardless of the tenants’ choice of tender – cash, check, or charge! Stay tuned for updates later in the month.