Late payments are a leading cause of cash flow problems for businesses. As a landlord, you likely know this problem all too well.
Struggling to collect rent reduces your incoming cash flow. This leads to all types of problems. But you can change this by improving your rent collection procedures.
The best method is by offering online rent collection.
Keep reading to learn the benefits of creating a tenant portal for online payments.
How to Offer Online Payments
Have you ever looked up rent collection tips? If so, it's probably because you want methods that work. If you have tenants who pay late, your checkbook might suffer.
Years ago, no one paid their bills online. But today, many people prefer paying their bills electronically. An online tenant portal lets you offer this feature.
You can set up a portal yourself or hire a property management firm to do it. The portal lets you collect all your rental income electronically. It even lets your tenants set up auto-pay for their rent.
Offering a portal is an effective way to attract more tenants. After all, people today like handling everything electronically.
Other Features of a Tenant Portal
A tenant portal offers a convenient way to collect rent. However, you can use the portal in many other ways.
First, use it to communicate with your tenants. Encourage your tenants to contact you through the portal with questions or concerns. Ask them to fill out repair request forms on the portal when they need services.
You can place announcements and information on the portal. For example, use it to inform all your tenants about services, upgrades, or work. You can place their leases online to offer 24/7 access to this information.
You can even offer applications on the portal. Anyone interested in renting from you can fill one out online. You'll receive the application instantly after they submit it.
This process can help you save time. It might even give you more time to conduct more thorough screenings of the applications you receive.
Effects on Your Cash Flow
Owning rental property provides monthly payments from every tenant. But collecting rent can be challenging.
Online portals offer convenience to tenants for paying their rent. As a result, you'll likely collect more rent payments.
Additionally, more tenants might pay on time each month. This is because they can set up recurring payments.
The bottom line is that improving your rent collections will improve your cash flow. Steady cash flow helps you have enough money to pay your bills. It also provides money to update and repair your units.
An improvement in cash flow helps you operate more successfully.
Improve Your Rent Collection Efforts
PMI Great Lakes can help you improve your rent collection. We can help you set up a portal and start accepting online payments right away.
We're a black, female-owned business in Auburn Hills with experience you can trust.
Are you ready to improve your rental property business's success? Reach out to learn more about our services and how they can help your business succeed.
