It's pretty easy to stick with what works when it comes to being a landlord. Perhaps you've got long-term tenants who still drop off their rent checks in-person each month, faithfully. While it's great to have a system that works, situations such as social distancing during the recent Coronavirus pandemic have prompted many people to shift gears. This is why when it comes to the kind of property management Orlando rentals need, we know as the experts that you need to make rental payments easier for your residents!
Making rent easier to pay can be a transition in the short-term that yield positive long-term results. Here are just a few ways you can make rent payments easier during social distancing while bringing your landlord work into the 21st century!
Please note: This blog is not intended as legal counsel. When you need to develop payment options with hands-on legal guidance, speak with a competent attorney or your Orlando property management partners at Verandah Properties!
Online Portals Have Never Been Easier—or More Needed
Online portals for rent collection are a fantastic tool that a surprising number of landlords have not yet incorporated. As more payments go online, from online bill pay for utilities to online credit card payments, people are growing quite comfortable with the changing world of online banking and payments. Creating a customized, secure portal where your tenants can pay their rent eliminates the need to visit you and offer a rent check when many people are trying to maintain some social distance to avoid spreading the novel Coronavirus.
These portals aren't just valuable for rent collection! Many of the online portals available these days offer a dedicated way to message your tenants and send automated alerts when the rent is coming due. These automatic reminders can be influential with tenants who have the ability to pay but may struggle to get over and deliver the rent check on time, and are a perfect addition to the kind of property management Orlando rentals deserve.
When all payments route through a central hub and can easily be moved with online banking, you gain peace of mind—and save precious hours that otherwise would be spent endorsing and depositing checks.
Now Is a Great Time to Waive Online Fees to Get the Ball Rolling
Of course, as with many other online payments, there are fees associated with transactions. However, most online portals allow you to take on the fees yourself, effectively waiving the fee for your tenants for the first few months.
Making this small sacrifice on your part can help get your tenants on board with switching to an all-online payment structure; even tenants with smartphones and without laptops can now access online payment portals reasonably easily and make a payment—so most tenants will have the ability to pay online.
Another potential path forward is to add the needed fees to the rent for new tenants and make it clear that this change in rent will go into effect only for tenants who renew. Gauge how likely your tenants are to make a small transaction fee the reason they move out, since nearly-fed-up tenants may or may not be interested. If you need guidance, we're happy to help walk you through the benefits of online payment options at Verandah Properties!
Future Tenants Won't Know the Difference and Can Pay Easily
Getting the ball rolling on your online portal makes rent payments easy in the future, and it's a professional component of the kind of property management Orlando rentals need! When new leases are signed, you can help your renters set up their new portal accounts, where they can access other valuable tenant resources like a way to make work requests.
Verandah Properties Makes Online Payments Easy
While landlords can buy software that helps them construct their own portal, this can be an expensive addition to your budget. Working with the kind of property management Orlando rentals deserve means you'll gain access to online payment portals as part of the services your property manager provides.
Our affordable rates at Verandah Properties also include a wide variety of other resources and assistance! From handling online work requests to communicating with tenants for you, property managers are a valuable way to save time while also making rent payment easy for your tenants. If you want the opportunity to access hands-off, passive income, you will benefit from working with Verandah Properties for your property management needs in Orlando.
We know that it can feel unfamiliar and new to have to collect rent during a pandemic, so we've got information to help you through it. Download our Collecting Rent in a Crisis Handbook today!