Technology has helped businesses worldwide continuously improve over the last decade. At first, it was email which then rapidly progressed with the help of the internet.
Nowadays, there are tons of different programs out there that allow businesses to improve sales, operations, and workflow online. Real estate businesses have also taken advantage of these inclusions to create more competition and reach more people.
One of the biggest changes that came for real estate businesses was the inclusion of automation in rent collection.
This article will delve into how automation has transformed the future of rent collection and will help real estate businesses grow and expand.
Online Rent Collection Systems
Before we delve into how automation has transformed rent collection, let us first understand how technology has changed rent collection as a whole.
There are now numerous digital payment methods that can be accessed with an internet connection from both your cell phone and computer. Payment channels include bank transfers, credit cards, or even online services such as PayPal.
This has changed the game when it comes to rent collection in the modern day – for both renters and tenants. The process used to include visiting the tenants and collecting either cash or cheques, which involved having to go to the bank to get the money in your account.
Some of the best real estate CRM systems in the market have their payment systems as well that real estate agents, investors, and wholesalers can use. These CRMs help sell properties and rent them out to tenants.
However, with modern transactions tenants have the ease and convenience of setting up payment methods that take care of the process in seconds.
Benefits of online rent collection systems
- Convenient for tenants and renters
- Multiple platforms for payment
- Immediate transfer of money
- This can be done through mobile devices
- Reduces late fees
- Can set automated payments
- Can set reminders for payments
Automated Reminders for Rent Payments
The real estate market is filled with renters and tenants who often have problems with the other. Most of these problems in the past stemmed from the inability to pay and missing the time for payments. A big upside to having technology involved in the real estate market now is that everything can be automated.
As the renter, you can periodically send automated reminders to your tenants of their upcoming payment, so that they do not miss the date. Oftentimes, renters have to deal with the issue of their tenants not paying on time because they are not aware of the date or have forgotten it. However, periodically reminding them through a renting system or text messages make it easy for you to do so and for them to not have the excuse of forgetting.
These automated messages can be customized to be appropriate for the tenant you are dealing with. For example, some real estate property management CRMs allow you to collect rent and send these notifications to your tenants. These notifications can be tailored to your tenants so that they know it was meant for them specifically.
Features Needed In Rent Collection Systems
With there being so many systems to help in rent collection, it is important to know the features they should have for you and your real estate business to want them.
Payment Tracking and Mobile Access
Paying online is easy and quick but its also a lot of money that people need to be sure is sent and received when it should be.
This is why rent collection systems need to integrate a tracking system for payments made and received so that people are sure that their money is not lost through any bugs or issues with the software.
On top of that, rent collection systems must integrate with mobile devices to ensure it is truly convenient. People are on the move daily and need to be able to pay from their cell phones or tablets to ensure it is easy.
Flexible Payment Methods
Different tenants want to pay their rents in different methods and as a renter, it is important to ensure ease of payment for all tenants. This can be maintained easily if all of the common methods of payment are integrated with the rent collection system. For example, it is vital to have credit card, and debit card payments enabled alongside bank transfers as a lot of people use their cards to pay rent.
Accounting Software Integration
Maintaining streamlined software when it comes to dealing with money is pivotal. People will not want to use software that lags or does not conduct processes properly when it deals with money, especially when it comes to their rent.
Partnering up with and connecting different accounting software with a rent collection system ensures that it operates smoothly and provides essential safety as well for both the renter and tenants.
Conclusion
Overall, rent collection systems have been transformed with the inclusion of automation and other features with the advancement of technology.
From real estate CRMs to navigating real estate social media and utilizing real estate SEO, there are multiple ways of ensuring that real estate businesses are able to compete in new ways, all of which help garner larger audiences and higher traction in the real estate field. Being well versed in different aspects will allow a business to keep scaling up and gaining more buyers, sellers, tenants, and whatever else they need.
