If you've been following our coverage of solutions for property owners and investors in the Sarasota and Bradenton area during the COVID-19 crisis, then you're already aware of our suggestions as Bradenton property management experts. These tips are available to you concerning rent collection and your renters through our blog any time, day or night.
We've covered tips for not only communicating with your residents about your need to collect rent to provide them with a safe, well-maintained home, but also how to approach this process in a broad sense by working with your renters rather than against them. However, a brief overview doesn't nail down much in the way of how to pursue rent collection in a way that benefits both you and your residents.
In today's article, we're going to get more in-depth with the process of making rent payments easier for your renters—and for you as a property owner—with a few tips that we've learned in our role as Bradenton property management professionals. If you've been struggling to figure out how to collect rent during social distancing, the first step is to make it easier than ever for your residents to make their payments.
Online Rental Payments Are Not the Future
If you've been told that online rental payments are the future, we have some unfortunate news: online payments are the present. As an expert in Bradenton property management, we know that the modern renter fully expects online options to be available to pay their rent—and not just because of the rise of social distancing during the COVID-19 crisis. If you don't currently offer online payment possibilities to your residents, then this is a great place to focus your efforts on making the payment process easier for your renters during social distancing.
Thankfully, there is a diverse array of options to turn to when it comes to online rent collection. Providers like PayPal, who offer flexible payment schedules, popular sister platforms like Venmo, and professional rent collection software make it easy for your renters to pay their rent from anywhere—including a mobile device. If you consider that 68% of U.S. households are routinely accessing the internet from mobile broadband, making payments easy to do by phone means that you'll be able to reach your renters—even during a crisis. You can even turn to professional rent collection software if you need to, but this is an expensive option for many solo rental property owners.
If online availability for rental payments is the now, the real future of rental properties is highly tech-driven. This is only to be expected since the largest pool of your future residents grew up fully integrated with technology in their lives (Generation Z). Implementing the ability to make rental payments online not only makes rent collection safer for your current residents during COVID-19, but it secures your future as a property owner.
Reduce or Remove Rental Fees
As part of your move to a new online platform, make it even easier for your renters who used to pay by check by waiving any payment processing fees that are a result of the switch. Not only will this encourage your residents to adopt the platform and continue its use, but it will also show that you're interested in finding and offering solutions during a time of uncertainty for many.
- Be sure to stay on top of your communication with your renters this time to make them aware of changes to your payment methods.
- Emphasize that online options are for their safety, well-being, and convenience—as well as the safety of those in the community who are most vulnerable.
- Detail clearly how your new payment structures will work and highlight the waved fees as a platform adoption incentive.
- If you do this, be sure to define how long this discount will be in effect. You could confuse or upset your current residents if these benefits are suddenly canceled in the future.
Beyond the payment options we highlighted above, there is an alternative—one you may not have even considered. This route will actually save you more stress, money, and time in the long run—even during a crisis.
Working With Bradenton Property Management
While working with a Bradenton property management professional may not have originally been on your radar, it probably won't cost you all that much more than the right management software. Plus, you gain access to the incredible knowledge, experience, and resources that are at a skilled property manager's disposal.
When it comes to what a property manager in Bradenton can do for you, it extends far beyond communication support and rent collection. During a crisis like COVID-19, your property management partner has the resources you need to maintain excellent upkeep for your rental homes—ensuring that your residents are safe and cared for.
We know that property owners care about their renters—which is why so many of you are seeking solutions right now to try and help your tenants make ends meet. However, we also know that many landlords who aren't protected under the CARES Act are worrying about how you're going to meet your needs, as well. Property taxes don't stop accruing—they merely get extended.
With these needs in mind, we put together our FREE Collecting Rent in a Crisis Handbook to help serve concerned property owners during this time. Making it easier on your tenants to pay the rent is only one tip you can use to uphold your end of the lease. Download your copy of our handbook today to gain expert insight from your partners at Gulf Coast Property Management: we're here for you!