The world feels like it’s finally turning back to something resembling normalcy. That’s good news for everyone, but especially for investment property owners in the San Antonio area—many of whom have had at least one of their renters struggle to make their rental payments. As an investor, trying to balance your needs with those of your tenants can be tricky—and the reality is, we’re not out of the woods yet.
As complicated as our current situation may often feel, some of the answers are actually reasonably simple. Case in point: if your renters are having trouble paying rent, you can help by making rent payments easier! As the experts in San Antonio property management services, we have some experience and insight into how to make that happen successfully.
Offer a Portal for Online Payments
If you have renters who are struggling to pay their rent, setting up a platform for online payments is one of the most effective ways to make paying easier for them. This is especially true during a situation like the novel Coronavirus pandemic, when your residents might not feel safe paying for their single-family homes through other means. Who wants to handle cash, go to the bank, or hand over a check, when you could simply pay by the click of a mouse?
It’s possible that not every resident will prefer the online system—it’s best to still accept other forms of payment so everyone can choose their preferred method—but many will gladly switch over. Online payments are not only safe and convenient but also offer a variety of features that are beneficial to both parties long term.
- Flexible payment options: The great thing that makes online payment platforms easy for your residents is that they except a wide range of payment types. However your renters prefer to pay; it’s likely to be accepted.
- Automatic payments: Most—if not all—online payment platforms offer the option for your residents to sign up for automatic payments (or ‘auto-pay’). This helps ensure that rent payments continue to be on time throughout the duration of your tenants’ lease.
- Friendly reminders: You can include rent notifications or reminders for renters who pay their rent online. Equally helpful for you and your tenants, it sends them a notification each month when the due date for their rent payment is approaching, and further announcements if their payment is late. That way, they get a gentle reminder, and you don’t have to go around hounding tenants for rent.
- Direct deposits: When residents pay their rent online, it’s simple to have that money deposited into your account with the click of a mouse. That’s a great perk for rental property owners who are tired of depositing checks and counting out bills.
- Simple bookkeeping: You don’t need to keep a ledger or maintain spreadsheets with online payments. With most online payment platforms, keeping records of all your rent earnings is simple and automatic. You’ll be glad for that when tax season rolls around.
Waive Online Payment Fees
One factor that might discourage some tenants from paying their rent online is the issue of extra fees. Many online payment platforms charge them, and it makes sense that tenants who are already struggling might balk at the notion of paying an extra fee on top of their existing rent. For investment property owners, the solution is simple—waive the fees for renters who adopt the new system, even if it’s just temporarily.
True, that might mean that you have to pay those fees yourself. But eating the cost of a few dollars in the short term is well worth it if it helps your tenants pay for your homes for rent! Many property owners across the country are waiving fees to encourage their residents to pay online during the Coronavirus pandemic, and much of the data we’ve been seeing suggests that the tactic is working.
Work With a Property Manager
Being a rental property owner can be time-consuming and stressful—and there are many ways a professional San Antonio property management company can help your rental business. Overseeing rent collection is just one of them, but it’s particularly important in challenging times when investors across the country are struggling. When you place your rental business in the hands of the right full-service property management team, your property and your renters can both benefit!
- At San Antonio Property Management, we make paying rent easy for your residents.
- Our system offers your tenants a variety of ways to pay rent, and incentives for paying rent on time. That means you can get your money as quickly as possible.
- After collecting rent every month, we make fast and reliable direct deposits into your account—so you’re never left waiting for late payments.
- We also treat your residents with fairness and compassion, even while sticking to a firm and professional collection process.
- We understand that a positive relationship between tenants and property managers is essential to the ongoing success of your business, and only ever use eviction as a last resort for unpaid rent.
Contact us today to learn more about how working with San Antonio Property Management benefits you as a rental property owner! We offer all the resources you need with our years of experience for a successful rental business.
If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.