In a rapidly modernizing world, it is crucial to streamline processes and focus on what is important to both tenants and investors. At Real Property Management, we are always learning, adapting, and providing value-added services to our clients. We implemented online payment options for our tenants to minimize delinquencies and set up automatic recurring rent payments. Tenants no longer have to set time aside to pay rent and can now spend more time focusing on what’s important to them.
Why Online Rent Payments are Better for Investors and Property Managers
Say goodbye to late payments. No more stressing about the overwhelming rent collection process – dealing with money lost in the mail, trips out to the rental property, directly dealing with tenant’s finances, and waiting on late payments. Thinking about all that makes our head hurt!
Online payments ensure rent is paid on time by setting up reoccurring payments. It also gives tenants the flexibility to choose a payment method that may not have been otherwise available. Online payments minimize delinquencies and take the hassles away from all parties involved.
People Prefer to Pay Their Bills Online
Think about it. We pay our phone, electric, water, heating, credit card bills all online – why should tenants have to pay their rent any other way?
According to the Bank of Canada, the volume and value of cash transactions are declining. In 2013, cash was being used in 44 percent of transactions, but in 2017 it decreased to 33 percent – meaning 1/3 of transactions performed are cash while the majority are debit or credit. “Nearly everyone in Canada owns at least one debit card, and 9 out of 10 of us own a credit card. Credit cards are an increasingly common payment method – they now make up 39 percent of retail transactions and 56 percent of the total value of goods and services purchased. They are especially popular for transactions above $15.” Consider the pandemic, contactless payment is now promoted and encouraged, and online shopping has increased. Times are changing, and it is crucial to be ahead of the curve.
What does this mean? Look at the trends people are demanding. Cash and cheque are declining payment methods while debit and credit are significantly climbing in popularity. As a landlord and Property Manager, accommodating and adapting to demand and payment options will help strengthen relationships with tenants.
Payment Flexibility for Tenants
By providing more payment options to tenants through an automated clearing house (EFT), landlords and property managers strengthen relationships with tenants by further satisfying their needs. The formula is quite simple: Happy tenant = happy life. By having happy tenants, they are more likely to renew their lease, resulting in the investor maximizing their income and incurring no lost revenue during the marketing and tenant screening process.
Online rent payments are available on both desktop and mobile! Whether you’re relaxing on a beach across the world or hanging out at home, tenants are able to pay rent from anywhere! No more rearranging your life to accommodate a landlord or Property Manager’s schedule. By switching to an online EFT for rent payments, tenants have more options to pay with, such as:
- Bank Account (Chequing Account)
- Visa Debit
- MasterCard Debit and Credit
- Visa Credit Card
- American Express Credit Card
Our EFT at Real Property Management Professionals uses online payments and automatically pulls rent on the first of the month. Tenants don’t even have to think about setting time aside to remember to pay rent. Additionally, this ensures that our investors will be paid on time when they receive their monthly statement. It’s a win-win for all parties involved!
Payment Portal
By switching to an EFT provider for online rent payments, tenants now have access to an online portal. The online portal allows the tenant to easily access their payment history, online payments, real-time payment updates, detailed payment receipts, and track upcoming payments. Should the tenant experience difficulty, our EFT partner provides 24/7 customer service and allows the tenant to attach notes to their file to keep the team at Real Property Management Professionals updated. Additionally, the portal gives tenants access to a vast network of financial services, which helps them simplify and manage their finances.
Real Property Management Professionals Offers Home Buying Assistance to our Tenants
At Real Property Management Professionals, we understand that renting is not always a long-term goal for everyone. Homeownership is a common goal for everyone, and we want to help our tenants in their journey moving forward.
Our Broker and Owner, Carla Browne, has been in the Real Estate industry for over 25 years and has a vast array of knowledge and experience to share! In 2016, Browne was recognized as one of Canada’s Top 100 Elite Women in Real Estate for shaping the future of Real Estate and championing the Saskatoon business community. When Browne isn’t keeping herself busy with the Real Property Management Professionals in Saskatoon and as the Operations Manager for the national franchise office, she is acting as a Director on the Board of Directors for the Saskatchewan Landlord Association and the Chair of the Board of Directors for the Saskatoon Chamber of Commerce. Browne promotes and continuously practices teamwork, continuous support and improvement, community involvement and supporting local, and thinking of and taking action on “what’s next?”.
Both Browne and the team at Real Property Management Professionals LOVE to assist our tenants in their journey and the next steps moving forward. We have an expansive network to introduce tenants to – from Maintenance Technicians, to Appraisers, to Mortgage Agents and Realtors; the network is reliable and incredibly supportive. Additionally, we can help coach our tenants on the “dos” and “don’ts” of approaching homeownership and provide insight into the local market. We genuinely value our tenants and want to make the transition as seamless as possible.
Conclusion
Who would have thought that online payments came with so many opportunities and benefits! At Real Property Management Professionals, we sincerely value our tenants and reward them for their tremendously positive behaviour.