Smart landlords use rent collection apps to make property management more effortless. Apart from allowing tenants to make timely online rent payments, the best property apps help manage other crucial aspects of your landlord business. Some of the features to look for in online rent collection apps include lease management, rental applications, listing vacancies, and handling maintenance requests.
But not all online rent payment systems are created equal. So, if you’re looking for a free rent collection app or want to invest money in a paid-for app, you need to know what you’re getting.
Let’s discuss 10 must-have features of property management apps. But before diving in, here’s why you should collect rent from tenants online.
The Benefits of Rent Collection Apps
There are many challenges to running a successful property management business. With the COVID-19 pandemic in 2020, landlords face even greater tests in keeping their businesses running successfully. Even before the coronavirus crisis, payment problems were top on the list of landlord concerns.
Although there are many ways of collecting rent online, the most successful landlords use rent collection apps. These property management solutions let tenants pay rent by credit card, debit card, or make an ACH payment. Since most folks pay for things electronically, it seems logical to eliminate paper rent checks and encourage digital payments.
And some rent collection apps offer even more benefits when it comes to managing rental units. For example, you can schedule recurring payments, send out automated rent payment reminders, and monitor payments in real-time.
Using rent collection apps speeds up the rent payment process and improves cash flow from rental income. Landlords who use property apps rarely need to wait on late rent payments. After all, it can take seven days from when a renter mails a paper check until the money is available in your bank. Can landlords really afford to wait that length of time?
Keep reading the article here: https://www.biggerpockets.com/blog/10-must-have-features-rent-collection-apps
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