If collecting rent is at the heart of a rental business, why do so many landlords & property managers still use checks and cash when they could easily collect rent online? The answer comes down to cost and convenience.
Landlords & property managers who manage their own properties are typically very busy and need tools that don’t require a huge time investment. In addition, profit margins on small scale rental operations don’t leave much room for unnecessary monthly expenses.
RentBook was created by DIY & Small Scale Landlords, so we understand this challenge firsthand. That is why we created RentBook, a mobile property management app designed specifically to delivery the most economical solution possible.
So now that you know that you can collect rent online with minimal effort at an extremely economical cost, let’s go through the benefits of doing so.
Why You Should Collect Rent Online
The most obvious benefit of collecting rent online is convenience. By getting rid of the pesky rent check, you free up time and energy otherwise spent on chasing tenants, tracking down payments, and taking trips to your local bank.
Not only would you be making your own life easier, your renters will also love being able to pay rent online. Doing so would not only save them the time and money of having to mail checks or stand in line at the bank, but it would also align with their expectations of using technology to remove friction from their lives.
Tenants who pay rent on an app are much happier than ones that have to purchase checks and stamps.
Mutual convenience aside, a good online rent collection software can help landlords professionalize their rental operations with:
Rent reminders – renters automatically get notified before rent is due
No room for error – automated, detailed monthly invoices means you and your renters are always on the same page
Payment receipts – stay organized and gain a clearer understanding of the performance of your rentals
Assign specific bank accounts – you decide which bank account to connect to each property
Move-in costs – charge security deposits, pet fees, pro-rated rent, and other move-in costs
Why Using an App is the Way to Go
It’s no secret that apps provide a superior user experience over websites. They are right there on your smartphone, can be accessed even when you are offline, and use Face ID, fingerprint, mobile wallets and a slew of other technologies that enhance security and the overall experience.
On top of that, apps use convenient notifications, intuitive and sleek design, and don’t rely on URLs, log-ins, and browsers. When it comes to feeling in control, it’s tough to beat a well-crafted app that houses everything in one place.
Once you’ve decided to collect rent online, you will likely find many solutions out there. But many of these products either come at a cost to you and / or your renters or are not so easy to use.
We’ve been in your shoes. We’ve explored the entire market and could not find a solution that combined the ease of use we were looking for (app) while keeping costs to a minimum.
So we decided to create RentBook.
Rent Collection is One of Many Features
RentBook was developed to make safe & secure online rent collection easier but has since evolved into a complete property management app with many benefits that landlords and renters enjoy.
Using RentBook, landlords can screen renters by having them conveniently generate their own affordable background checks and credit reports.
Staying on top of your rental operation isn’t easy, but RentBook is here to help. Our App will be launching in September 2020 so stay tuned!