Give and take: Digital solutions make paying and collecting rent easier for everyone.

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Date: July-August 2021
From: Journal of Property Management(Vol. 86, Issue 4)
Publisher: Institute of Real Estate Management
Document Type: Article
Length: 1,001 words
Lexile Measure: 1380L

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In the modern world, convenience is everything. From placing a grocery delivery order to seeing a doctor virtually consumers have come to expect services to be available at the touch of a button.

Fortunately property management hasn't been left behind during this tech evolution. One example is the rent payment and collection process, which technology has simplified for both renters and property managers.

Digital solutions now exist to replace the tedious managerial tasks of keeping track of multiple checks, cash payments, or money orders. And for the renter, switching to electronic payments removes the stress of waiting for a check to clear or the worry of forgetting to make a payment altogether.

Today's successful digital solutions are "convenient, intuitive, and easy," says Kyle Schweikert, the business analysis manager of property management software company Rent Manager. Modern rent payment services and software offer online resident portals and mobile apps with a variety of options for how residents can pay their rent, whether that's automated clearing house (ACH) transactions, or payments by credit or debit card. Many programs give residents the flexibility of either making a one-time payment or setting up automated monthly payments. "The key is to make the rent payment process easy, and part of that is allowing payments to be made in whichever format is most convenient to the tenant," Schweikert says. "Offering a variety of payment options empowers users to make consistent, on-time rent payments."

Property managers who have offered multiple payment options agree that electronic payment is...

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Gale Document Number: GALE|A669130209