Using Technology to Prevent Late Rental Payments         

If you’ve ever managed any property rental services, then you’ve had to deal with late payments. Regardless of the reasons, late rental payment situations put stress on both landlords and tenants. There are lots of ways to deal with these occurrences after the fact, and many of them result in bad feelings, damage to property, or loss of money. There are tips to handle the most common excuses, but one of the best ways to make sure these late rental payments don’t occur in the first place is by embracing three basic online sets of technology – online applications, online credit reports, and online rent collection.

Online Applications

There are some truly groundbreaking sets of cloud-based software out there that you can use to start maintaining online applications in order to get tenant-landlord relationships started off on the right foot. With the right sets of questions and personalization, these types of applications give landlords a much better, more complete and thorough understanding of applicants. By having this type of information on hand, it is possible to not even let potential problem-tenants through the door. This kind of approach to the application process also gives a searchable archive of tenant information as well.

Image Source: Pixabay

Online Credit Reports

Online credit reports are another type of information you can gather about a potential tenant ahead of time. There are always cases where a potential tenant may have had credit issues earlier in life, and is now recovering, but by looking at trends over time, it is possible to see if there are going to be any troubles with money in advance. This is a great point of communication in the potential relationship as well, so having the technology to get and filter through credit information quickly and efficiently is essential to making sure the wrong type of tenant does not get established in your property.

Online Rent Collection

Online rent collection makes everything easier for everyone. No more bounced checks, money orders, cash transactions, handwritten receipts, etc. Everything is handled electronically and automatically, with official representations of banks or other financial institutions. If part of your rental agreement is that payments occur automatically through some sort of online rent collection software package, then there will be no concern about mail getting lost or clerical errors causing any payment issues.

Prevention is the best way to deal with late rental payments, so the more time you spend, as a landlord, looking into your options when it comes to utilizing technology to the purpose, the better off you are going to be. Once the organizational aspects of your system are in place, neither you nor your tenants will have to worry about many of the more stressful aspects of rental property management.