Digital rent payment platforms are critical across asset classes. But not all technology is created equal.
Given the uncertain economic environment, there’s potential for commercial real estate organizations to move ahead of the pack by exploring how technology, such as online rent payment services, can increase efficiencies over the long term, according to Deloitte’s 2023 commercial real estate outlook.
Effective online rent payment services do more than provide residents with a self-service portal. If you want to drive usage and transform how you accept rent, you need the right tool for your organization. That digital rent payment platform should take a holistic approach, considering residents’ current and future needs and preferences.
Residents like to pay rent in different ways. Giving them the choice to make payments through their preferred method can help maximize adoption. Make sure your technology reflects renters’ preferences by looking for a solution with payment options that include:
The primary purpose of your new technology is to accept rent payments. But the tool can double as a direct line of communication. For example, you can send payment reminders through text or email, so residents don’t forget rent is due. You can also send push notifications to residents with important updates unrelated to payments, such as severe weather and power outages, maintenance schedules and policy changes.
Ease of use is critical to getting residents onboard. Your digital rent payment platform should be inclusive and accessible for individuals with a wide range of needs, including:
It’s important to think of your digital rent solution as more than technology to aid in collecting payments in a single place. The right tool takes a holistic approach to drive renters to adopt your preferred electronic payment channels, which can lower costs and improve your working capital. The tool should also provide you with important data to help run your business more effectively. It won’t happen overnight, but the best technology combined with an ongoing plan to drive resident conversion can lead to full adoption of your digital rent solution via your preferred channels.
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