New technology makes rent payments more convenient, efficient and flexible for property operators and renters alike.
Instead of collecting and depositing rent manually every month, property owners can automate the process and free up time to focus on what they do best: manage properties, grow their businesses and build positive relationships with renters.
Three major trends are shaping the future of rent payment technology. Capitalizing on them today can help you optimize and modernize your operations for tomorrow.
Domenick Ferrera is an Executive Director on the Commercial Real Estate Digital Business team at JPMorgan Chase, as well as a self-taught investor who owns and operates eight units across three multifamily properties in Westchester, New York.
Ferrera explains the technology consumers use every day for shopping, entertainment, transportation and more has shaped their expectations for service and speed in all aspects of their lives — including paying rent. “The Amazons, Netflixes and Ubers of the world are providing a solution that's very efficient and very easy,” he says.
|Benefits of digital rent payments for property owners
|Benefits of digital rent payments for renters
The ability to pay digitally is especially important to millennials and Generation Z renters who are accustomed to carrying out transactions online with the touch of a button.
“It's going to become more and more like table stakes for property owners to provide these easy-to-use solutions to collect rent,” Ferrera says.
And it’s not just renters who benefit.
“You make your life a little bit easier, and you serve your renters’ needs by giving them an option to pay in a more streamlined and efficient way.”
“Any time that I spend doing rent collection manually is time that I’m not spending finding new leads and growing my portfolio,” Ferrera says.
As the rental industry grows more complex, emerging innovations can help property owners maximize efficiencies and gain valuable insights to make strategic decisions backed by data.
To find the best system for your property, Ferrera recommends asking key questions to vet your options.
In addition to digital rent payment options, flexible payment policies have become a deciding factor for many renters. Capitalizing on this shift in renters’ priorities can help property owners stand out in a competitive rental marketplace.
Owners can meet this demand for flexibility by:
“Once a month, renters go through this process of paying rent,” Ferrera says. “So as a property owner, if you offer optionality it shows you are putting your renters as a focus of your business and hopefully making their lives easier — which can help you create a more enjoyable renting experience.”
With rent payment technology that has adapted to these trends of convenience, efficiency and flexibility, you can save time, improve your relationships with renters and make better decisions for your business.