Managing rent payments is a crucial task for rental property owners and managers, but collecting and recording rent payments can create headaches. To learn more about rent management trends, we polled 130 experienced real estate professionals on how they handle rent payments and the benefits some are seeing with rent management software. Here are the key takeaways from the survey:
Commercial real estate managers remain hands-on
Most commercial real estate property managers (64%) handle monthly rent collection themselves. When it comes to recording rent payments, 88% use manual procedures.
How do commercial real estate professionals collect rent?
- Paper check/cash/money order: 68%
- Rent collection software: 10%
- Other digital: 22%
Attitudes on technology
Technology’s convenience, speed and ease of use are top priorities for roughly half of commercial real estate professionals surveyed. About 51% say they use a mobile device to perform office tasks on the go. The same share say software must provide immediate access to real-time information. Nearly half — 43% — say their business will be more and more dependent on technology over time.
Why commercial real estate professionals adopt — and keep using — rent management software
Of real estate professionals who use software to manage rent payments, offering renters flexibility, efficiency and affordability were the most popular reasons for adopting rent management software.
63%
want to give renters more ways to pay rent
55%
cited the software’s affordability
51%
use software to reduce the time and cost associated with managing rent payments
When asked why they keep using rent management software, 65% of real estate professionals said they were better able to manage the rent collection process, 55% said they were saving money compared with manual procedures and 51% said they saw more on-time payments.
Current software solutions can add to costs
Most property management or rent collection software users pay fees that can add up to several hundred dollars each month.
- 12% pay a fee for each transaction
- 16% pay a one-time fee
- 22% use a free solution
- 49% pay a monthly pre-determined fee
Who we polled: Almost all respondents are maintaining or moderately growing their business. On average, they own a total of 89 units. The poll was conducted in 2020.
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