1. Online Fare Collection Software
Even when you pay rent on the first of the month, the tenant’s checks will not be delivered on the same day. Some people mail checks early, while others mail them on the day the rent is due or a day late.
Do you check your box a few days after the rent is due, or do you check every day until the full rent is due? Anyhow, wouldn’t it be nice if you didn’t have to check mail at all?
If you are a bit burdened by checking mail more than once to collect rent from your tenants, then you need online rent collection software. If you are tired of chasing late rents and bargaining for late fees, then you need online rent collection software.
You might already know that property management companies collect rent online and this saves a lot of time.
For example, Green Residential collects rent online from tenants in Katy, Texas and even distributes the rent electronically to landlords. However, you do not need to be a property manager to use online rent collection services. While some rent collection applications require a minimum number of tenants, others do not.
Research different fare collection applications to see which one is right for you. Here is a summary of the three applications:
Cozy is a fare collection program that offers free ACH transfers and a paid upgrade to speed up collection times. If a tenant uses a credit card to pay rent, Cozy charges the tenant a 2.75% fee.
Zillow Rental Manager
Zillow offers free ACH transfers, but tenants are charged a 2.95% fee for using a credit card and $9.95 for using a debit card.
Rentler is another online rent collection application that offers free ACH transfers and charges tenants a 2.9% fee for using the card (debit or credit).
Of the above three online rent payment solutions, Zillow is the popular one, but Cozy and Rentalr are better options. One reason is that Cozy and Renter allow multiple payments per lease.
For example, let’s say you have a tenant who needs to pay rent from two different bank accounts. Or, let’s say you have two tenants, each of whom needs to pay separately.
Your tenants can only pay as much as it takes to pay rent from the accounts. Zillow only allows one payment total.
Another reason Cozy and Renter are better options is because they both automatically apply late fees after the grace period you specify. Zillow does not provide this feature.
Cozy and Renter also allow tenants to keep credit in the system if they overpay; Zillow does not. Zillow also doesn’t keep track of tenant security deposits.
There are other rent collection applications on the market, so do your research before committing to a particular program.
2. Smart Home Tech
The global market for smart home technology is expected to grow by 16.9% by the end of 2023. This growth rate can translate into substantial profits for landlords who want to equip their rentals with smart technology.
Statistics show that homes equipped with smart technology rent faster than homes with older appliances and standard features.
Busy people today crave convenience more than anything else and smart home technology is one way to provide that convenience. Many landlords install smart technology that can be controlled by a mobile app, including:
If you’re a landlord who wants the financial benefits of installing smart home technology in your rental units, make sure you review the security risks with your tenants before signing a lease.
While you are legally responsible for maintaining appliances at a functional level, make sure your tenants know what it takes to keep smart home technology safe.
3. Smart Security System
Landlords love smart security systems, especially in common areas. Landlords need to make sure that their building is not being entered by people who do not live there, or guests who are not nice.
Over the years, many landlords have installed high-tech biometric security systems in common areas such as mailrooms, lobbies and community areas.
While some tenants don’t like high-tech security systems, others don’t mind because they want to feel safe.