Solving the Rent Collection Dilemma: Digital vs. Traditional Methods

Solving the Rent Collection Dilemma: Digital vs. Traditional Methods

Earning passive income is every landlord's goal, but sometimes the work makes it less passive without the right help.

Changing rental prices and interest rates are some of the biggest challenges associated with being a landlord. Luckily, a professional property manager in Akron, Ohio can make the process of setting and collecting rent easier.

Read on to learn the differences between traditional and digital rent collection.

Traditional vs Digital Rent Collection

Traditional rent collection methods include anything that doesn't involve the internet or apps. In-person collection happens when the landlord comes to the unit to take a check from their tenants. The tenant may also go to an office to give the check away instead.

A tenant may also mail checks to landlords as a traditional method of gathering a monthly payment. This lets tenants in Akron pay landlords regardless of their physical location. However, this can cause cash flow problems when the check is late or lost.

Digital rent collection resolves these issues. People can conveniently make payments online in multiple ways. Credit card payments, ACH transfers, and direct payments from a bank account are all options.

Digital payments are fast, convenient, secure, and well-organized.

Payment Portals: An Organized Way to Pay

Online payment portals also eliminate the need for manual documentation. You won't need to sit in front of a physical ledger or Excel document and count your money.

An Ohio property management company has the professional tools and knowledge needed to set up a secure payment portal. This dashboard will show tenants what they owe and inform them of when payments go through. Landlords can also see who has paid and who hasn't so that they can collect rent more easily and efficiently.

Recurring Rent Payments

Digital rent collection allows tenants to set up recurring rent payments. They put in their bank account or credit card information and tell an online system to take money out directly on a set date each month.

This means that they won't miss rental payments or make a late payment simply because they forgot.

You'll get passive income more reliably. This is great because no one needs to worry about missing rent or not getting paid. Plus, you may decrease the need for eviction due to missed rent, which can save time and money.

Professional Property Management and Digital Rent Collection

Hiring professional property managers to help with your Akron property means getting assistance with rent collection. They have pre-created technology that tenants can use for manual or recurring online rent payments before a due date.

They also will monitor these payments for you and send out notices to tenants who have late rental payments. You won't need to worry about dealing with difficult renters and keeping track of communications.

Streamline Your Akron, Ohio Rental Property Operations

Now that you know why digital rent collection is a smarter alternative to traditional methods, it's time to invest in property management services that make the process easier.

Our team is committed to outperforming competitors by giving you the best management strategies for your Akron, Ohio rental business with professional tools and resources. We help to ensure that you get your monthly payment on time. Request a free rental analysis from PMI Cuyahoga Valley Ral to learn how much your unit is worth.