(ELECTRONIC) RENT: Smash Hit Now Playing at a Property near You! via Multifamily Insight Blog

The concept of electronic rent payments is not new to property management. The first rents paid ‘on line’ (vs. via paper check), were processed in the late 1990’s, the Dark Ages for electronic transactions. What’s amazing is the amount of traction yet to be gained by providers of such services, in the area of acceptance by property managers and tenants.

If a property manager wants to make operations more efficient and cost-effective by offering electronic rent payment to tenants, now is the time. Services offered by vendors include rent payment only (whether using one or multiple methods) as well as modules for maintenance request logging and tracking (no more lost tickets!), two-way communication between managers and tenants (no more flyer’s on doorsteps or posted by elevators), direct interface with accounting systems, and ability by managers to access data remotely. The ability to have a custom-designed, white-labeled front end covering all the modules exists.

Confused by the choices? No reason to be, as eventually the chosen vendor’s platform should be what works for the tenants, management company, staff, and the local situation. Here are some expected considerations:

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