Payment Method: Checks vs. Online Rent Payments
When it comes to collecting rental fees, Dallas Property Management Companies are split over which payment method is preferred. While the renting habits of tech-savvy millennials are highly studied, they are not the only renters in the industry. On-line payments that make things easier for this generation may not be as easy for a renter of the baby boomer generation.
Convenient Online or Outdated Check
When it comes to Dallas property management companies, the decision of how to receive your rent depends on the type of rental properties offered, and the number of units in your portfolio. There are pros and cons to accepting each method.
Electronic Payments: Appeals to younger renters. Studies show 20% of millennials have never used a check to pay a bill. This method also saves the landlord time from having to wait for the post office to deliver the check, and running to the bank to deposit it. The National Multi-family housing council conducted a survey that showed 70% of renters would rather pay by electronic means, but when it comes to signing up for these types of payments need enticements to make the switch
Check Payments: It is predicted that checks as a payment method will soon fade away, but not predicted what method of payment will replace them. Accepting checks also allows renters without bank accounts the ability to pay as they can get their funds in a money order or cashiers check. PayLease says 70% of renters still pay rent by check.
If you need help deciding what method of payment to accept for your rental property, or have any other questions regarding rental property, turn to the leader in Dallas property management service, Specialized Property Management