PayLease’s 3rd Annual Market Survey Confirms Online Payment Usage is on the Rise in the Property Management Industry
PayLease, a leading online payments provider for the property management and HOA industry, today announced the release of its 3rd Annual Market Survey. The survey, conducted by New Heights Research, polls hundreds of US-based property management firms about collecting resident payments online. Results were tallied for the property management industry overall, as well as for portfolio type (HOA, multifamily) and company size. PayLease has compiled the survey results into a just-released white paper, Online Payments in the Property Management Industry: 2014 Findings.
A major finding of the research was that that 68% of participating firms offer residents the option to pay their rent or HOA dues online. That is an increase of 8% from 2013, and 13% since the survey’s inception in 2012. The survey data was also broken down by portfolio type (multifamily and HOA) and found that online payments for rent or dues collection had also grown within all of those sectors. An increasing preference among Americans to manage bills online, combined with more cost-effective, easier to implement payment solutions are believed to be fueling the growth.
“The results of this year’s market survey contain many eye-opening revelations, said Ben Truehart, Senior Vice President at PayLease. “One of the biggest shockers was how many property management companies made changes to their online payment solution in 2014. Twenty-six percent of companies made a change to their payment solution last year, and of those who did, close to half of them switched payment providers. Now that online payment solutions are easy to implement and extremely cost-effective, property management companies have more leverage to select a provider that meets all their needs.”
PayLease’s white paper discusses the percentage of these changes in detail, and also includes an analysis of all the data included in the survey. To see the Market Survey data and analysis in its entirety, download the White Paper.
PayLease (www.paylease.com) is a leading provider of online payments for the property management industry, targeting the multifamily, single-family, HOA and commercial markets. PayLease provides property managers the ability to accept and manage rent and HOA payments through a secure online interface. With PayLease, residents are able to pay their property manager using an e-check or with a credit card. Since its founding in 2003, PayLease has grown to serve thousands of property management companies nationwide and is among the fastest-growing technology companies in the United States.