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The Property Manager's Guide to Common Rent Payment Mistakes & How to Fix Them
Increase rent collection online and convert paper payments, like cash and check, into electronic transactions so your process is 100% digital.
Learn the best ways to accept rent payments online, and get actionable tips to:
- Digitize your entire rent collection process
- Provide the best rent payment experience for new and existing residents
- Protect your rent revenue from chargebacks, fraud, and errors
Why multifamily properties should move rent collection online & eliminate paper payments
No single operational process is more important to your business than collecting rent. Rent collection impacts every aspect of property management - from cash flow to NOI and resident satisfaction - and you may be missing opportunities to move that process entirely online.
Many apartment operators aren’t aware of flaws in their rent collection process. It’s easy to assume that your process is efficient, because “that’s how it’s always been done.” But with digital payment innovations like Lockbox, CashPay, and revenue protection, you could be leaving valuable time and dollars on the table.
As experts in 100% digital payments and the multifamily realm, we have intimate knowledge about how to collect rent online and digitize paper payments. Read our latest research and best practice tips in this guide. Find out how to correct six major but common rent collection mistakes, so you can:
- Increase revenue
- Make better use of your team’s time
- Improve the resident experience & resident satisfaction
This comprehensive guide helps you shore up your rent collection process with up-to-date research on the best ways to accept rent payments online and eliminate paper-based rent payments!
Wow! This is a must read for all owners and operators."EVP, Possession Partner, A Hunter Warfield Company
Improve resident retention & productivity across your portfolio
Zego is a property technology company that frees management companies and community associations to go above and beyond for residents. Our mobile-first resident experience platform features simple and clean workflows that allow your residents and staff to complete their tasks quickly and efficiently. From payments and utilities to communications and smart apartment technology, we help you boost retention, productivity, and grow NOI.
The 6 Most Common Rent Collection Mistakes
Understanding the effects these six mistakes can have on rent collection will help improve the process for your associates and residents:
- Accepting and manually processing paper payments
- Exposing your revenue to chargebacks, fraud and transaction errors
- Offering on-site associates minimal training about rent payment software
- Not steering new residents towards digital rent payments
- Offering a poor resident payment experience
- Collecting rent payments separately from utilities and other property charges
If you're making any of these mistakes, don't worry! Our guide includes solutions that will get you back on track. You'll also learn how to increase online rent collection for better efficiency and faster funding.