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
The 6 Most Common Rent Collection Mistakes
#1: Accepting and manually processing paper payments
Learn how to convert paper-based rent payments to digital transactions.
#2: Exposing your revenue to chargebacks, fraud and transaction errors
Find safeguards for rent transactions from returns and fraud.
#3: Offering on-site associates minimal training about rent payment software
Get tips and tricks of how to properly train your teams about rent payment software.
#4: Not steering new residents towards digital rent payments
Find out 7 ways to create awareness about digital rent payments.
#5: Offering a poor resident payment experience
Learn how to provide a good resident payment experience.
#6: Collecting rent payments separately from utilities and other property charges
Gain strategies for how to collect rent, utilities, and ancillary charges together.
Fix Your Rent Collection Mistakes
If you're making any of these mistakes, don't worry! Understanding the effects these mistakes can have on rent collection will help improve the process for your associates and residents. 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.
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.