To put it simply, a rental collection system is a system that helps you to collect rent from the tenant. These system can either be door to door or online. However, one thing that should be noted, is that the digital systems have a cost. Therefore, to know if you should use the rental collection system, is if the benefits of the system outweigh the cost. And these benefits have different implications depending on your preferences. Here are the benefits of the digital rental collection system to know if it is for you.
An online rental collection system will make collecting rent across long distances much easier. You can collect rent from your phone, without the need to drive to the location, saving fuel in the process. Thus, to know if an online rental collection system is for you, is to see if the tenant(s) live far away from your own house. If they live in the next district, the system may not be for you. If they’re living in the next state, the system may be good for you.
2. Daily life
Another benefit of an online rental system is that it saves a lot of time. Instead of needing to go to the property to collect rent, this rental collection system saves your time by letting you do that at home. In fact, if the tenant is late. some rental collection system may help you chase the payment. To know if it’s for you, is to check how much time do you have in your daily life. For example, if you frequently work a 9 to 5 with busy family time in the weekends, the online rental system may be the system for you. On the other hand, if you work a more relaxed job with a more relaxed schedule, you may want to save some cost by not getting the system.
3. Cost calculation
What should be strongly noted is how the cost of the rental collection system are calculated. Different system has different methods to calculate cost. It could be a flat cost, it could be a percentage of the rent, or it could be a one month amount of rent. The cost can fluctuate greatly depending on the calculation method. For you, it may depend on the amount of rent or the period of tenancy. If the rent is high, it may be better to use a flat cost. If the tenancy period is long, a one month cost may be worth the convenience.
If you’re messy when dealing with paperwork, an online rental collection system may be the system for you. This is because the system assists in collecting the necessary paperwork and also the relevant receipts. With an online system, you won’t have to worry about losing a needed document as it’s all online. There will also be less clutter and your filing cabinet can be much neater. However, if you’re only managing one tenant that plans to rent the property for a long period of time, the system may not be necessary.
5. Relationship with the tenant
Finally, with the system, you won’t have to meet the tenant. This can be very convenient if you have social anxiety or during a pandemic. Furthermore, if the tenant is particularly rude or violent, this can easily solve that problem. However, if you want to have a good relationship with your tenant through frequent meetings, the system may not be for you. Moreover, if your tenant is a relative or a friend, the system may yet again not be necessary.
An online rental collection system can give a lot of convenience, and this convenience is different for different people. You should carefully consider all of the above and if the system sounds appealing to you, go ahead!
85% reader will continue to read: