Imagine this: It’s rent week, and you have 3000 units and over 4000 renters to manage. Late payments and revenue fluctuations are recurrent issues. Over a third of tenants have dodged rent so far. 300 residents won’t be renewing their lease. At the same time, a bunch of water heaters are out, and contractors are quoting an eye watering, five-digit figure to fix them. Oh, and your best administrator just handed in their notice. These issues have one consequence in common. More costs for your business. And just like that, your profits nosedives.

Sadly, this is the daily reality for many landlords and property managers. 7% of landlords missed mortgage payments during the pandemic due to tardy rent from tenants. Landlords in Miami and New York, where cash reserves were lower, experienced such losses disproportionately. Some landlords also couldn’t pay property taxes and maintain properties due to delinquencies and tenant evictions. The good news? While the economy may keep swinging, you can block some of the impact with some sharp money management blows, namely a financial cushion. In this article, we’ll explore why and how to build one. 

Financial instability: The stressful reality rocking rental property management

Cost of living crisis, check. Rising operating costs, check. Increasing compliance and sustainability obligations, check. These issues add up to a hefty bill for which your rental property management company is on the hook. It’s a huge deal since the demand for rent has fallen, with decreases hitting 0.78% in December 2023. Then there’s the fact that margins in property management can be slim, with fees between 4% and 12%.

Optimizing your money management may seem like yet another task to execute on your team’s already-packed to-do list. But the payoff is worth it. Once you build a solid financial runway, your business can take off. You’ll have more security, profits, and freedom to take advantage of scaling opportunities.

What does a typical financial cushion look like?

When it comes to finance management for a rental property management company, what’s a smart decision will depend on its unique circumstances. However, there are some milestones you’ll want to achieve on your money management journey. These include:

• Funds to cover at least 12 months of expenses, like staff salaries, mortgage payment taxes, and community association fees
• Affordable credit lines for emergencies
• Optimized rent payment solutions and processes
• Streamlined expenses and adequate spending controls 

6 Financial management tips for landlords

Whether you’re starting from scratch or have some runway saved up, reaching the next stop in your money management journey will take some planning and sacrifice. Let’s dive into some money management moves to execute and position your rental property management company for success. 

Understand your company’s current financial position

“If you fail to plan, you are planning to fail,” as Benjamin Franklin quite rightly put it.

So, first up on your financial management task list is getting up close and personal with your business’ numbers. Take a look at the figures from the last three to five years and note any trends and inconsistencies. In particular, 

• Evaluate the company’s capital needs. Include past, present, and future obligations. For example, mortgage, ops, insurance, and property renovation costs
• Assess the company’s profitability by property, area, and segment to highlight top performers and laggards
• Examine the company’s liquidity (a.k.a. working capital) and solvency ratios. Use these figures to understand how well your company can meet its obligations, stay in operation, and remain viable long-term. If number crunching isn’t your forte, call in reinforcements from an accountant for cash flow management and forecasting help. Some records and metrics that will be useful here include:
  • Historical and current financial statements, e.g., cash flow statements, balance sheets, income statements, and Accounts Payable ageing reports 
  • Performance figures, e.g., revenue, net income, gross profit margin, net profit margin, leverage, working capital, current ratio, and return on assets
  • Cash flow metrics, e.g., Operating Cash Flow (OCF), Days Sales Outstanding (DSO), Average Days Delinquent, Current Accounts Receivable (CAR), Current Accounts Payable (CAP), Cash Conversion Cycle (CCC) 
  • Capital structure, e.g., Debt to Equity ratio, Weighted Average Cost of Capital (WACC) and Debt Service Coverage Ratio (DSCR)
  • Comparative analysis. Compare the company’s capital structure with industry peers and competitors to assess its relative leverage, liquidity, and financial risk. Look for deviations from industry norms and investigate underlying reasons

Set achievable, cash flow-boosting goals

Now you’ve got an idea of company finances, it’s time to set some money management goals. They should empower your business to eliminate monetary burdens and create more financial freedom. For instance, you could focus on:

• Optimizing cash flow management, e.g. increasing cash reserves by negotiating payment terms with suppliers
• Reducing debt
• Increasing revenue, e.g., through maximizing rent occupancy
• Improving rent collection efficiency, e.g. offering split rent payments and having tenants pay rent online (more on this later)
• Streamlining expenses
• Creating an emergency fund for unexpected expenses

Top tips: Be specific in your money management plans. Set S.M.A.R.T. goals. Also, pick three to focus on initially. Then once you’ve nailed the goal, move on to the next.

Automate finance-related processes to support money  management

If your team spends umpteen hours on admin, it’s costing your business big time. Labor can consume up to 70% of business expenses. That’s money that could be going into your financial cushion. So, it pays to reduce the administrative burden in your business through automation. In practice, calling in the bots to uplevel your finance management could look like:

• Implementing digital tools for bookkeeping and expense tracking. Including spend controls like company cards and automated categorization and approvals 

• Setting up automated invoice generation and distribution for recurring expenses like utility bills and vendor payments
• Automating savings into different accounts for specific functions, e.g. the emergency fund or investment account
• Generating financial reports automatically by using tools with in-built reporting features and accounting software integrations
• Automating budgeting and forecasting processes to track financial performance and plan for future expenses
• Letting software track late payments and chase late payers. Speaking of which…

Upgrade your rent payment options

Perhaps you’ve already digitized rent collection processes so that tenants can pay rent online. Or maybe you allow a select few to pay in instalments through a rent payments portal. But for your money management moves to succeed long-term, your company’s payment options must match your tenants’ wants and needs. 

Let’s put this tip into perspective. Americans are glued to their phones more than ever. The average person spends 4 hours and 25 minutes each on their phone and checks it up to 144 times daily. At the same time, BNPL is on the rise as life becomes more expensive. Around 60% of “financially fragile” consumers used BNPL at least five times in the past year. Knowing this, offering payment options embodying these trends makes sense. You’ll not only enhance tenant satisfaction but reduce those pesky late payments  A great example of such a solution is a rent payments app like Flex. While it’s not a BNPL service, it embodies some of its selling points. Flex simplifies the rent collection by enabling renters to split payments through a mobile app. 

Not only does Flex manage defaulters for you, but it also provides an unbeatable deal. Your company will get paid on the 1st of each month, no ifs, no buts. Flex also has nominal fees for renters and no extra cost for your company. Plus, you’ll get analytics features on renters and payments to make cash flow management and forecasting quicker and more precise.

Create a multifaceted rental property management budget 

For aeons, financial experts have talked about the importance of keeping expenses low, diversifying income streams, saving, and investing. While their delivery was sometimes out there (think jam-packed conferences with singing and dancing audiences), they were on to something. You’ll need to tackle your company’s money management goals from different angles to improve your company’s financial position. Here are some ways to pad up your company’s financial cushion:

• Work out business costs. Then, build expenses into rent costs. Just remember to observe laws and regulations around rent hikes and junk fees
• Create a comprehensive and realistic budget that includes all current and future expenses. E.g. Buying equipment and their upkeep. Add a buffer to account for any price hikes that may occur
• Allocate a set amount of cash monthly for recurrent bills like salaries and taxes. Use separate accounts for each bill 
• Divert a percentage of profits into a high-yield savings account monthly. Aim for 12 months’ worth of expenses. Then, build to two years’ worth or more 
• Get a comprehensive insurance plan. It should cover common issues and potential hazards experienced by your unit type or area, such as wildfires. Resist the urge to scrimp on insurance, as it can be a huge safety net when issues arise. 

Pro tip: Remember to be transparent with renters about fees and rent costs in the lease agreement and any comms. This approach will keep renters happy, your business compliant, and income streams steadier.

Watch your finance management progress like a hawk

Want to maximize your returns? Then, knowing what’s working and what’s not in your money management strategy is critical. Integrate company data from sources like  Accounting, ERP, HR, payments, and property management. These will provide you with a more accurate view of the company’s financial position. 

Use reliable forecasting software to gain an accurate view of your company’s financial health. Then, track key performance indicators (KPIs) and metrics. Examine them (at least weekly) and adjust your approach, considering current developments. Some KPIs and metrics to track include: 

• Occupancy rate
• Operating expenses ratio
• Rent collection rate
• Maintenance costs
• Cash reserve ratio
• Tenant turnover rate 
• Debt Service Coverage Ratio
• Return on Investment 
• Customer satisfaction and retention
• Economic indicators (e.g. job market growth, housing demand, and population changes) 

Managing money for a rental property management company can be challenging. So, don’t go on this finance management journey alone. Seek professional financial advice from a qualified financial advisor specializing in real estate or your business’ size. They’ll give you insight into key areas like tax and investment optimization. Your financial advisor can also tailor strategies based on your company’s circumstances to boost its effectiveness.

Navigating money management successfully as a landlord

If there’s one thing we can take away from crises like the 2008 recession, pandemic, and rising living costs, it’s that “cash is king”. Those with enough liquid capital to withstand the economic blows and invest in their business win. So, building a financial cushion is critical for peace of mind, managing risk, and taking advantage of unexpected opportunities. 

Your efforts will compound. So, even if you can’t make a huge investment, start your money management journey today. Implement cash flow management optimizations, stash away a few dollars, and leverage sophisticated rent payment technology. Also, stay informed of market developments and seek professional advice for sustainable financial success in property management. Before you know it, your finance management will be top-tier tier, and you’ll have a hefty financial cushion to prove it.  

Picture this. It’s February. Lease sign-ons are sluggish, and profits have dipped. Eagerly wanting to get tenants through the door, your team skips key tenant screening steps. A few renters have moved in, and everything has been going well for a while. At least, that’s what you thought. But now, the cracks are starting to show. A few tenants refuse to pay rent, and you get daily disturbance complaints. Worse, one tenant moved out, taking your furniture with them. The other has pulled a Houdini, but not before turning their unit upside down.

If you’ve ever experienced something similar, you’re not alone. In 2022, 85% of landlords said they were rental fraud victims, up from the 66% pre-pandemic level. Also, 52% of landlords say disruptive tenants are now somewhat or extremely common. So, it’s not surprising evictions average 2.6 million a year, costing landlords thousands in legal fees.

But don’t worry. In this article, we’ll cover the issues property managers and landlords face in the changing rental property management landscape. We’ll also reveal the red and yellow flags to look out for when screening tenants. Plus, we’ll cover hassle-free ways to structure your tenant screening process to secure better residents. 

Common tenant screening challenges

Sophisticated fraud schemes

As technology advances, fraudsters have developed more cunning ways to deceive landlords and property managers. The issues start at the beginning of the rental process, with plots ranging from criminals using falsified rental applications, pay stubs, employer verifications, and stolen identities. 

Savvier tenants backed by law

Today’s tenants are more informed of their rights and have increasing legal protections. While these changes can have positives, they can also make it harder to manage problematic tenants who know how to exploit loopholes. Take New Jersey’s law on evictions, for example. Landlords can’t evict or force a tenant to vacate the property without probable cause. This allows tenants to stay in their unit until their tenancy ends, provided they don’t break any rules.

A volatile rental market

Economic fluctuations and housing crises impact your company’s pockets, but they also affect your tenants’. As a result, renters’ behavior can become unpredictable. For example, you could experience tenants becoming more transient. Residents could also want lower rates than typical and be at higher risk of rent payment arrears and defaults. You’ll need to adapt continually to stay on track with your occupancy and revenue goals.

7 Tenant screening red flags for rental property management

Red flags are serious warning signs that a potential tenant is bad news. Spotting these tell-tale signs early on is critical to protect your rental property management business from wasted time, money, and stress. Let’s run through a few of them.

Red flag #1: Previous evictions 

If a prospective tenant got the boot from previous landlords for significant issues they caused, you could have a problem on your hands. These scenarios could look like a renter evicted for non-payment or disturbing the peace.

Red flag #2: Unsteady or unverifiable income

Have you found inconsistencies in a potential tenant’s income frequency, or can they not prove their declared pay? It’s time to hit the “Stop” button. If their income is questionable, the security of your revenue and profits will be, too. 

Red flag #3: Frequent payment issues

Say a tenant has built a reputation for failing to pay rent or other bills. Well, this habit could signal future problems. If the potential tenant’s credit score shows many late payments for bills or the previous landlord shares that it was an issue, this is a major red flag. Get this: 73% of landlords say late rent payments are somewhat to extremely common.

Red flag #4: A checkered past, a.k.a., criminal history

While it’s important not to discriminate, checking a potential renter’s criminal background for actions that could pose safety or security issues is essential. For instance, if a tenant has convictions for violent crime, terrorism, drug offences, or fraud, don’t ignore this information. Look into parole terms and recent activity to determine whether they could pose a threat. 

Red flag #5: Gaps in rental history

This issue may not seem like a red flag. After all, a tenant could have gaps in their rental history due to time living abroad or with family. But this is a bad sign if your investigations uncover reasons like time spent incarcerated for serious crime or non-payment leading to eviction.

Red flag #6: Multiple recent addresses

While “variety is the spice of life,” constant address switching can suggest a tenant has difficulty maintaining stable housing. A long-term tenancy is also unlikely. Considering costs for things like wear and tear maintenance, having high tenant turnover can lower profits, so it’s a “no” for such renters.

Red flag #7: False documentation and information

Shady documentation and information, whether fake references or shady employment details are serious red flags. Such moves could be the start of a fraudulent plot that will put your business at risk. One out of eight rental application documents is fraudulent. 

6 yellow flags in tenant screening for rental property management

Yellow flags aren’t as severe as their red counterparts, but you’ll still need to do some further digging and proceed with caution. Here are a few to look out for.

Yellow flag #1: Poor credit history

While not as bad as an eviction, a poor credit history can signal a lack of financial savvy, inexperience, or irresponsibility. So, looking closer at reports for signs like late payments and young credit history will help you distinguish which one you’re dealing with.

Yellow flag #2: Limited or no rental history

New renters may be model tenants, but they still pose a risk to your business since there’s no track record to assess. So, you may need to do some more checks and put in place security measures. For example, if you’ve got a recent graduate trying to secure their first apartment, you could use higher deposits, guarantors, and character references.

Yellow flag #3: Short-term employment

Have you received applications from prospective tenants with zero-hours contracts, seasonal jobs, or short-term fixed contracts? While these are common employment formats, the instability of today’s market may also impact their financial stability. Next, their ability to make timely rent payments could go south. Tenants with short employment durations or frequent job changes may lack the financial stability to pay rent consistently. 

Yellow flag #4: Minimal or weak references

Say you have a tenant who meets all the requirements except for references. Despite having past tenancies, they only list friends and family to vouch for them. This situation could be a concern. There’s a chance the previous landlord won’t give them a positive reference, or they’re hiding something negative. It’s best to enquire about alternative references before granting a tenancy. 

Yellow flag #5: A high debt-to-income ratio

If prospective tenants shoulder debts like personal loans, car notes, and credit card balances, their disposable income could decrease. All it takes is a job loss and an unexpected bill, and your rent payments are on the line. So, to guard your rental property management company, put in place some protective measures before signing the tenancy agreement. These include flexible payments, co-signers, higher security deposits, advance rent payments, and rent guarantee insurance. 

Yellow flag #6: Inconsistent application details

We all make mistakes, so sometimes rental applications have discrepancies. For example, the job start date or applicant name doesn’t match what the prospective tenant said in the interview. If you notice some details don’t add up, it could be an error, but maybe not. So do some further investigation before signing the prospective tenant.

Top tip: Pay attention to the details and make a list of common errors to look out for, such as different aliases and (middle) names with various spellings.

Keys to effective tenant screening in property management for rentals

You’ll need to take a structured approach to ensure your tenant screening process does your rental property management company justice. Let’s cover some things to do.

Conduct thorough background checks using innovative technology

When your team already has packed schedules, it’s easy to miss something. Luckily, these days, you don’t have to handle the tenant screening process manually. You can use technology to automate most of the process, from verifying pay stubs to checking a tenant’s history. AI-backed solutions can also conduct mass-cross checks in a fraction of the time it would take a staff member. These features make your company more efficient and, in time, more profitable. Here are some tools to research:

• Application fraud checks: Real Page, Snappt, Orcolus, Resistant AI
• Identity verification: Jumio, Trulioo, SheerID, Telesign, Sumsub
• Tenant screening software: Yardi, Entrata, MRI, Appfolio, Real Page 
• Income checks: RentSpree, RentPrep, FirstAdvantage, Innago, and Rentec Direct

Note: Some tools do more than one type of tenant check, so pick the most comprehensive and reliable solution(s)

Interview the prospective tenant and ask for more documentation

We get it. It’s easier to communicate by text or phone and use virtual reality to show properties and close the deal without seeing a potential tenant. But if something sets your antenna off, you’re due for an in-person or virtual face-to-face interview. Conducting an interview will give you access to subtle insights that aren’t obvious on paper so your team can vet more effectively.

For example, an interview could reveal body language and variations in identities or details from those disclosed on the application. face-to-face or virtual interviews can provide insights that aren’t clear on paper. For best results, delve into their reasons for moving, previous tenancies, landlord relationships, income, and expectations. 

Top tip: Consider visiting tenants where they currently live to assess their living conditions. Unkempt units could be a sign of what’s to come.

Consider a probationary lease for borderline cases 

If you aren’t sure whether a tenant will be the right fit due to things out of their control, like limited rental history or credit history due to age, consider a trial run for 3-6 months. You can state terms and conditions to pass the probationary period and offer a regular lease. This could look like on-time repayment, no disturbances, and maintaining a well-kept unit. So, if the tenant fails to compile, you can send them on their way quickly (and legally!). You’ll also have a process to spot and keep great tenants around.

Offer flexible payments through a mobile app

This solution may not be the first thing that comes to mind when improving tenant screening, but it is an effective hack. Flexible payments through solutions like Flex not only conduct due diligence on tenants but can also close more deals. How? By salvaging the deals, you would have had to decline due to financial infeasibility.

For example, Flex allows tenants to split rent payments into two affordable portions over one month, increasing the odds of timely payments and reducing the risk to your business. We also guarantee rent payments to landlords and property management companies, no matter what. Our solution uses automation, protecting your team’s time by making rent collection faster and more efficient.   

The secret to nailing your tenant screening process

Tenant screening has always been integral in rental property management, but the game has changed. The rise of sophisticated fraud schemes, savvier tenants, and a rocky economy means more is at stake. Your tenant screening must be top-tier from start to finish to shield your business and secure the best renters.

So, invest in innovative and comprehensive technology, train staff to spot fraud schemes, and continually review and update your process as the market evolves. In particular, you can add flexible payments through a rent payments app to accept suitable tenants you would have turned away on financial grounds. Take these steps, and soon, you’ll have a robust tenant screening process that keeps the money rolling in. 

Need a hand implementing flexible payments? Chat with us.

“12 boilers on the east wing just went out”, Carl from maintenance emails. The same day, your leasing team reveals they’re swamped and need some extra hands to stay afloat. Then there’s your business insurance, which is due for renewal any day now. All these challenges have one thing in common: they need money. Unless you’ve got a substantial financial cushion  you’ll need a huge cash injection to make it all happen.

With spiraling costs, increased consumer expectations, and market instability, passing the piling bills on to your tenants can be tempting. But raising rent isn’t always the right or only choice. For example, rent jumped by 30.4% between 2019 and 2023, outpacing salary increases by 10.2%. 

In this article, we’ll share some instances when increasing rent could make sense and when it’s best to seek alternative income sources. We’ll also share some ways you can increase profits that don’t involve a rent hike. 

Raising rent: When to hold and when to fold 

To increase rent or not to increase rent? That is the question. We’ve got you covered. Let’s cover some circumstances that warrant a rent hike or holding off. 

When to uphold raising rent

Your property just had a makeover 

If you’ve made significant upgrades to a property, you’ve likely racked up some eyebrow-raising costs. But the good new is sprucing up a property, whether through a new kitchen, co-working, or fitness amenities, can make it more appealing to tenants. In such cases, tenants may be willing to pay higher rent if you communicate the benefits of the improvements.

Operational costs are going through the roof

Even when you’re trying to avoid increasing rent, rising costs for things wages, supplies, and utilities can force your hand. Take the rising cost of utilities over the last decade, for example. In 2022, US electricity prices jumped by 10.7%, the highest spike since the beginning of the century. However, if you go ahead with increasing rent, it’s critical to be transparent about the reasons with tenants to maintain tenant satisfaction and trust.

The local economy is picking up

Are your properties in a growing tech hub, student city, or the like? Such circumstances can lead to a surge in demand. The demand for rental units can outpace supply, making it a good time to consider increasing rent. This move can align your pricing with the market to capture the property’s increased value. Just be sure to tailor your rental to your target demographic to increase lease signups.

Similar properties in your area are charging tons more

If your neighbors with similar units have substantially higher rent asking pricing, it could be time to charge your property’s worth. Underpricing could raise flags in some renters’ eyes. It can also create an opportunity cost. For example, undercharging by $200 per month across ten units is a $24,000 loss annually, which you could have used on strategic initiatives. Raising rents helps you avoid such losses. 

You’ve had tenants at the same rate for three years or more

A lot can change over a few years, from inflation rates to renters’ financial position. So, if a tenant has been paying at the same rate for multiple, raising rent could be reasonable. This is especially true if your property’s market value and operating costs have increased. To lessen the shock factor of raising rent, offer ample notice and explain the rationale behind the increase like upgraded amenities.

When to hold off increasing rent

Competition is stiff in the rental market

Competition is part and parcel of rental property management. But if competition is too stiff, raising rent could backfire. For example, in states like Texas and Florida, there’s been a surge in property development. This fact has made it challenging to secure tenants without offering perks like lower rent, a one-month free stay, or reduced security deposits. So, raising rent could cause tenants to look elsewhere for more affordable options, leaving you with vacancies.  

Your tenants are already struggling financially

The cost of living crisis is raging on. Half of renters in the U.S. are considered cost-burdened or rent-burdened, spending more than 30% of their 2022 salary on rent and utilities. Also, 15 million tenants are paying more for rent than they can afford, a.k.a rent-burdened. Knowing these facts, it’s possible that some of your tenants may be facing financial difficulty. This is especially likely in areas with high unemployment or tenants on social assistance. Some tenants could view raising rent as unsympathetic, leading to issues like late payments, delinquencies, and breaking leases early. Next comes high turnover and costly vacancies.

You’ve raised rent recently

Let’s be honest. No one likes paying more for things, especially if they once had a lower rate. Most renters want value for their money. So, if your company has been steadily increasing rent, another hike too soon could cause dissatisfaction. This issue could lead to higher tenant turnover, even if they were initially happy with your property and service. If keeping tenants as many units as possible in your units is a priority, it’s best to delay increasing rent.

Rent controls make increases move sketchy

Raising rent has always been a source of contention among landlords, property managers, and tenants. Some states have caught on to issues like unfair rent increases and brought in rent control laws. These laws limit how much and how often you can hike rent. Failing to obverse these regulations can land your business in legal hot water. Tenant lawsuits, fines, and penalties could soon follow. For example:

• San Fransico limits rent increases to 60% of the consumer price index (CPI) up to a maximum of 7%, and landlords can only evict tenants for just causes 
• In July 2024, the “Junk Fees” law went into effect. The aim is to ensure Californian tenants pay the price they receive with no add-ons
• This January, a Colorado tenant won a lawsuit that challenged the legality of landlord-imposed fees for basic services

You haven’t upgraded the property

If your property looks and feels the same or worse than it did when the tenant moved in, tenants could see a rent spike as unjustified. Such renters may look elsewhere for units that they consider worth shelling out more cash for. So, if you’re not looking to invest in amenities, services, and overall property condition, hold off on increasing rent. 

5 ways to boost profits without raising rent

Now that you’ve got an idea of when it’s the right time to consider increasing rent, it helps to have some alternative methods for boosting revenue if you decide now isn’t the right time. Let’s cover a few.

Monetize common areas

If your property has busy common areas or highly trafficked corridors, use them to your advantage. Look for ways to maximize the use of and revenue from communal spaces. For example, you could:

• Rent out the common areas or clubhouse for private events
• Add vending machines for groceries, beverages, electronics, and snacks
• Install a self-service laundromat, ATMs, and parcel collection lockers
• Convert underutilized areas into co-working spaces with meeting rooms
• Offer fitness classes like hot yoga and pilates to tenants and outsiders
• Monetize car parking spaces
• Set up a café or small food kiosk
• Offer storage lockers or bike storage for rent
• Rent out wall space to local businesses for advertising
• Host pop-ups or farmer’s markets

Offer value-added services

These days, many people live busy lives and end up with too many errands and too little time. Offering services that cater to your tenant’s specific needs can give your rental property management company a kick in revenue. They’ll also provide value to tenants, getting your business in their good books. You could offer services on-site or collaborate with local businesses to offer services like:

• Laundry and dry cleaning 
• Pet grooming, walking, and sitting
• Housekeeping services
• Technology packages (e.g., smart home devices, internet and mobile services)
• Concierge services (e.g., secure package delivery to tenants’ doors)
• Move-in assistance (e.g., van rentals, movers, packing supplies, unpacking, and furniture assembly)

Incentivize referrals from tenants and staff

Have you got great tenants who are happy with your property and service? Encourage them to refer their network. Referral marketing works best in communities where word of mouth is strong. Why? “Like attracts like”, so your tenants will likely know people looking for housing. You’ll also have more chances of attracting model tenants which will aid your tenant screening.

Create incentives for your staff, too. Leveraging connections to those who know your properties well and can vouch for your company’s quality standards is a surefire way to close more deals. For best results, incentivize your employees and renters with monetary gifts. For example, you could offer renters $200 off their rent for referring a friend who signs a six-month lease or cash bonus.

Provide flexible payments to tenants

As more tenants tighten their purse strings to cope with the rising cost of living, it’s essential to reduce friction in rent payment policies and processes. Help your tenants stretch cash further by offering flexible payments through a rent payment app. For example, Flex allows residents to split rent into two portions, making payments more manageable. 

The mobile app setup means renters can manage their accounts on the go. Plus, the automated features for things like payment reminders, collection, and receipts mean you’ll spend less on admin and eliminate the dreaded rent week. This setup means less financial stress for tenants and more on-time payments for your rental property management company.

Invest in tenant satisfaction initiatives

Whether it’s due to a polished move-in experience or well-manicured buildings, happy tenants stick around longer. For example, renters who are satisfied with property maintenance are three times more likely to renew their leases. This fact means less marketing spend and more profits for your rental property management company. 

But despite this huge opportunity for property managers and landlords to shine, most don’t. Just 33.8% of renters are satisfied with their landlord’s service. Also, just 64% of tenants feel heard by their landlords, and that their landlords are focused on acting on their opinions. If your business falls into this category, don’t stress. You can turn things around. Here are a few ways to improve tenant satisfaction [link to happy tenants/ tenant satisfaction blog post]: 

• Launch a resident app for easy communication, service booking, and unit management
• Offer free workout classes or create a club, e.g., for cycling, running, or dance 
• Have clear communication and show empathy for tenants’ unique needs. E.g., working with a tenant that needs more time to pay rent due to a recent job loss
• Build great tenant relations. E.g., by implementing live chat and virtual assistants to answer basic tenant queries. Also, you could host community events like BBQs 
• Offer quick and high-quality maintenance that is easy to book e.g. via a resident app
• Offer premium amenities such as a state-of-the-art gym, pool, and outdoor communal areas
• Create a third space for tenants to relax in. For example, adapt aging and vacant buildings into flexible coworking spaces and combine them with your property management office. 
• Offer short-term rentals and corporate housing options for units in major districts or near airports, hospitals and care facilities. Adapt the building to fit business travellers’ and temporary workers’ needs (These can command higher rents in peak seasons, too!)

The right way to level up profits in rental property management

Increasing rent is an easy way to boost income and profits quickly. But this approach isn’t risk-free. Raising rent too high or too soon could can be a recipe for disaster.

Rent spikes can push your residents over the edge. Before you know, late payments and high turnover swoop in, causing losses rather than profits.

Knowing this, expanding your property’s income streams is always a good idea. You’ll optimize operations and drive more profit, but you’ll also build a pipeline that turns leads into tenants.

So, take the leap. Build longevity into your rental property management by getting creative with your rental space and providing unforgettable service. Adapt your strategies based on tenant responses, and larger pockets will await.

Technology in rental property management has come a long way. In a short time, we’ve gone from relying on Rolodexes, spreadsheets, and checks to using digital payments and AI-backed property management tools.

So, if you want to get ahead in rental property management, it’s time to reevaluate your tech stack. Investing in digital transformation can pay huge dividends for years to come. 92% of companies that have become digital leaders have seen a 17% increase in profit margins over three years, polished off with a 72% digital tool adoption rate.

In this article, we’ll trace the issues that kickstarted digital transformation in property management and their consequences. We’ll also reveal some of the latest and greatest solutions to invest in to take your business to the next level.

The problems with traditional tools fueling the tech takeover

Paper invoices, payment logbooks, postal orders—remember those? You may even still use them. These were once rental property management staples. Then, in the 1980s, PCs and spreadsheets like Lotus 1-2-3 and Microsoft Excel came along. Suddenly, there was a formula for almost every task, including record-keeping, accounting, and even communication with tenants and vendors (we’re looking at you, Mail Merge!). These technologies were a step up from their predecessors. But, some issues reared their ugly heads continually, setting property managers back. These include:

• Human error: Mistakes are common when using manual tools, whether it’s entering the wrong information into an Excel cell or forgetting to process a paper invoice. The consequences can be catastrophic. Take Citigroup, for example. An admin error while wiring funds caused an eye watering $900 million loss.

• Time-consuming processes: Not all tech is good tech. In fact, some simply switch out the typical issues that manual tools bring with a whole new set of problems. A great example of this is online rental payment portals. While they’ll let a tenant pay rent online, some are inefficient, hard to understand, and expensive. 

• Lack of real-time updates: Speed is everything when closing tenants on leases. But it’s hard to be fast when you’ve got to dig through physical documents and spreadsheets while relying on memory or calendar invites. And just like that, leads go cold, and your business misses out on precious revenue. 

• Limited data accessibility: Imagine being off-site at a viewing, and you need access to a prospective tenant’s data to close the deal. The problem is that the sales file is in paper form. So, you call your colleagues, but they’re at lunch and in meetings. Now you’re stuck, and your hard work is on the line. Such are the consequences of manual and paper-based processes. The result? You guessed it—more lost sales.

• Ineffective communication: Keeping prospective and current tenants updated is critical in property management for rentals. Except, reliance on traditional comms channels like phone calls, physical mail, and email leaves the door open for mistakes. For example, you might not record key data or miss messages, creating a poor tenant experience and financial losses.

• Data security concerns: Cybercrime is at an all-time high and shows no signs of slowing down. Losses could hit a record $13.82 trillion by 2028. Also, 98% of US consumers worry about the existing cybercrime threat. So, common practices like writing sensitive information like bank details and tenant profiles on paper and using unencrypted tools, won’t cut it. They’re a recipe for financial and reputation losses.

• Growing demand for more efficient and automated solutions: Imagine paying rent by bank transfer or verifying payments by eye. Every. Single. Month. This process gets old quickly. Soon, procrastination can set in, making on-time rent payments less likely. Those staff that power through pay for it with overwhelmed schedules and burnout. Lost opportunities, admin errors galore, and frustrated tenants soon follow. All of which negatively impact your bottom line.

6 must-have tools for successful rental property management

Perhaps you’re using some of the traditional tools we just covered and experiencing the headaches that come with them. Or maybe you’re using newer technologies but not seeing the gains you’d like. We’ve got you covered. Let’s explore some game-changing solutions and their perks.

(AI-powered) property management software

First up, an industry favorite. Property management software is like a marketing, sales, bookkeeping, and administrator platform rolled into one. This solution acts like your very own assistant, streamlining and digitizing processes. Some benefits of property management software include: 

• Less busy work, increasing productivity
• Maintain accountability by tracking actions
• Comprehensive task management spanning lease management, maintenance tracking, accounting marketing, sales, and more

• Reduce the administrative workload by automating tasks like managing tenant inquiries and maintenance requests
• Improved response times that enhance tenant satisfaction
• Streamline important administrative tasks like document processing and renewal reminders
• Increase data democracy and sustainability by going paperless

Flexible rent payments app

In a world where 2 billion people use mobile payments, it was only a matter of time before renters started to expect more modern rent payment options. A huge leap forward in payment technology is a rent payment app. Residents pay rent through a few clicks. This technology can replace checks, bank transfers, standing orders, and the tedious admin associated with them, making life easier for all. For example, a solution like Flex, a rent payments app, residents can split rent payments and manage them when and where they want. Some more perks of a flexible rent payments app are: 

• Stabilized cash flow (Flex pays out full rent to you at the beginning of every month)
• Improved financial visibility, reducing late payments and administrative overhead
• Higher NOI and ROI
• Streamlined and automated rent collection, allowing your team to reclaim their time 
• More resources to focus on other strategic initiatives
• Increased leads, sales, and renewals
• Higher tenant satisfaction

AI customer support solutions

Answering tenant queries and concerns is a given in property management for rentals. So, you need tools that’ll make your customer service flawless. That’s where AI-backed support solutions come in. From chatbots and virtual assistants to automated ticketing and case assignment tools, many solutions help you get and stay in tenants’ good graces. Get this: tenants view properties using intelligent assistants as five times more tenant-focused and forward-thinking. Some more highlights of using AI customer support tools are: 

• 24/7 availability to address issues and questions when it’s most convenient for the tenant, reducing wait times and increasing satisfaction
• Using automation to provide instant and accurate responses increases efficiency and reduces your team’s workload
• Scalability allows your team to help many tenants simultaneously, which is very helpful during emergencies or widespread issues.
• Reduce the need for staff, which drives cost savings and spending efficiency. It can also free up human agents to focus on more complex issues
• Create consistency to ensure that all tenants receive the same service level and information 
• Improve data collection and analysis on tenant inquiries and interactions to gain insights into tenant needs, preferences, and pain points and inform decisions

Predictive analytics software

Accurate, real-time data is essential to know what actions to take to optimize operations and scale. Predictive analytics will help. It uses insights, statistical algorithms, and machine learning techniques to analyze historical data and forecast future events or trends. For example, you track key metrics like tenant satisfaction, retention, and sales. As a result, predictive analytics is creating windfalls. Companies that use predictive analytics are twice as likely to sit in their industry’s top quartile of financial performance. Also, 80% of companies that use predictive analytics experienced an uptick in revenue, $321 billion in savings from reduced personnel costs, and 98% saw higher customer happiness. Some more perks of using predictive analytics include:

• Higher profits and operational accuracy through forecasting market trends and rental demand and optimizing pricing strategies
• Boosted loyalty by using data to tailor tenant experiences to fit current wants and needs to
• Increased conversions on marketing and sales campaigns by leveraging insights to personalize interactions and create more targeted audiences
• Reduced repair costs and downtime from predicting maintenance issues before they occur
• Higher accuracy and achievement of company goals by using data to guide decisions

Blockchain-based rent, building, and security management platforms

Another high-tech solution you’ll want in your arsenal is blockchain. It facilitates secure and transparent transactions, data collection, and analysis, which you can use to optimize operations. Blockchain also allows you to manage buildings and documents remotely while keeping data secure. You’ll often find blockchain-powered solutions for lease management and tenant screening. Blockchain also features in smart building technology like sensors, lighting, cameras, doorbells, access controls, and energy management. Some benefits of using tools with blockchain include:

• Enhanced trust between landlords and tenants
• Reduced disputes and errors by simplifying rental payments, lease agreements, and ops,
• Increased tenant satisfaction from polished building operations 
• Efficient tenant screening processes, enhancing property security

Virtual Reality (VR) property tours

If you manage many buildings or need more time to conduct viewings, VR property tour solutions are a must. These solutions place your prospective tenants in the unit using realistic 3D renderings. Users can view and navigate these VR showrooms, including the different rooms or areas, from various angles and interact with objects or elements within the environment. These features allow prospective tenants to feel what it would be like to live on the property without visiting in person. Some benefits of using VR property tours are:

• Attract more prospective tenants by offering remote and immersive experiences 
• Scaled-up viewing completions by reducing the need for physical property visits
• Saved time and resources for both tenants and property managers
• Enhanced marketing conversion rates and leasing efficiency

Strategies for rental property management excellence

To get ahead in property management for rentals, your strategies need to be as good as your new tech stack. This may call for a revamp to compliment. Let’s explore some key tactics to elevate your rental property management game.

Tackle change adoption barriers head-on

Many have high hopes for their digital transformation but fail. The reasons vary from business culture and entrenched legacy technology to budgetary and legal constraints. For example, 28% of businesses see digital transformation as a cost center. So, before you upgrade tech solutions, take some time to identify the barriers to your success. Then, set clear goals and timelines to combat them.

For example, say you discover renters want more flexible payment options like solutions that offer split rent payment. However, internal discussions reveal staff worry that such solutions could increase their administrative load. You could:

• Look for tools that leverage automation
• Share how such tools will reduce the team’s workload with specific examples and demos
• Provide training on how to use the solutions to maximize productivity and efficiency

Pick only the best solutions for the job

With so much choice, it’s easy to get swept up in adding more tools to your tech stack. Set a high standard for what you’ll onboard. Ensure each solution adds value to your existing tech stack rather than diluting it with yet another software staff, and tenants will have to learn. What counts as a top-quality solution varies, but as a rule of thumb, pick ones that are:

• Comprehensive, offering multiple solutions and addressing various concerns 
• Cloud-based platforms that provide real-time access to data
• Automation-friendly (especially for manual, tedious, and repetitive tasks)
• Offer mobile applications facilitating remote management and communication
• Data driven. E.g., they provide advanced analytics to optimize operational efficiency and decision-making
• Security-focused, e.g., encryption, 2FA, firewalls
• Customer-focused with on-hand support
• Good value for money
• Scalable
• Able to integrate with other solutions used in your company 

Learn more with our flexible payments eBook.

Track performance metrics and KPIs

Another critical job is keeping an eye on your company’s performance through KPIs and metrics. This task will share what you’re doing right and what you need to improve to stay on the right track. It’ll also give you insights to share with different teams to optimize results. Some KPIs and metrics to track include:

• Rental income
• On-time payments
• Delinquencies
• Occupancy rates
• Expenses
• Tenant turnover
• Net operating income
• Return on investment
• Net promoter score 

Top tip: Integrate insights from key company software like property management, payment, ops, and account solutions. Then, push the data to a dedicated dashboard to track progress at a glance.

Act, assess, adjust

Analysis paralysis, rigid processes, and entrenched beliefs hold back many projects, but they don’t have to delay yours. The trick is to set S.M.A.R.T. goals, start small, collect feedback, and then tweak your approach. Taking the leap into agile digital transformation will pay huge dividends on your rental property management journey. Companies that go agile see a staggering 98% success rate and 60% more profit than businesses that take a more traditional approach. This could look like testing a solution with one team or department. Then, conduct a phased rollout to the rest of the company once you’ve got proof of concept.

Train your team and tenants for the digital future

Change can be intimidating when you’ve always worked a certain way or relied on specific tools. Even when the current setup has issues. So, it’s important to share why you’re changing technologies and the benefits tenants and staff will get from them. 

Additionally, provide comprehensive training, support, and resources to your team and residents to ensure they can use the new digital tools and systems. This move will ease everyone into the switch and increase adoption. 

Make a seamless transition to digital rental property management

Not too long ago, we could only dream about executing rental property management on autopilot. Thankfully, those days are gone. You can now use technology to do the heavy lifting. So, assess your current tools and processes. Highlight what takes too much time, energy, or funds. Then, find solutions to optimize managing them, starting with mission-critical tasks. Keep improving your approach based on data, and you’ll be well on your way to lighter workloads, higher profits, and happier.

It’s time to level up your rent collection. Learn how Flex can help you go from cash to clicks pain-free.

Inconsistent payments, late nights completing admin, and cash flow disruptions. 

These are just a few of the battles you’ll face when managing rent collection with manual tools and processes. If you can relate, don’t stress. There’s hope in sight. 

50% of employee tasks can be automated, and rent collection is one of them.

We’ve built an innovative rent payment solution that takes the stress out of getting paid. In this article, we’ll share how Flex automates rent collection and why it’s the best way to collect rent as a landlord or property manager.

How Flex puts rent collection on autopilot

You’ve probably heard countless businesses claiming to have the solution to beat all rent payment solutions. You may have even tried a few, but the trials fell flat. So, what makes Flex the best way to collect rent as a landlord or property manager?

Automated and flexible rent payments. 

Flex allows tenants to split rent into two bills, making payments more manageable. Let’s zoom in on how our solution works to guarantee rent:

• Your company uploads the new rent bills for each tenant to our solution before the end of the month. This includes any extra charges for things like utilities you’d like to include
• Flex then collects the first rent payment (plus the membership fee and any payment fees) from tenants, typically between the first and fifth of the month. If there are any issues with getting the first payment, we’ll let your company and the tenant know quickly
• Once Flex secures the first portion of rent from the tenant, we’ll pay your company the full rent
• Next, we’ll schedule the second rent payment with the tenant. Then we’ll collect the payment from the renter on the 15th of the month or their chosen date

And that’s it! Your rent payments are on cruise control.

Offering flexible payments: What’s in it for us?

By now, you’ve likely heard about all about the perks tenants get using flexible payments via an automated rent collection system. But what does your rental property management company stand to gain? We’ve got you covered. Here’s a breakdown of the benefits your business can expect from using Flex:

Clawback precious time to boost efficiency

Rental property management has become an increasingly demanding role with many moving parts. The hustle and bustle is taking its toll on staff—so much so that 1 in 4 is leaving the industry. This trend negatively affects the remaining team, who must work even harder to keep rent coming in. However, since Flex takes over the task, your team can reclaim time and enhance its performance. This feature allows staff to focus on other important tasks to drive their career and the business’ progress.

Eliminate boring, repetitive tasks to drive staff productivity and satisfaction

Did you know that the average worker spends 4 hours and 38 minutes on repetitive tasks every week, amounting to 219 hours each year? Now imagine dedicating this much time or more to manual rent collection with an already packed to-do list. The chances are it’s not your idea of fun or good use of time, and your staff probably feel the same. This setup isn’t just painstaking; it drags down output and morale.

But with Flex, your team won’t have to spend hours executing rent collection by hand. Our solution also removes the administrative burden, reducing the need for manual data entry, reconciliation, and error correction. Take Sage Ventures, for example. The property management team now saves 5 hours per week per Assistant Manager using Flex.

Razor-sharp accuracy that reduces costly errors

Processes involving manual entry, like rent collection, aren’t just a chore; they’re costly, too. But it’s not just the extra hours that drive up costs. It’s the inevitable mistakes that creep in and wreak havoc. In 2008, business professor Raymond R. Panko published a paper covering various research on manual entry. They found tasks like putting data into documents and spreadsheets had a human error rate between 18% and 40%.

With Flex, you’ll eliminate the manual entry from rent collection tasks, minimizing discrepancies and disputes. We even offer integrations with property management solutions like MRI, RealPage, Yardi, and Entrata to reduce data silos and errors. 

Uplevel your cash flow and net operating income

Securing rent on time is essential for healthy cash flow. So, it’s unsurprising that 75% of landlords want to be paid the first of every month. But it’s challenging to hit this target with clunky and slow rent payment tools and processes. Here’s where Flex comes in. You get paid every month, which is guaranteed.

Our solution also reduces the risk of payment failures and delinquencies. These features mean you’ll gain more stability in your income. You’ll no longer have to wonder about where your next cash injection will come from, enabling you to budget more effectively. 

This perk is invaluable for unexpected costs and covers hefty bills like property improvements and maintenance. Plus, the automated rent collection process means fewer staff members oversee it, making it more profitable, too.

Get and stay in tenants’ good books

Miscommunication on rent due dates, forgetfulness, and tenants who dodge calls when rent is due are all common issues in rental property management. Those hard-to-use and manual solutions make on-time payments even more unlikely. Worse, if your team can’t secure rent in time, your company will be footing the bill.  

The good news is our automated, mobile-based rent collection solution removes such friction points, allowing you to offer a smooth experience for tenants and staff. So much so, property managers and landlords using Flex see an average boost in tenant satisfaction of 85%. Here are a few things Flex does without your team’s manual effort, making it the best way to collect rent as a landlord or property manager:

• Send consistent reminders to avoid late fees and credit report hits
• Send payment receipts automatically to maintain regulatory compliance
• Facilitates tenants’ paying rent at any time from anywhere

Everyone’s a winner with Flex

Rent collection is a high-stakes task that can make or break your rental property management company. So, it pays to optimize your solutions and processes. 

With Flex, everyone wins. Property managers and landlords get more cash, security, and efficiency from the guaranteed rent, lessened admin loads, and sleek user experience. Tenants get flexibility, ease, and polished customer experience from the mobile app setup, flexible rent payments, and automated reminders.

Ensure your processes support the new technology, which could look like removing unnecessary steps and reallocating resources. Finally, offer tenants and staff in-depth training to increase adoption rates and longevity.

Make these moves, and soon, you’ll have a rent collection system that gets your business paid on time, every time.

It’s your turn to enjoy rent on autopilot. Book a demo.

Tenant complaints, choppy cash flow, and never-ending admin—sound familiar? These are just a few signs costly payment mistakes have infiltrated your camp. You’re not alone. Across the pond, 60% of UK landlords have seen a spike in late rent payments, and this is just one problem. A less-than-stellar payment stack and process impacts tenants, too. 79% of renters say issues, like lost, incorrect, or delayed disbursements from their property manager, have caused them to stop renting from them.

Efficient and accurate rent payments are pivotal to your company’s success. So, it quite literally pays to get your solutions and processes in order. In this article, we’ll shine the spotlight on the top payment faux pas in rental property management and ways to avoid them. We’ll also reveal a popular solution you can use to get your payment stack up to scratch without investing heaps of time, effort, and money. Let’s get into it.

7 lethal payment mistakes rental property managers make

Mistakes, we all make them. But when your company’s money is on the line, it’s best to prevent as many as possible. The first step to solving issues in your rent payments is acknowledging they exist. Let’s zoom in on some of the most common mistakes.

Mistake #1: Enforcing rigid payment schedules

No one wins when you have inflexible rent payment rules and processes. Your staff has to battle through rent week chasing late payments. Renters can struggle to pay on time, putting your company’s precious cash on the line. This issue is rife. 40% of renters say flexible rent is important. Yet, just 9% of tenants can access flexible payments. 

With such demand for more relaxed rent payments, one thing is clear: strict schedules will hold your company back. On the flip side, investing in flexible rent payments can help your business attract and retain more tenants.

Mistake #2: Using manual tools and processes

Late and non-payment is one of the top issues property managers face. Traditional payment methods like manual checks and paper-based transactions worsen the issue. Do you use industry favorites like standing orders and an online rental payment portal? Well, these aren’t off the hook, either. Such tools give little leeway on payment times and are often separated, making it more difficult to leverage data for decision-making. This situation can lead to even costlier issues like misallocation of funds and regulatory noncompliance. Yikes!

Mistake #3: Using expensive solutions 

Have you ever sneaked a peak at how much bank transfers and your online rent payment portal cost? For many, it’s a jump scare moment. Charges for receiving wire transfers can hit $50, and some rent payment portals levy hefty fees on tenants and landlords. In the end, these solutions cream huge slices of cash off your company’s bottom line. Worse, these solutions don’t translate into better processes for the company or tenants. It’s essentially pouring money down the drain.

Mistake #4: Settling for fragmented and clunky systems

Building a robust and diversified payment stack is essential, but the wrong setup is a recipe for disaster. Issues arise from disconnected tools and processes, especially for tasks like rent collection, expense management, bookkeeping, and tenant communication.

For example, many property managers use Excel, physical receipts, and email to track rent payments. The problem is, that this setup can cause mistakes, backlogs, and customer complaints due to the manual processing aspect and authorization bottlenecks. Late payments and delinquencies can also go unnoticed due to siloed data. On the flip side, companies that use the right technology in property management see a whopping 800% ROI. They also skyrocket data visibility and improve decision-making.

Mistake #5: Resistance to high-tech solutions

Whether you’ve got snail-mail fans or avid cash counters on your team, being digitally averse sets your business up for failure. Before you know it, you’re missing opportunities, losing money, and falling behind competitors. On the other hand, digital transformation will give your rental property management company a competitive edge. We’re talking increased growth, tenant satisfaction, and efficiency to name a few perks. For example, from 2018 to 2022, digital leaders have built their active customer base at a rate of 0.5% and revenues by 0.8%. That’s compared to digital laggards who saw no growth in their active customer base and a 1.4% drop in revenues.

Mistake #6: A lack of transparency, security, and compliance

Unclear payment processes, hidden charges, and questionably high fees are just a few mistakes that muddy the waters in your rent payment process and create a poor tenant experience. Lax security measures, like keeping credit card details in hard copy, using shady payment tools, or switching between umpteen bank accounts, can also expose your renters to data breaches and fraud.

In such cases, tenants can lose trust in your organization and cut ties, leading to reputational damage and financial losses. 65% of businesses that suffered payment fraud or cyber-attacks couldn’t recoup the funds from the successful fraud attempt.

Mistake #7: Using too many payment tools 

While diversifying how tenants can pay rent is key to maximizing on-time payments, you must be strategic. Throwing together too many tools can overwhelm renters and create more busy work for your team. Just think how much time everyone will need to learn each solution and manage payments through them.

Instead, offering a comprehensive solution or two is best to make everyone’s lives easier. Each rent payment solution you use should be digital, with flexible payment terms. It should also leverage automation, be secure, and complement other solutions in your payment stack. For example, Sage Ventures saved ~5 hours of admin work per Assistant manager per week by upgrading their rent collection process with Flex.

Quick solutions to your payment-related headaches

Have you made some of the payment mistakes we covered? Don’t sweat it. Let’s run through some quick tips to course-correct your rent payments.  

• Streamline and speed up processes by going 100% digital with integrative solutions 
• Encourage flexible, online rent payments by onboarding a mobile app-based solution like Flex (more on this in just a few seconds)
• Opt for user-friendly platforms that leverage automation to simplify payment processes and reduce mistakes
• Enforce fair and clear policies on rent collection. E.g., set out due dates and penalty charges outlining due dates and late payment penalties
• Select rent payment solutions that are affordable for tenants and your company and have transparent fees
• Choose solutions that prioritize security. Each solution should have protective measure firewalls, encryption, and identity verification and be pen-tested often
• Conduct thorough tenant screenings. Go beyond regular background and credit checks, e.g., check social media and internet presence, and conduct in-person interviews
• Keep improving your payment stack and processes based on company data and tenant feedback 

How Flex upgrades rent payments from “meh” to magical

Good news! You no longer have to settle for expensive, stiff tools and processes that create endless headaches for your team. Flex offers a purpose-built rent payment app that allows users to split rent into two affordable portions. Flex also provides:

• Automated reminders, payment collection, follow-ups, receipt sharing, and  record-keeping
• Predictable, on-time rent to the landlord each month 
• Modern and easy user experience  
• Low fees for tenants and no cost to your company

These features result in:

Faster transactions

Reduced errors

Less admin 

Enhanced financial visibility

Increased tenant satisfaction rates 

Improved net operating income

Higher return on investment

and much more. 

Leave lackluster rent payments in the past

In today’s competitive rental market, efficient payment solutions and practices are more critical than ever. So, step back and consider which mistakes your company is making with rent payments. Take inventory of the solutions you’re using and the results they produce. Then, find and test solutions that will level up your payment stack. Be strict in adoption criteria for your rent payment solutions. Focus on solutions with features that enhance cash flow, staff productivity, security, and renter happiness. Test them thoroughly before going “all in.”

Take these steps, and you can have a rent payment stack that makes tenants smile and takes your business to new heights.

Are rent payments standing in the way of your company’s success? Get ahead with Flex.

Will Flex work for us? Will our staff and tenants use the solution? Can Flex actually make us money?

If you’re asking any questions along these lines, don’t sweat it. It’s normal to want to make the right decision. Rent payments are a huge deal—so much so that how you collect them can make or break your business. But this fact isn’t always reflected in rent collection solutions and processes.

79% of renters say they’ve received incorrect, delayed, or lost payments from their property management company, which led them to cut ties. On the other hand, 78% of residents say making and receiving online rent payments would improve their view of their property management company. 

Like many property managers and landlords, you’re probably searching for a rent payment solution that your renters and team will love. You may have even tried a few options, like an online rental payment portal. Now, you’ve found Flex and wondering what makes our app so special compared to the other rent payment solutions out there. We get it. To help you decide whether Flex is right for your business, we’ll be covering the housing types that have done well with Flex.

So, what is Flex, and why is it a good call for property managers and landlords? 

Have you ever paid for goods through a phone app? Chances are it was quick and easy, allowing you to complete your transactions with little thought. Well, Flex allows users to do just that, only this time for rent payments.

Our innovative technology simplifies paying and managing rent while making it more affordable. Using Flex, your tenants can split rent payments into two affordable portions and adjust the second installment date to suit them (subject to credit checks and terms and conditions). Once your company is all signed up, we’ll pay rent on the 1st of each month, no matter what. Additionally, our solution will chase tenants who pay rent late, not your team. Your team will get access to real-time data and analytics on your tenants to help your team forecast quicker and more accurately. 

If you’re worried about how much this is all going to cost you, don’t be. Flex is free for your company, with low fees for renters. Plus, if you’ve got staff living on the property, they can use our app on the house. As a result, you can look forward to perks like:

More on-time payments

Optimized cash flow

Increased ROI 

Higher net operating income and efficiency

  Less rent collection admin

Happier tenants and staff

Less admin and risk

More time to focus on growth initiatives

Flex for success: Housing types that flourish with Flex

One of the great things about Flex is its versatility. This feature allows it to cater to different tenants’ preferences and help property managers and landlords succeed. Let’s break down some of the housing types and renter profiles that are winning with Flex.

Student housing

From books and tuition fees to lump sum rent payments and food costs, students have a lot of costs to cover. Some have demanding study schedules and extracurricular activities. These commitments can make it difficult to work enough hours to cover bills. Others are dependent on loan or scholarship installments, resulting in irregular income. 

So, many students face the reality of too many expenses and too little time and funds. Flex helps students stretch cash further and provides more time to pay rent. This feature increases the odds of on-time payments, stabilizing cash flow in your business. You’ll also ease the administrative load on your team since they’ll no longer have to chase payments.

Class A “luxury properties”

It’s easy to think you don’t need flexible rent payments when you’re managing luxury properties, but the opposite is true. “Cash is king”, especially in this choppy economy. Class A renters often prefer being liquid throughout the month. It’s also common to see those with good credit using credit cards to stretch out payment dates. 

Others pay for high-end purchases in installments to preserve cash periodically. Around 68% of financially stable BNPL users have leveraged the solution at least twice in the past year. The same reasoning fuels many Americans with large mortgages opting for biweekly payments. While Flex isn’t a BNPL solution, renters can still access similar perks like split rent payments to achieve this. Every little helps.

Affordable housing and Section 8 housing

Did you know more than 80% of households in Section 8 housing earn less than $20,000? 

Between rising living costs, 24% rent price hikes, rent controls fuelling housing shortages, and a spike in unemployment, cash can get tight for these tenants. Such circumstances make them ideal users, increasing the odds of adoption. 

This is because implementing Flex can help tenants in affordable and subsided housing catch a financial break by addressing affordability immediately with split rent payments. Our solution also promotes financial inclusion and wellness,[Link to resident financial health blog post] helping more people to afford a place. For example, Flex extends payment flexibility, automated payments, credit building, and budgeting assistance to renters. These are great benefits since tenants using Section 8 and affordable housing don’t always have access to traditional credit. Using our solution, rent payments can contribute to credit history, allowing tenants to build their credit scores. 

You may wonder, “What about the late fees we’ll miss out on by implementing Flex?” However, it’s important to consider the risk associated with late payments. Last year, 7% of landlords missed mortgage payments due to tardy rent from tenants. A better approach is to focus on securing on-time payments using a solution like Flex.

Single property (multifamily unit) SMB landlords

When you’ve got a handful of properties, rent payments are even higher stakes due to cash coming from fewer avenues. It’s also common to depend on rent payments to cover expenses like salaries or maintenance. This situation can make for a very stressful Rent Week.

With Flex, you’ll streamline collections and stabilize payments using automatic reminders, payments, and (non-payment) follow-ups. You’ll no longer have to wait for Rent Week to collect funds. Nor will you need to question whether you’ll get rent thanks to our commitment to paying out each month whether tenants have paid or not. These features will increase your team’s productivity and income without increasing workloads. 

You can also enhance financial visibility and maintain accurate records to guide decision-making and drive more tenant satisfaction [link to the power of happy tenants blog post]. Simply use our automated receipt issuance, reporting and analytics tools, and seamless integration with property management, HR, accounting, and ERP solutions.

Sage advice: How to succeed with Flex like Sage Ventures

To improve rent payment processes and set your business up for continued growth, it helps to learn from those that have gone before.  

Take Sage Ventures, a Maryland-based property management company with over 4,000 units. The property management team received many requests from tenants for flexible payments and noticed an increase in delinquencies. So, Sage decided to test Flex’s rent payments app.

After a successful trial, Sage onboarded Flex across its portfolio. Using Flex, Sage now saves 5 hours each month on admin per assistant manager, which they redirect to strategic tasks. They’ve also seen a decline in delinquencies. Plus, Sage has processed $2.2 million in rent payments since July 2023 using Flex.

Key takeaways

• Offer flexible payments through a rent payment app
• Empower residents with self-service tools
• Remove manual rent collection and followups with technology 
• Test solutions in one property or resident profile before rolling them out to the entire company

Create housing harmony with Flex

In today’s tech-driven world, using cutting-edge technology to run your rental property management company is a must. A great place to start is leveling up your rent payment solution. But don’t go for any ol’ solution. The right one will mimic your tenants’ payment preferences, increase on-time payments, and take pressure off your team, to name a few. Considering this, Flex is a good shout. By partnering with us, you can deliver a modern, sleek rent payment experience without adding to your team’s workload. 

So, don’t wait. Book a demo to learn how Flex can revolutionize your rent collection processes. 

Are your tenants happy with your property management efforts? Like shouting from the rooftop, singing your company’s praises kind of happy?

They should be. And if not, it’s the point you should get them to. Residents who are happy with their property’s maintenance are three times more likely to renew leases. Also, a renewing tenant is worth an extra $900 on top of their rent payments. 

Put another way, focus on tenant satisfaction, and you’ll hear that almighty cha-ching more often. And let’s not forget the valuable social proof and referrals you’ll receive from having tenants be loud and proud about your business.

In this article, we’ll explain how tenant satisfaction drives bigger profits and some ways to achieve it in rental property management.

Fact check: What’s the link between tenant satisfaction and well-lined pockets? 

As a property manager or landlord, you’ve probably heard countless times that keeping tenants happy is essential. But this advice doesn’t always come with a list of what’s in it for you. Let’s cover a list of benefits to expect: 

Admin and spending loads get lighter

Have you ever sat in a good mood at your desk, ready to start your day, then suddenly you’re bombarded with complaints, late rent notifications, and queries? Now, you’ve got a hopelessly long to-do list and angry tenants to deal with. All you can think about is logging out and throwing your laptop in the trash, or better yet, running away.

We’ve all been there. The good news is it doesn’t have to be this way. Improving tenant satisfaction will reduce your team’s administrative load and its overhead. This is because happy tenants are more likely to adhere to lease terms, make timely payments, and communicate effectively. Lease renewals also become smoother.

Staff happiness and engagement improve

Another knock-on effect of happy tenants is a happy team. The sad reality is that employee retention in property management is poor, with 1 in 4 leaving the industry. Staff often bear the brunt of residents’ frustrations, which takes a toll on their mental health. 24.3% of property managers say managing aggressive and abusive renters is the most stressful part of their role. Creating a positive tenant experience translates into a harmonious environment for your team. Staff’s stress levels dip, and job satisfaction rises, which fosters a more collaborative and productive workplace. This environment also powers employee engagement. 

Make strides in your scaling efforts 

When managing multiple rental properties, it’s easy to fall into the trap of busy work. Soon, sending emails, chasing tenants for rent, and filing documents take priority over scaling goals. Months go past, and you’ve made little to no progress toward your growth goals. When you focus on tenant satisfaction, you’ll get routine tasks under control. Having fewer operational bottlenecks creates more bandwidth in your team. This capacity will allow you to explore scaling initiatives. Think exploring new markets, increasing marketing and sales efforts, implementing innovative technologies, and buying new properties or enhancing existing ones.

Preserve and build on your work

Like most property managers and landlords, getting the business to where it is now has taken a lot of time, money, and effort. So, it’s important to protect it. Upleveling tenant satisfaction will help you keep and build on your gains. For example, satisfied tenants stick around for longer, increasing tenant retention rates. They’re also more likely to recommend your business promoting growth. This setup is crucial for maintaining your progress, driving cash flow stability, and building a solid reputation in property management.

Achieve higher profits and well-optimized cashflow 

As someone running a rental property management company, improving NOI and ROI is probably high on your list of priorities. Well, stepping up tenant satisfaction is one way to do it. As we mentioned earlier, satisfied tenants become advocates for the property, which can lead to increased referrals. Here’s where the magic happens. Organic growth reduces the need for extensive marketing efforts and tenant acquisition admin costs. Why? It’s 5X -25X more expensive to acquire customers than to sell to existing ones. Also, increasing customer retention by 5% can scale profits by 25% to 95%. 

How to drive tenant satisfaction headache-free

Now that it’s clear why tenant satisfaction is crucial to your business’s success, the next question is how to do it without overextending your team or budget. Let’s run through a few tips and tricks. 

Get renters’ feedback

Before implementing any changes, it’s essential to understand tenants’ needs. Let your residents point you in the right direction. Here’s where tenant feedback surveys come in handy. While they aren’t the newest way to engage tenants, they can drive smarter decisions. To optimize the effectiveness of your survey, create a structured and professional dialogue covering all facets of the tenant experience. Some questions to include in your resident survey are: 

• How would you rate the following aspects of the property? (Some points to cover include the leasing process, move-in, cleanliness, noise, maintenance, communication, security, amenities, rent payments, resident services, renewals, and customer support)
• Have we completed maintenance requests to your liking? 
• What could we do to improve maintenance?
• How would you rate the convenience of rent payment solutions, a tenant portal, resident benefits, and amenities?
• How would you assess the helpfulness and friendliness of our staff? 
• Are there any unresolved issues in the past year that need attention?
• Have any services or staff made a positive impression?
• What’s been the highlight of living in this property?
• Do you feel safe on the property? Please explain your answer.
• Are there any areas we’ve missed the mark on?
• How would you describe living in this community? 
• How likely are you to recommend us to a friend or relative?
• Is there anything you’d like to add? 

Once you’ve created the survey, get some participants. Some great ways to increase feedback are to: 

• Ask tenants to fill out a survey or provide a review after offering a service
• Incentivize participation 
• Market the survey on the property, community grounds, and resident portal 
• Follow up on the feedback you receive to show you value their opinions and you’re committed to improving 
• Time your surveys well. Send them before or after key holidays

Top tip: Track your Net Promoter Score (NPS). This metric gives you a good indication of tenant satisfaction, as it shows how likely they are to recommend your service.

Offer flawless customer service from move-in to check-out

Consumers care about customer service. So, whether they have a good or bad experience, others will hear about it. Providing phenomenal customer support is essential to boosting tenant satisfaction. To polish customer support, you could:

• Automate routine tasks like sending documents, updates, reminders, confirmations, and receipts
• Work with the right contractors to complete high-quality work promptly 
• Create seamless move-in and move-out processes, complete with a comprehensive move-in guide that includes checklists, timelines, and other essential information.
• Use AI-powered tools like chatbots and virtual assistants to offer round-the-clock help. (Get this: People view properties that use intelligent assistants as five times more forward-thinking and resident-centered). 

Make it easy for tenants to find suitable properties and lease lengths

Things change, whether it’s a tenant securing an educational opportunity out of state or a new job hours away. Such events could change their property requirements. But it’s no secret the property market has given renters a rough ride in recent years. 73% say a lack of available housing has affected them, and 34% say they struggled to find their current home. 24% of renters feel their current rental tenure doesn’t suit them, 46% don’t live in their preferred area, and just 26% say they’re satisfied with the level of security provided. 

Those are some bleak stats, but there’s a silver lining. This situation gives your rental property management company the chance to boost tenant satisfaction and shine. Help prospective and current tenants navigate life’s shifts by staying informed of their needs and offering flexibility. 

For instance, say two tenants renting a one-bedroom apartment are expanding their family. They want more rooms and outdoor space. You could assist them by:

• Negotiating the time left on their existing lease
• Suggesting two and three-bedroom houses with a garden with their budget and desired location(s)
• Focusing on properties that are child-friendly and complete with amenities, e.g., playground, cress 
• Offering flexibility on lease length
• Allow them to split rent payments to make the change more affordable (more on this later)

Set up tenant appreciation programs

Resident perks are nice. But do you know what’s even better? Recognizing and appreciating renters that have stuck around. A great way to do this is to set up a loyalty program. It can help your business grow, too. 84% of consumers will stick with a brand that offers a loyalty program. Also, top-performing loyalty programs increase revenue from consumers who use them by 15% to 25% yearly. So, study the profiles of your long-term tenants. Then, offer discounts, exclusive events, or personalized gifts. Don’t forget to vocalize your appreciation for tenants and promote the available treats for loyalty to increase signups.

Level up your resident experience

How tenants feel about your property affects their enjoyment and retention rates. So, it’s essential to give them the best experience possible. There are many ways to enhance your resident experience. But to start, focus on quick wins. These include personalizing and diversifying your amenities, implementing sustainability initiatives, and polishing shared spaces and units. For example, you could:

• Upgrade common areas concierge, add recreational spaces, or introduce new fitness facilities. E.g., a co-working space if you have many remote working professionals, sauna, onsen, and steam room for wellness enthusiasts
• Partner with local businesses to offer services, considering your tenant’s profiles and preferences. E.g., if you have a luxury accommodation or high-income tenants, you could provide cleaning, personal training, chef, grocery and pharmacy drops, personal shopping, and pharmacy services
• Install energy-efficient appliances, solar panels, water-preserving tools, and recycling programs
• Level up your security tools and processes. E.g., with encryption, firewalls, and security certificates for your online solutions. Then, for physical security, guards, CCTV, emergency bells, an out-of-hours hotline, and lifts programmed to specific floors. Plus, smart security solutions like keyless entry with auto lock and alarm-enabled doors

Top tip: Identify the most common profiles in your tenant base with questions during the screening process and surveys. Use this information to adjust perks so you always have ways to improve. 

Onboard flexible and digital rent payment solutions

Want a quick and painless way to improve tenant satisfaction? Step up your payment options. Tailor them to your residents’ current wants and needs. For example, Flex, a rent payments app, makes life easier for all, contributing to tenant satisfaction. Renters get financial flexibility since they can access split rent payments and manage rent on the go. Users can adjust the second payment date to make the cost more manageable, reducing late payments (subject to credit checks and terms and conditions). 

Flex also accelerates rent for owners and property managers while reducing the admin associated with it. While Flex isn’t a delinquency management solution, on-time payments are a natural byproduct, as are fewer errors and complaints. That’s why 5.5 million units offer Flex, a rent payments app, as an amenity.

Plus, you won’t have to wonder whether your company will get paid. You’ll get rent on the 1st of each month, in full. Plus, Flex has nominal fees for renters and no extra cost for your business. Some more perks of using the app include: 

Optimized cash flow

More return on investment

Higher net operating income

Happier residents and staff

The keys to unlocking renter happiness

Tenant satisfaction isn’t just a byproduct of successful property management but a driving force behind it. Happy tenants lead to positive referrals, reduced administrative burdens, and increased profitability. So, start and end your tenancies positively with hassle-free transitions. During each renter’s stay, offer optimized payment options, top security, excellent customer support, and well-manicured properties. Also, focus on building relationships and positive experiences beyond signing the lease. Soon, you’ll have a team of happy tenants going out telling the world about your business. 

Want to level up your tenant satisfaction? Make it happen with Flex.

Are you struggling to keep employees around? If so, you’re not alone. The multifamily property management’s quit rate sits at around 33%, 10% higher than the industry average. Even more worrying, just 49% of property managers plan to stay in the industry, a steep 9% drop from 58% in 2018.

The labor laws are well underway and are causing instability in the global workforce. To win, you’ll need to call in reinforcements. But where do you start? In this article, we’ll dissect the issues fueling the labor wars and how they impact rental property management. We’ll also reveal how having Flex as a tool in your arsenal will help you build higher staff retention rates and happier teams.

How labor wars are rocking rental property management

You don’t have to look far to hear talks of employee shortages and strained operations in countless industries. The rental property management industry is one of those taking a beating. Let’s unpack some of these issues.

Generational shifts in the global workforce have spiked turnover rates

The talent pool as we once knew it is gone. Gen Z has entered the workforce with higher expectations of work-life balance and career development. Millennials face a career identity crisis, realizing that promises of better wages and career opportunities from securing higher education may not happen. Gen X is approaching an era of more responsibility and costs at home, raising families with aging parents. Some Boomers have to work into their retirement, creating an aging workforce. So, it’s no surprise that:

• 54% of Gen Z aren’t engaged at work
• 60% of Millennials are open to job-hopping
• 37% of Gen X left their jobs in 2022, leading the great resignation
• 79% of Gen X say they feel forgotten about at work
• 49% of Boomers are or expect to work past 70 or don’t plan to retire

Difficulty finding suitable candidates is impacting the existing workforce

In business, you’re only as good as your staff. But, with the workforce pool shrinking, talent gaps have emerged. As a result, some rental property management companies face challenges in finding qualified candidates to fill vacant positions. These vacancies place more pressure on existing staff, who often already have sizable workloads. This situation can lead to burnout, absenteeism, and disengagement fueling the cycle of employee turnover. The issue has become so common that 59% of employees aren’t engaged at work, and 51% are looking for new jobs if nothing changes.

Intense competition knocks out many businesses in the first round

Labor shortages have intensified competition among property management companies to attract and keep top talent. At the same time, large companies have entered the market, exacerbating competition for skilled workers. As a result, recruitment in rental property management has become a battle of the budgets. The companies with the deepest pockets and willingness to invest win by offering more perks, so smaller businesses don’t get the chance to land a swing, missing candidates as a consequence.

Let’s put this situation into perspective from the view of an employee. Say you’re at the top of your game as a property manager and receive identical salary offers. One company has a basic package, while the other offers a large sign-on bonus, better medical insurance, wellness perks, vacation, and career development resources. Which would you choose?  

Service quality falters due to insufficient staffing

Labor wars don’t just drag down staff numbers; they negatively impact service quality, too. Stretching teams too thin makes it challenging to provide timely and efficient support to current and prospective tenants. This problem can have undesirable consequences like decreased satisfaction, increased turnover rates, lost sales, and opportunity costs.

How Flex keeps staff happy and around for longer

If you’re ready to step up your staff retention, the chances are you’ve come across some technology staples like property management and workforce management solutions. So, you’re probably wondering how a rent payment app like Flex can encourage employees to stick around. The answer lies in Flex’s features and benefits. Let’s break them down. 

Give staff more time to grow their skills and the business

Ensuring staff meet targets is important, but so is helping them acquire the skills to do so and providing the tools to facilitate it. Yet, just 34% of property managers say they’ve had adequate training to execute their role successfully. Sound familiar? There’s hope. Using Flex will reduce your team’s administrative burden and sharpen their efficiency. From here, employees can focus on other valuable endeavors like career development training and business scaling projects. Such initiatives also boost engagement. 

Make the switch to improve staff retention and engagement, and your business could be in line for huge rewards. Companies in the top quartile for employee engagement are 23% more profitable and 18% more productive in sales. They also experience 81% less absenteeism, 64% fewer safety incidents, and 18% lower staff turnover for (high-turnover companies).

Make every week Rent Week by putting collections on autopilot

Rent payments are critical to keep operations ticking. Knowing this, you may have tried to offer split rent payments as a way to encourage early and on-time payments. But without the right solution, it’s easy for things to go haywire. This is especially true if you’ve got a small team or hit busy seasons.

Whether it’s chasing later payers, double-checking payments, or completing paperwork, each admin task adds an extra layer of complexity to your staff’s day. Soon, your team is using their limited bandwidth to put out fires instead of focusing on income generation and tenant satisfaction.  

But when you leverage flexible payments through our rent payments app, your staff can work smarter, not harder. Flex allows you to collect rent payments around the clock without needing staff to cover the phones and emails. Flex also automates the rent collection process, meaning no more manual follow-ups, payment recording, and filing admin. That’s a huge load of work your team no longer has to worry about. This setup also means it’s not disastrous if employees are on vacation, sick leave, or busy with other tasks. Our flexible payments solution even reduces the admin burden on the site staff like leasing agents freeing them to focus on tasks like marketing, resident tours, and customer service.

Level up your data collection and analytics to drive better decisions

Losing a payment or opportunity due to a manual error or having dirty data derail your company’s choices, is common. It’s easy to see why when you zoom in on technology choices and processes. 43% of rent payments are still paper-based, and bad data costs most businesses between 15% and 25% of their revenue. Thankfully, when you install Flex, you can curb such issues. Our solution will:

• Centralize, organize, and analyze insights. Staff can track rent payment trends, identify potential issues, and optimize financial strategies to improve cash flow and profitability
• Digitize processes to increase online payments. This feature reduces your company’s reliance on checks and bank transfers, helping your team fight fraud and costly errors

Promote financial wellness to increase staff retention

You’ve probably heard that promoting resident financial health is essential to boost their loyalty. Well, helping staff master their finances can do the same for your staff retention rates. When staff feel appreciated and considered by their employers, they’re more likely to return the favor with their continued presence. Offering Flex is a great way to care for your staff as part of the company’s benefits package. This is because Flex isn’t just free for landlords. It’s free for employees who live at the properties offering our solution, which can increase employee retention. Using our rent payment app, your staff can then stretch paychecks further, making life less financially stressful.

Rehab your staff retention rates with Flex  

Labor wars continue to rage on in the rental property management industry, with no signs of wavering. So, as a growing business with big goals, you’ll need proactive ways to attract and retain top talent. Let Flex support your staff retention strategy to help staff get ahead financially and increase engagement. Then, combine Flex, with optimized work processes, learning and development investments, and personalized benefits to build enviably staff retention rates. 

When you take care of your staff, they’ll take care of your business. So, don’t wait. Get the ball rolling on your employee retention and engagement initiatives today.

Don’t let low staff retention hamper your business. Tackle the burn and churn with Flex. 

Warning! A harsh reality is coming.  

No matter what growth stage your rental property management company is in, manual rent collection and traditional payment methods will keep your company from fulfilling its potential.

For example, four out of ten tenants still use checks to pay rent, yet checks are the payment option most vulnerable to fraud. Then there are stressful rent weeks with a hefty admin bill and no guarantee of payment. And let’s forget late and non-payments, which are some of the biggest challenges rental property managers face.

The good news is upgrading your rent payment tools, and processes can pay huge dividends. But how do you go about it? In this article, we’ll delve into the reason why traditional rent collection tools and processes miss the mark. We’ll also share ways to bring rent payments into the future. 

Why traditional rent collection doesn’t make the cut in modern rental property management

It’s easy to look at old-school rent collection tools and processes with nostalgia. Soon, you’re putting off change, reasoning that they’re not that bad and how you’ve always done things. But, holding on to traditional rent collection tools and processes will cost you. Let’s explore some reasons why.

Bad and siloed data fuels poor results

Have you ever called the wrong number or been told the wrong name, which you then used when speaking to current or potential tenants? If so, chances are such scenarios weren’t just embarrassing. They also wasted time and left everyone confused. You’re not the only one to be struck by bad data. Outdated information, errors, and omissions cost US businesses a whopping $3.1 trillion every year. The lack of data visibility caused by data trapped in spreadsheets, physical files, and disconnected tools also impacts risk management, compliance and decision-making. 

Compromised security makes your business an easy target for criminals

The reality is that manual payment tools and processes are more vulnerable to manipulation. This fact makes spotting fraud from staff and renters harder. Just think how hard it is to spot a forged check, intentional check bouncing, or expense fraud by eye. Worse, your business ends up on the hook for financial and reputational losses.

Financial losses from manual errors 

Did you know 79% of renters say they’ve received incorrect, delayed, or lost payments from their property management company which caused them to not rent from them again?Not good. Also, the true cost of rent admin isn’t immediately obvious, and there’s the danger. Admin makes up almost 70% of business costs. So, tasks like filing paper statements and verifying rent payments swipe digits from your bottom line. Plus, there’s always the chance costly errors could slip through when you process rent collections by hand. 

Costly workforce inefficiencies 

Rent week busywork like calling tenants and tools your team can’t access online or use remotely, like accessing physical records, are set up for failure. A lackluster rent collection strategy creates inefficiencies and low staff morale. They also make it harder for your team to hit targets, slowing business development. Yet, these issues are rife. Half of employees with limited digitization spend a minimum of two or three hours per workday on ineffective processes. Also, 59% of workers say they could save six hours or more if they could automate repetitive parts of their role.

Poor customer experience

Clunky and manual rent payment tools and processes don’t just impact staff; they can also leave a bitter taste in tenants’ mouths. For instance, say you only let tenants pay rent by check, cash, or bank transfer each month. But you only process payments during business hours in the office. The tenant will have to disrupt their busy schedule to pay your team a visit or call if they have a query or issue, causing inconvenience. Mailing checks and ACH payments can also lead to delays in processing, causing anxiety for tenants waiting for confirmation of their rent payments. The result? Missed payments, wasted time, and strained relationships with renters.

Why modernizing rent collection with a rent payments app is always a good idea

If you’ve encountered some of the issues we just covered from traditional rent payment collection, don’t worry. Modern solutions like a rent payment app can help your business turnover a new leaf. Let’s cover a few ways: 

End-to-end automation leaves more time and money for valuable tasks

In today’s busy digital world, people value speed and efficiency. Modern rent collections fulfill this need with innovative technology. For example, with Flex, your tenants can pay rent via our app in a few taps. Our solution also equips your team to manage rent collection on autopilot

Improve tenant satisfaction and financial health

As market volatility continues, renters seek ways to optimize their financial health through rent payments. More flexibility for tenants keeps them satisfied. In turn, you can expect higher retention rates and fewer tenant-related issues. Get this:

• More than half of renters would “probably” or “definitely” pay more for more flexible rent payment options
• 82% of tenants want their rent payments to contribute to their credit score
• 79% believe flexible attributing rent payments to their credit score will give them more financial opportunities

Get more on-time payments, improved cash flow, and fewer evictions

When you’ve got to cover payroll and maintenance, the last thing you want is delayed rent payments. Yet, when tenants pay rent late, you’re down an income source. Luckily, a rent payments app helps you gain more predictability in cash flow. With an app-based setup and automation, your tenants no longer have to do tedious checks on banking details, set up standing orders, or make trips to the property management office to pay rent. With tools like Flex, renters also get payment due reminders. These features make on-time payments more likely. Avoiding late rent payments also helps your business dodge those pricey evictions, leaving more cash in your company’s pocket.

Enhanced transparency and accountability

From intentionally bouncing checks and falsified documents to staff siphoning resources, fraud is on the rise on the rise in rental property management. Using solutions with in-built security features is essential to keep your business safe. That’s where the rent payment app comes in. Reputable solutions use security measures like two-factor authentication, security certificates, and firewalls. As a result, you’ll keep sticky fingers away from your rent payments, giving your team and your tenants peace of mind.

How to improve rent payments without blowing time or budget

Given all the enticing benefits of optimized rent payments, you’re probably keen to start the transformation. So, what move do you need to make? Let’s find out. 

Wave goodbye to paper and manual processes

Controversial take: Those paper filing systems, spreadsheets, online rental payment portals, and long processes hinder progress. Even if you let tenants pay rent online now, this setup only creates more issues. We’re talking disbursement mistakes, rent payment delays, and compromised security, just to name a few. 

To correct these issues, look for comprehensive solutions that can manage rent collection from start to finish without your team needing to intervene. These automated  features could look like:

• Rent payment reminders for tenants before the due date
• Followups to pay rent past due
• Rent cash flow analysis and reports
• Late payment reminders 

Top tip: Integrate data from other solutions in your business (e.g., HR, ERP, property management, and accounting software) to keep data clean and synced and drive data-driven decision-making

Get tenants involved in the rent payment upgrade

Continuously improving the customer experience should be high on your priorities when changing how tenants pay rent. But there’s a condition: you’ve got to know your tenants’ current wants and needs to ensure your tweaks always hit the mark. For example, instead of cutting out rent payment options and changing the process for staff to pay rent cold turkey, find out which ones the tenants would like to keep. You can get tenants’ opinions on rent payment processes and solutions through:

• Tenant surveys
• Analyzing payment data
• Resident meetings

Prepare your team and tenants for change

When modernizing rent payments, the way staff work will inevitably change. So, it’s essential to build a culture that supports these shifts. Here are some  steps you can take:

• Make it easy for teams to get approval for beneficial technology like workflow automation and flexible payments
• Work with IT to test and launch rent payment solutions. A
• Streamline adoption processes to prevent unnecessary roadblocks. For example, create a dedicated team, timeline, milestones, and checklist for testing a new solution
• Communicate the benefits of each change to staff’s workday, the business, and tenants
• Get buy-in from all stakeholders, including staff and renters
• Provide adequate team training and a transition period
• Promote your new rent payment options to give tenants a heads-up on the coming changes and how they will improve their lives
• Provide residents with training materials and support lines 

Pick and road-test the right solutions for flexible rent payments

To increase adoption, you’ve got to pick the right technology. This means solutions that help staff and tenants. Your rent payment solution should also be:

• Digital and low to no-code
• Reliable (secure and low outage rates) 
• Affordable (for tenants and the business)
• Built specifically for rent payment collection
• Easy to use and understand
• Scalable
• Accompanied by adequate customer support
• Fitted with automated processes
• Equipped with advanced analytics and reporting 

Learn more with our flexible payments ebook.

How Flex transforms rent payments 

Now for the questions, you’re probably “Why should I consider Flex for securing rent?”. We’re glad you asked! Some perks your business stands to gain by partnering with Flex  include:

• An easy-to-use mobile app to secure rent payments in seconds and minutes, not hours and days
• Affordable, split rent payments. Users can cut rent payments into two manageable portions and adjust the second pay to fit them (subject to terms and conditions)
• On-time rent payments every month for free. We pay rent to your company on the 1st of the month every month, so your team can rest easy
• Automated rent collection. Flex gets rent payments like clockwork every month without your team’s manual effort, meaning more time to focus on scaling
• Live-in staff use Flex for free. Do you have employees living on-site? They’ll get to use Flex for free. It’s a great way to boost employee satisfaction
• Trusted and reliable solution. 5.5 million units across the US use Flex. Flex is among the top 200 in the US Google App Store. It’s got 83,000 resident reviews and a 4.6 rating
• Boost tenants’ credit scores. Your renters can use on-time rent payments to build credit scores via Flex. This helps tenants improve their finances. It also increases tenant engagement and timely rent payments for your business
• Smooth integrations. Do you use different tools for property management? you can link Flex to build a tech powerhouse. Flex integrates with solutions like Zego, Entrata, Rent Manager, Real Page, and Yardi

Get a rent collection revamp

Whether it’s due to sluggish rent payments or wanting a competitive edge, upgrading how tenants pay and how you process them is always a good shout. But don’t be tempted by shiny objects in the rent payment technology space. Select solutions that offer digital and flexible rent payments in a format that makes managing them easy for all. Test the solution before going all in, and tweak your approach as you gather more data with the tools. For many, that solution is Flex, and our partners are thriving. So, if you’re curious how you can hit reset on your rent collection. Book a demo today.

Do you remember when adding renters’ names to a mass email or text message was the go-to way to add a personal touch? Personalization in rental property management has come a long way since then. These days, personalization goes beyond surface-level tactics; it extends into the tenant experience, from the amenities you offer to the customer support you provide. 

The best part? Personalization can have game-changing effects on your business. 86% of people say personalization impacts their buying decisions. Also, customizing experiences can increase your return on investment by 5X to 8X.

But to get the most out of this trend, you’ve got to know where to invest and what to expect. In this article, we’ll explore some opportunities and roadblocks to look out for. We’ll also unveil how personalization can look in different areas of rental property management to inspire your execution.

The perks and pits of personalization in rental experiences

Personalizing experiences and services for your tenants can pay huge dividends. But such actions can also come with flaws and pitfalls you’ve got to prepare for. Let’s zoom in on a few. 

The perks of personalization in rental property management

• Boost tenant satisfaction: Making each tenant feel valued and seen is essential to keeping them happy. Personalization can help you do just that. Tailoring renters’ experiences sets a positive tone for their tenancies and enhances satisfaction throughout

• Increased retention rates: Did you know 76% of consumers are more likely to buy from brands that personalize, and 78% are more likely to make repeat purchases at businesses that personalize? In short, showing renters you value them pays. Tenants are more likely to stay engaged and renew leases.

• Build a positive reputation: Customer service experiences spread quickly through online reviews or word-of-mouth. Personalization lets your company leave a good impression on renters and gain social proof. Over time, this perk helps your company a solid brand that drives growth

• Deeper pockets: Personalization can boost revenue by up to 40%, so it’s a great way to get more cash in the bank. It can drive larger profits by increasing on-time payments and renewals. A retained tenant is worth $900 more on top of rent payments

• Resolve issues more efficiently: Problems are part and parcel of doing business, but how you manage them counts. Personalization allows you to fix problems fuss-free. For instance, leveraging automation and allowing tenants to report maintenance problems through their preferred channel will equip your team to address them promptly and satisfactorily

The pits of personalization in rental property management

• Respecting privacy and data protection laws: In the US, the regulations on personalization aren’t clear-cut, so it’s challenging to know what’s allowed. For instance, there’s no US equivalent to the EU’s GDPR. Some states have enforced data protection laws, like the California Consumer Privacy Act, but you’ll need to do some research to find out your responsibilities

• Balancing consumers’ desire for personalization and privacy: 36% of consumers want brands to do more to offer personalized experiences. But here’s the catch. 17% won’t share personal data and 52% are concerned about companies knowing too much about them. Also, nine out of ten people say businesses should be more upfront about how they handle the personal data they collect. So, it’s tough to know what counts as going too far in personalization in tenants’ eyes and how to manage it.

• Maintaining equal treatment: Avoiding favoritism or residents perceiving your personalization efforts as such can be difficult. You’ll need to implement general and personalized services and amenities. You’d also have to communicate why everyone gets services based on preferences and offer the option to switch.

• Securing enough resources can be challenging: Sometimes, staff don’t have the necessary resources to execute personalization successfully. So, they fail before they’ve even had the chance to fight for success. For example, 42% lack the needed insights, and 31% don’t have the right tech. 41% move too slowly due to internal hierarchies impacting agile decision-making. Additionally, 64% of marketers say getting enough budget for personalization initiatives is a roadblock to success.
• Getting staff buy-in can be tough: Property managers and leasing agents often have busy schedules. So, adding another task to their plates, like switching from manual to technology to execute personalization plans, may receive some pushback if the benefits aren’t obvious 

How to execute personalization like a pro in rental property management 

You’ve probably seen examples of personalization in your daily life through things like marketing and comms campaigns. But how can you apply this trend to rental property management tasks? Let’s explore some areas to customize your tenant experience for the biggest gains. 

Conduct surveys strategically

Did you know over 80% of top-performing property managers get feedback from renters? So, before you start any personalization initiatives, ask your tenants for some pointers. Get to know their interests and use this information as your northern star. Check in at regular intervals to stay informed of current tenant sentiments and tweak your approach. 

While collecting information, it’s important not to pry. Frame survey questions to gather insights without being intrusive. For instance, you can use open questions and text boxes and ask about lifestyle preferences indirectly, allowing tenants to decide what information they want to share. 

Top tip: Be transparent about how you use the data you collect. 76% of people say they want companies to be more upfront about how brands use their personal information. Also, 40% say they would be open to sharing their data if they knew who was using it and why.

Tailor onboarding to tenant preferences

Creating a smooth move-in process from start to finish is essential for tenant satisfaction and retention. Using personalization is a great way to do it. Here are a few ways:

Tweak lease lengths to fit each tenant

Cookie-cutter annual leases won’t be the right fit for every tenant, even if you add a break clause. Some may want longer leases to save money and time. Others may need shorter leases due to demands in their personal lives, like work or education. So, discuss future plans and expectations with potential tenants. Then, come to a compromise on lease lengths that will work for your company and them before signing on the dotted line. 

Customize welcome packages

Many property managers provide generic directories to their tenants. Step this up a notch by tailoring the information in your welcome packs to include relevant local amenities and services. Also, include specific benefits the resident will receive and useful information based on their specific needs and preferences. For example, if a family is moving in with children, you could highlight nearby schools and family-friendly activities.

Launch an interactive onboarding portal

Believe the hype. Digital property management is where the party is at. It can help you create an unforgettable tenant experience that keeps renters engaged. So, provide an onboarding portal that shows tenants where they are in their move-in journey and what’s coming next. Also, allow tenants to set preferences. This move will ensure resources and communications always align with the tenant’s requirements.

Provide personalized orientation tours

Whether it was for a gym or school, you’ve probably been on a bog-standard facilities tour. Chances are it wasn’t fun or memorable. Go against the grain by offering individualized orientation tours. For example, if the tenant is health-conscious, the tour can highlight fitness amenities, local exercise classes, health food stores, and personal trainers. If a tenant is short on time, you could offer a pre-recorded or virtual reality orientation tour and a virtual assistant to answer basic questions. This approach helps tenants settle in and feel more connected to their new living environment.

Hand-pick tenant benefits

Having amenities is great, but what’s even better is having benefit packages that cater to different tenant profiles. These perks should make the tenants’ stay more enjoyable and their lives better. Create a handful of packages according to the most common tenant profiles for cost-effectiveness. Then, diversify as you get more data on your tenant base and their expectations. For instance, if your tenant base is predominantly students, personalization could look like a study room and collaborating with local businesses to offer discounts and deals. 

Offer smart technology in property and units

Another way to personalize your tenant experience is to implement solutions that give each renter more control over their unit. Think smart home devices like keyless entry systems, thermostat controls, smart lighting, and video-enabled security doorbells.

Also, personalize communications and automate routine tasks to make life easier for tenants. For instance, you could send rent reminders for things like HOA fees, garbage pickups, and community updates via the tenant’s preferred communications channel. This approach simplifies tenants’ lives and shows tenants you care and are looking out for them. 

Optimize maintenance operations

Have you ever had to take a day off work to sit at home and wait for maintenance work? Large visitation windows add salt to the wound, especially when the contractor gets rescheduled at the last minute. Such scenarios aren’t just irritating; they’re disruptive to tenants and create a poor experience that can cost you renewals. On the flip side, proper maintenance doesn’t just make tenants smile. Residents happy with their property’s maintenance are three times more likely to renew leases. Here are some ways to customize maintenance processes:  

• Work with contractors that allow scheduling flexibility and allow tenants to pick slots
• Let residents state comms, notification, and reporting preferences for different circumstances like emergencies and routine maintenance
• Send personalized maintenance notifications to provide relevant information to tenants based on their specific needs. E.g., if a tenant has a pet, notifications can include reminders to secure the pet during a maintenance visit
• Pre-empt maintenance needs for each unit with predictive maintenance tools. Give renters plenty of notice
• Prioritize urgent requests for tenants with specific needs, such as individuals with disabilities or health conditions 
• Offer additional, tailored maintenance services based on individual tenant needs. For example, if a tenant works from home, you could provide specialized services such as ensuring a quiet area they can use during maintenance activities

Offer flexible payments to serve each tenant’s financial needs

Everyone’s financial situation is different, even when they live in the same building or community. So, it’s important to provide payment options that fit your tenants’ needs and preferences. Offering flexible payments through a digital solution like an app is a good idea. Take Flex, our rent payment app, for example. It allows users to split rent into two affordable portions. 

Flex is also versatile, allowing you to cater to different housing types and tenant profiles. For instance, tenants in need of a financial break can split rent to make the cost more manageable. Wealthier tenants can also use Flex to stay liquid. Users can also build their credit scores, contributing to their financial health [Link to resident financial health blog post]. So, it’s no surprise Flex is one of the top 200 apps in the US App Store, with 83,000+ resident reviews and 4.6 app store ratings.

Get personal to win big in rental property management

In today’s competitive market, staying top of mind, building connections, and driving revenue is key to getting ahead in rental property management. Customizing your approach to each tenant is an effective way to do it. 

Personalizing your rental experience shows prospective and current tenants that you see them as individuals, not another name on your list. Also, being proactive in how you tailor tenancies ensures a smoother renting experience. Tenants aren’t the only ones that benefit from personalization. Your company can expect higher NOI, ROI, tenant satisfaction, and retention rates, to name a few perks.

But personalization in rental property management isn’t just about greeting tenants by name or offering tailored amenities. It extends into the financial aspects of the tenant experience, too. So, as you find ways to customize tenants’ renting experiences, don’t forget about finances. Invest in tools and processes that cater to the tenants’ individual financial circumstances, including their rent payment preferences. 

By implementing personalized touches, you can create a memorable tenant experience that exceeds expectations and keeps pipelines and pockets full.

Flexible payments are putting rental property management businesses on the map. Book a demo to learn how Flex can get your company noticed.

From chaotic rent weeks to increasing competition in rental property management, many issues can crop up when your payment stack is out of whack. The result? Sluggish rent payments and unsatisfied tenants. Late and non-payment are some of the top issues property managers face, and 40% of tenants say flexible rent is important.

Adopting flexible payments to fix these problems could make sense. So, you’re probably thinking it’s time to upgrade your rent payment technology and scoped out a few solutions. Now, you’ve come across Flex and wonder how it could transform your rent payments. You’re in the right place. In this article, we’ll highlight some Flex features that’ll help your business get ahead. We’ll also share when to give Flex the green light or red light for specific scenarios, tenant profiles, and business types.

What makes Flex so special? 

Whether it’s an online rental payment portal or a generic Buy Now Pay Later solution, you’ve probably seen many tools claiming to transform rent payments. You may have even tested a few. Now, you found Flex and want to know why you should try it. We get it. Here are a few solid reasons why Flex is the best choice for rent payments:

Easy-to-use mobile app

Procrastination is inevitable when tenants have to jump through hoops to pay rent. Clear the way for speedy rent payments with our UX-optimized app, which allows tenants to pay rent in just a few taps. Tenant satisfaction, here we come!

Affordable, split rent payments

Sometimes, all it takes to increase on-time payments is letting tenants spread rent costs. That’s where Flex comes in. Users can slice rent payments into two affordable portions and adjust the second pay to fit them. (Subject to terms and conditions). Plus, Flex is free for the landlord and has low tenant user fees.

Predictable, on-time rent payments to your business – for free

No more wondering if or when your business will get paid. We pay rent to landlords on the 1st of the month every month. So, even if a tenant doesn’t pay up, you’ll still have incoming cash, giving you peace of mind.

Automated rent collection processes

Flex secures rent payments without your team’s manual effort, from reminders to pay rent to issuing compliant receipts. Taking a load off your team’s back also releases more time for other value-added tasks. As a result, you’ll enhance employee satisfaction and engagement.

Free staff user perks 

Tenants aren’t the only ones who enjoy Flex. Staff who live on properties that onboard Flex can use our solution gratis. That’s right; your business and staff who live on-site pay zilch. This perk can be a great selling point in your talent acquisition policy. It can also boost employee happiness and financial health.

Reliable and proven solution

Only the best solutions will do with something as mission-critical as rent payments. Flex is vigorously tested and continuously improved, which has allowed it to become a trusted property manager favorite. 5.5 million units across the US use Flex. Flex is also among the top 200 in the US Google App Store. It’s got 83K resident reviews and a 4.6 rating. Also, 84% of current partners see Flex as a strategic solution for growth. 

Smooth integrations

Create a property management tech stack that drives cashflow mastery, operational excellence and larger profits with our seamless integrations. For example, you can link Flex to popular property management solutions like Zego, Entrata, Rent Manager, Real Page, and Yardi.

Boost credit scores

Get your business noticed by fulfilling a growing ask: using on-time rent payments to build credit scores. Flex does precisely that. As a result, your business can help tenants improve their finances while creating more monetary stability for itself. 

Who is Flex the best fit for?

Picking the right rent payment solutions is essential for continued success in rental property management. So, before you sign the dotted line, you’ve got to make sure the solution is a great match. To decide whether Flex will work for your business, let’s zoom in on some instances when Flex could be a hit or miss.

Flex is an excellent fit for businesses:

Serving low-income to mid-income residents: If your resident base primarily consists of tenants receiving Section 8 or other housing subsidies, students, and working professionals, onboarding Flex could be a good shout. You’ll help tenants stretch cash further, relieving money stresses and increasing the odds of on-time payments. 

Overseeing luxury residences: With costs like large rent payments to cover, many high-income tenants want to preserve cash. Offering Flex can help them stay liquid throughout the month, increasing their satisfaction

Looking to end the manual mayhem: Whether it’s chasing payments, filing paper receipts, or verifying details, manual work holds your team back. Onboarding Flex will create space in your staff’s workday to tackle growth-boosting tasks like marketing and sales

Needing more consistent cash injections: Do late payments and delinquent accounts keep you up at night? Onboard Flex and sleep better knowing you’ll get rent payments every month guaranteed

With small teams wanting to improve productivity: Your team’s size doesn’t need to impact hitting goals. Flex will act as your trusted assistant, securing rent payments and completing the associated admin to maximize your team’s efficiency

Receiving requests for better payment options and more flexible terms: If the current tools you offer to pay rent are less than stellar, don’t sweat it. Turn over a new leaf with Flex. Our modern and flexible solution will allow you to keep up with tenants’ latest rent payment preferences easily

Wanting to diversify or digitize their payment options: Need a powerful rent payments solution to complement your existing payment stack? Flex can help. Our solution is a solid option for renters who want a quick, easy, and digital way to pay

Flex won’t be the right fit for companies: 

Whose tenants don’t use or want mobile payments: Say most of your renters shriek at completing rent payments via an app because they prefer checks and standing orders. In such instances, adoption rates may be too low to see significant results

That reject technology and aren’t open to digital transformation: Does the Rolodex, fax machine, checks, and paper invoices still have a grip on your business? And you can’t convince your team to go digital? This resistance could mean implementing Flex won’t be as fruitful as it could be

Businesses with very small-scale operations: If your business is just getting started (e.g., one unit, two tenants) or has unique payment arrangements that Flex can’t accommodate, passing on Flex temporarily could be the right call 

You’re going for it! How do you get started with Flex?

Step 1: Book a demo

During the demo, we’ll take you through how the Flex app works, plus its fees and timelines. Feel free to ask questions to understand how our solution could work for your business.

Step 2: Take Flex for a test drive

We understand that picking a solution for rent payments isn’t a small decision. So, before we join forces, we’ll arrange a trial for your company. Our clients typically test Flex first in 1-2 business areas or property types. 

Step 3: Roll out Flex

Next up is taking Flex company-wide. Choose from a phased rollout or implementation in one big swoop. 

Step 4: Launch

As you prepare to go live, you’ll need to market our rent payments app to staff and tenants. You’ll also need to share our educational resources and support. We’ll sort out the technical side of launching Flex and offer ongoing, expert support for a smooth transition. Once you go live, we’ll work with you to assess your results and adjust for bigger wins.

How Sage overhauled rent payments with Flex 

Sage Ventures is a Maryland-based property management company overseeing more than 4,000 units. The team kept receiving requests from residents for flexible payments and noticed a spike in delinquent payments. So, Sage decided to test out our rent payments app. 

After a successful trial, Sage launched Flex across its portfolio. And it was a hit!  Sage saw a steep drop in delinquencies and non-payments. Sage now also saves 5 hours every month on admin per assistant manager, which they’ve redirected to strategic tasks. Sage has processed over $2.2 million in rent payments since July 2023 using Flex. (Check out Sage’s awesome journey with Flex here). 

Kickstart your rent payment evolution

If your business is ready to embark on the rent payment transformation journey, don’t go it alone. Flex can be your trusted partner for the ride. So, don’t settle for an online rental payment portal or blanket payment tools. Tap into our purpose-built solution and expert support to build a rent payments stack that wows tenants, boosts profits, and relieves staff. So, don’t wait. Book a demo today to discover how Flex can revolutionize your business.