With millennials conquering the rental market, that can only mean one thing… technology is involved! Millennials have a HUGE influence on digital and social trends. More than 80 million millennials are scattered throughout the United States and are having a massive impact on property management companies across the country. In this blog, we’ll discuss the renter’s expectations of technology, how other generations are adapting, and the overall benefits of transitioning to electronic payment options.
The accessibility for tenants to make rent and utility payments online isn’t just a luxury anymore, it’s a necessity if your property management company is going to survive. The National Multifamily Housing Council’s Renters Report revealed over 76 percent of renters make electronic payments every month. This shouldn’t come as a shock considering you can reach payment portals from pretty much every device (phone, laptop, tablet), and most property management companies make the process seamless and confusion free... for most individuals.
How Are Other Generations Adapting?
Baby Boomers haven’t embraced the technological fad as quickly as millennials. Nearly half of all individuals 65+ prefer to make payments in-person. What does this mean for property management companies? This means that our industry must continue to satisfy different technological generations to maximize revenue, while keeping pace with technology trends.
Benefits of Electronic Payments
As we mentioned earlier, providing a paperless payment option is a necessity for property apartment communities and property management companies. But not only is it more convenient for renters to make payments online, but it’s actually proven to be a much safer and secure option. Implementing an online payment feature can eliminate the trail of an on-site paper payment and the nightmarish stories that coincide with them. Not to mention, electronic payments make it easier for property managers to track, manage, and report every payment efficiently and effectively, reducing the risk of possible errors.
Reed Property Management
At Reed Property Management, we stay up-to-date with all technological trends in our industry, while providing safe, secure and convenient payment options. But if you prefer to make payments in-person, we can make arrangements for that as well.
If you own a seasonal or year-round rental property that needs to be managed, consider Reed Property Management! We have over 30 years of experience in the property management industry and would love to increase the ROI for your investment property!
Source: Property Management Insider