4 Benefits Of Offering Weekly Payments To Tenants

Are you trying to find ways to attract tenants to your rental? You might want to consider offering weekly or bi-weekly payments, also known as flex payments. Many property management companies offer flex payments as a form of tenant services to remain competitive in larger rental markets. Here are a few of the major advantages of weekly payments.

1. It Gets the Tenant on Auto Pay

Perhaps the biggest benefit to offering weekly payments to tenants is that it ensures they are on auto pay, as this is really the only feasible way to collect such payments. With payments being automatically drafted from the tenant's account, you never need to worry about how you're going to receive payment each month or whether a check will bounce.

2. You'll Know Sooner When a Tenant Is Having Financial Difficulties

With monthly payments you won't know that your tenant will be late on rent until the tenant is a full month late. With weekly payments, you'll know much sooner and will be able to contact the tenant earlier to make arrangements and ensure that they are trying their best to remedy the situation. As a landlord, you're undoubtedly aware of how important it is to react quickly to delinquencies.

3. You Get Money In the Bank on a Regular Basis

Rather than getting a single large sum, you'll have a constant influx of cash at hand. Many landlords simply prefer this; though it may be the same amount of money coming in every month, having regular cash flow makes the entire process of managing a rental unit much easier. And since it is an auto debit, you don't need to worry about going to the bank to deposit checks or having to mail things into your bank; everything is automatically added to your account.

4. It's Attractive to Tenants

Many tenants prefer weekly or bi-weekly payments for a variety of reasons. Bi-weekly payments sync up with paydays so that a large lump sum isn't taken out at the beginning of every month and weekly payments can make a large rent amount seem more manageable. Having funds taken out on a weekly basis is easier for many to plan around financially.

A property management company can explain more about how offering alternative payment options can be beneficial in a competitive real estate market. They can also make other suggestions regarding how to make your property even more attractive to prospective renters. Need more help? Contact a company like Two Rivers Investment with any questions you have.