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When rent payments go missing…

When rent payments go missing

“I would rather pay a small service fee to pay my rent in a secure way than to pay my rent twice, at no fault of my own.” This was a statement made by a hard working elderly taxi driver I recently met.

I was on my way to an appointment in a taxi. Being a long drive to my destination from the city, the taxi driver started a conversation with me and asked if I was buying a house at Bella Vista; being that my destination was a real estate office in that suburb. I smiled and said ‘no’ and that they were in fact a good customer. He responded with, “Ahh so you are a real estate agent?” To which I quickly retorted explaining that I was not, but that I help them better manage their rent collection processes, which in turn provides a better service for their tenants in a simple and secure way.

The elderly driver laughed saying, “there is no security my dear” and then he started his side of story. This taxi driver described himself as a a very hard working person; a family man with five kids who has been driving cabs for the last 35 years. He has been renting all his life and has always paid rent on time, using cash at the real estate office. That was until December of 2012. Being a very busy period with the festive season approaching, he had given his monthly rent money to his daughter and asked her to pay it at the real estate office as he had always done himself. All went well; his daughter gave him the paper receipt for the rent money that had been paid and Christmas came and went without a hitch.

Fast forward to mid-January 2013 and the taxi driver gets a call from his property manager saying that he is in arrears for the month of (you guessed it!) December. Understandably, the taxi driver was puzzled as he always pays his rent on time, and told the property manager there must have been a mistake as this had been paid before Christmas. But, the property manager confirms once again that the last payment received was in November and that there are no records of further payments. Thinking this is a problem easily solved, the taxi driver takes his paper receipt to the real estate office to prove he has made the questioned rent payment. But, to his astonishment, the property manager tells him that that the receipt he holds in his hand wasn’t issued by them, as it didn’t have the real estate’s stamp on it. This reliable rent-paying man had no way to prove his case.

So now for the question – who is to blame, the daughter or the property manager? Sadly, it didn’t really matter as the taxi driver had to pay his rent once again as he couldn’t prove or justify his side of the story.

I think this is where a rent payment system speaks for itself. Payments made through a rent payment system are always secure, PCI compliant and traceable. These payments are then automatically reconciled to the tenant’s ledger on the agent’s property management software with an online payment history accessible to both the agent and the tenant. And the response of the taxi driver when I explained how the rental payment system works? A small fee to him is nothing compared to paying one month’s rent twice.

Avoid unnecessary office administration and grow your rent roll using iPayRent. Let our support team show you how easy it is to implement a rent payment system and work with you to have you up and running within a few hours. Contact us today.

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