Contributed by the PayLease Team
The property management industry has a reputation of being slow pokes when it comes to adopting technology. Between rent checks, applications and leases, there are a lot of paper documents circulating around your typical leasing office.
But according to PayLease’s 2014 Market Survey, many firms are finally getting their online technology up to speed, especially when it comes to online rent payments.
The PayLease Market Survey polls hundreds of property management firms about their usage of online payments. The results are analyzed by the property management industry overall, but also dissected by portfolio type and company size. This year’s survey revealed some promising trends as it relates to technology. Some of the highlights include:
- 62% of multifamily firms now accept online rent payments, up 8% from 2013.
- For the first time in the survey’s history, multifamily firms outpaced HOAs in the rate they added online payments.
- 32% of companies who made a change to their payment collection process added online payments for the first time.
- 14% of firms who made a change to their online payment solution in 2014 increased the number of online payment solutions they offer.
Click here to check out the entire PayLease Market Survey.