Rent collection trends among commercial real estate professionals
Rent collection software can help real estate property owner and operators increase efficiency and streamline operations. The commercial real estate industry, however, has been slow to adopt this solution. To find out why and learn more about rent management trends, we polled 130 experienced real estate professionals.
Owners/operators need a compelling reason to adopt rent collection software. Most real estate professionals handle monthly rent collection and recording themselves using manual procedures. Many respondents don’t see a need for rent collection software, and cost is a barrier for others. And among the owners/operators who use rent collection software, there isn’t a dominant solution.
Key selling points include reducing staff time and cost, offering more payment alternatives and decreasing payment times. The most important existing software features among respondents are tenant autopay and fund accessibility within 24 hours. Their top-rated add-on features include giving tenants more options for paying their rent (at a bank ATM and through their banking app) and QuickBooks integration.
Commercial real estate managers remain hands-on
Most commercial real estate property managers (64%) handle monthly rent collection themselves; 88% of these managers use manual procedures.
Top-rated add-on features include giving tenants more options for paying their rent, such as at a bank ATM and through their banking app, and integration with QuickBooks or other accounting software.
Who we polled: Almost all respondents are maintaining or moderately growing their business. On average, they own a total of 89 units. The poll was conducted in 2020.
By the editorial team at Story by J.P. Morgan
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