Self Storage: late fees vs automation

[Rafael Ortiz]

Hey guys,

I am looking for advice regarding payment automatization vs old school checks. Here is the story.

I recently acquired a small storage facility (34 units) in Carson, WA (40 mins from Portland). It has been working great, with minimum vacancy. 

The old owner is a great real estate investor that owns other storage facilities, but had it setup so that tenants mail their checks for rent every month. Its 2020, this system feels like from 1980, and I keep trying to figure out why he wouldn't set it up on an automated platform where you don't have to be depositing 34 checks every month, and messaging numerous tenants to remind them their payment is due. He obviously doesn't loose the 3% of credit card charges this way, and also there are the late fees, that at $25 add up nicely. 

On the other hand, I truly believe in a positive costumer experience. Automatizing payments, getting people to sign up for auto-pay would make both mine and the tenants life easier. In the end, every month they have to mail a check, its a reminder that money is coming out of their pocket. By making this easier for them, costumers will probably stay longer. And I'll have more time and brain power to find new deals.

What are your guys' thoughts?

Thx,

Rafa

[Dave Spooner]

@Rafael Ortiz there are software packages built specifically for managing storage units, but you will also likely find that property management software can accomplish exactly what you're looking for. From experience, I can tell you that we work with hundreds of property managers and landlords that either exclusively manage storage units or manage storage units alongside other standard residential housing.

SiteLink may be a great fit, but if you're not finding exactly what you're looking for, I'd suggest expanding your search to property management software as well.