Switching your Property Management Company from paper checks to electronic payments may seem like a daunting task, but keep in mind that success is certainly attainable. This case study demonstrates how one of our clients realized the benefits of switching to electronic payments and set a plan in motion to make it happen.
A leading Property Management Company headquartered in the state of New York (hereafter referred to as “Company X”) manages nearly 50 properties with over 15,000 units. They signed on with RentPayment in April 2009 so they could profit from the benefits of automated rent collection, including: saving time and money, increased efficiency, and quicker receipt of funds. When Company X launched with RentPayment, they set out to reach a specific and concrete goal: 75% adoption by residents.
In order to reach this goal, Company X developed a strategic marketing plan to educate employees and renters alike on RentPayment’s services. Here is what they did:
APRIL 2009 | Current Usage: 0%
Email from upper management (CFO) to all property managers and on-site managers introducing the new RentPayment service and rollout strategy. Included in this email were PDF attachments of printable marketing materials to promote the new service.
MAY 2009 | Current Usage: 10%
Update email from CFO, including a detailed rollout strategy for all Managers to follow including the following action items:
• Include RentPayment information in move-in packet
• Review eCheck program with all residents at move-in time
• Promote benefits to new and existing residents as much as possible
• Demo RentPayment to new residents in leasing office
• Update lease agreements and change “rent to be mailed to…” to “rent to be paid
online by eCheck at www.RentPayment.com”
• Updated all lease renewals forms with above verbiage about eChecks
JUNE 2009: Email from CFO to Property Managers outlining resident benefits, answering questions and following up on previous emails.
JUNE 2009: Follow-up from CFO stating that eChecks are now THE method of payment.
JULY 2009 | Current Usage: 30%
Email from CFO with updates on current resident usage percentage and updated marketing materials in PDF.
AUGUST 2009: CFO sends update email.
SEPTEMBER 2009 | Current Usage: 44%
Email from CFO with updates on resident usage and rollout strategy. Email includes an incentive bonus for leasing managers who achieve 50% and 65% resident usage. Email also includes in-depth stats on the entire Company X portfolio with exact usage rates. These rates ranged from 8% to 94%.
OCTOBER 2009 | Current Usage: 57%
Email from CFO with updates and additional goals for resident usage. Email also included marketing collateral updates and a FAQ document for eChecks.
DECEMBER 2009 | Current Usage: 60%
Updated usage percentages from CFO.
JANUARY 2010 | Current Usage: 65%
Updated usage percentages from CFO.
FEBRUARY 2010 | Current Usage: 66%
Email from CFO with updates on rollout strategy and tips for getting to 75% resident usage.
CFO of Company X stated that because the program was so well received by the residents, the transition from paper checks to eChecks was “seamless and easy.” He also noted that the company observed modest cost savings throughout the program’s implementation. They continue to actively convert residents to eChecks and add more properties from their portfolio to the RentPayment system.
Communities using RentPayment that want to increase adoption can learn a lot of from Company X, but there were a few key elements that truly helped them achieve success. First, the company outlined a detailed plan which ensured that everyone understood the goals and how to achieve them. Secondly, managers were committed and involved because the company continually sent progress updates, offered incentives and remained focused on the plan until the final goal was reached.