Recently, the information services company Experian most popularly known for their credit reporting agency, announced that it will be including rental data in the credit filings to be included in their score evaluations. With nearly 96 million renters in the US, reporting rental payments will be huge opportunity to improve and build credit for millions of college students, low credit or unbanked populations.

While this will also be a big opportunity to improve credit ratings it can also have the reverse effect. Hence, it has never been more important to pay rent on time. But not to worry, with companies like RentPayment, on time payments are easy. Renters should take advantage of AutoPay payments, where you can set the recurring transaction in advance. Or utilize rental reminder emails or text messages.

For more information on the credit reporting of renter data click here.

Thanks to the internet and social media, consumers can instantly learn more about companies and how they interact with their patrons.  A growing trend is the use of social media to share consumer experiences and express opinions online.  Consumers no longer need to call a company or take the time to fill out a comment card to ensure their comments are heard. Now they can use social media and user review websites to share their experience with past and potential customers instantly.

Not only is this more convenient for consumers, but it also assures that their feedback is actually making a difference, since it can be heard by thousands of people online.  For these reasons, the number of consumers actively using social media to research companies has increased dramatically. This growing trend shows just how critical it is for companies to be aware of their reputation on the internet and manage it accordingly.

Here are some tips on how to use social media to maintain a positive social media presence:

1. Use social media as a way to better improve your business.

Listen and appreciate what your customers say online and embrace inbound reviews, both good and bad. Social media opens the door to a whole new audience of users that are more active and involved than ever with what products and services they use.  Hearing directly from your patrons is the best source for learning more about your business and how you can improve it.  Even a bad review should be embraced as a learning opportunity rather than a burden. It is a chance to correct a problem or induce positive change in your organization.

If you’re using a social media site that allows you to respond to consumer feedback, feel free to interact with customers when appropriate and use your site as a forum for two-way communication.  If a question can easily be answered or a problem can quickly be solved online, take the time to do so.  Should you have negative feedback online, try to help the situation by responding with helpful information or a possible solution.

2. Encourage customers to participate, especially those who have had good experiences.

Some social media sites that are not focused on user reviews have recently added this component as an option.  For example, Facebook now allows businesses to set up a “Reviews” tab on their business’ fan page. User review sites like Yelp or Digg are home to review pages beyond your control, and creating your own feedback forum will show you are eager to listen.  Invite customers to participate or offer an incentive for reviewing or taking a survey. If you come across an especially pleased customer, make sure you invite them to review you. The better reviews you get, the more potential residents will be interested in your property.

3. Make sure your social media content is valuable and relevant.

Many companies are connected to social media simply to create buzz and often end up flooding followers with too much irrelevant information. Overloading users with status updates, tweets and constant self promotion can be off-putting and come off as unprofessional. There is a fine line between using social media to improve your online presence and overdoing it to a point where consumers can no longer take you seriously.  Finding balance and posting only valuable content is key to keeping a good repoire in the webosphere.

Examples of valuable content include: current offers & promotions, helpful tips, new product or service enhancements.  While content should be meaningful, don’t be afraid to entertain followers as well.  Sharing entertaining media (such as viral videos or fun facts related to the industry) is another great way to maintain an active fan base.

4. Share the positivity.

Use your social media site to share good press and reviews posted online or on other social media sites.  Also, feel free to share some of your corporate culture with viewers, including pictures from a company event or charity work employees have done.  If your business has received any awards & recognitions or if there are any accomplishments that have enhanced the consumer experience – write about it!

The August issue of Units Magazine provided a list of reasons detailing why missing rent payments can be a risky habit. A few of the reasons mentioned include: 

• A paper trail of poor rental history
• Possible eviction from community
• Negative impact on your credit score resulting in:
  • future rental application issues
  • trouble gaining employment
  • denial of future mortgage, automobile or student loans

At RentPayment we believe our services benefit renters and help stem the risks associated with late payments.  We focus on providing a simple, easy way for renters to pay their rent – either online, via text message or over the phone (with an agent).  One of major advantages of our services is assuring that your rent is paid every month on time, no matter what.  

When rent is paid using RentPayment, everybody wins. The property manager is assured they will receive rent monies on time and renters can rest easy knowing their rent has been paid – and they didn’t even have to walk to the manager’s office to drop off their check!  

It’s a seemingly easy task to pay your rent on time, but one that is often put on the bottom of a “to do” list. When rent isn’t paid on time, it turns into an unnecessary hassle for renters and property managers alike. For renters that are continuously late in paying their rent, late fees start stacking up and their credit starts to dwindle. For property managers, late payments mean they must chase down renters and potentially begin the collections/evictions process. 

Missing rent payments is a risky habit for renters to get into, especially when the consequences of missing payments can be so long lasting and far reaching.  Furthermore, there are services available that will ‘remember’ to pay your rent for you! These services even allow you to pay your rent when you’re on vacation and can’t get to the rental office to deliver a check. There’s no reason to suffer from the effects of missing rent payments with the services available today. 

So, the question of the day is: why do renters take on the risk associated with paying their rent late? Is it because they don’t think their late payments will truly affect their credit or is it because they just don’t know there are E-payment options out there to help them remember? 

This post is open for discussion, please share your thoughts!