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!

After months in development, the RentPayment Mobile iPhone application is here! The iPhone application is available for FREE to any renter with an iPhone, iPod touch, or iPad and allows renters who reside at any RentPayment community to:

• Set up a new account with RentPayment
• Login to an existing account
• Make a payment on-the-go using a credit card or eCheck
• View Payment History
• Setup AutoPayment

Just like with online payments, the RentPayment iPhone app is 100% secure, ensuring that all renter credit card data and personal information is safe. Please let your renters know this application is available for November rent and remind them that they have another flexible option for paying electronically.

View in iTunes App Store

Test the application out yourself to see first hand it’s features and functionality. Please also feel free to rate the application and leave your comments!To download the app on your iPhone, iPad, or iPod touch, just search “RentPayment” in the iTunes app store. Or, to download from the app store online: Click here.

RentPayment: The leader in mobile payments
RentPayment is truly the industry leader in mobile payments for today’s on-the-go renter. Our flexible payment options are not only appreciated by tech savvy renters but also by those who can be forgetful about paying rent and prefer recurring payments.

In addition, RentPayment is the only rent collection service with a channel to accept apartment payments via text message through RentByText™. RentPayment also allows renters to pay rent by phone using both IVR and live Client Care Representatives 24/7. In addition, the upcoming RentPayment iPhone application will provide yet another option to paying rent over the phone! RentPayment clients should use these amenities as leasing tools for apartment rentals, because you’re supplying and amenity your renters want!

Top 3 Reasons I Pay My Rent Electronically
BY LAUREN BOSTON

I’m 24 years old, and I learned how to write my first check last year.

This makes me sound like the spoiled daughter of a rich entrepreneur, but I’m actually the self-sufficient offspring of a high school teacher. I just pay for everything online—rent included.

We all know the operational benefits of electronic rent payments, but what’s in it for the renters? There will always be elderly, cautious or technologically challenged residents who insist on paying their rent in person, but for the majority of today’s residents, the more that can be done on the computer, the better.

Following are three reasons I pay my rent online:

1. I’m Losing My Mind. I have difficulty remembering to pack my lunch every day, so do you really think I can remember to pay my rent? Electronic payments are the best way for absent-minded renters to pay their bills on time, with most programs offering an automated withdrawal option. My bank account is linked to my resident portal, and money is transferred on the first of the month—an incredibly helpful option for someone who has racked up way too many late fees at the library. Now I can sit back, relax and rest assured my rent is paid on time. I just wish I could find my keys…

2. I’m Anti-Social After Work. The leasing office at my apartment community is nicely decorated and the employees are friendly, but it’s still not on my Top 10 list of favorite places. When I get home after work, I want to hibernate in my apartment until it’s time for bed, not trudge down to the leasing office to pay my rent and socialize with a pack of prospective residents. Not to be Mrs. Scrooge here, but I’ve just spent half an hour fighting for a seat on the bus home and I need some peace and quiet. If I can pay my rent from the comfort of my couch, sign me up. Bah, humbug!

3. I Live in a Fantasy World. If you paid top dollar for a Liberal Arts degree like yours truly, chances are you have a pretty meager salary, a good chunk of which is allocated to rent. I know having a roof over my head is one of those necessary expenses—just like the four bottles of nail polish I purchased this week—but it’s a big investment that I don’t want to think about any more than I have to. And because I’d prefer to live in a fantasy world, I want my rent to tip-toe out of my bank account automatically, without so much as a whisper. Writing out and delivering a check somehow seems much more real and depressing. Yes, I understand it’s still the same amount of money, but automated payments feel less painful. I was aware of the monetary sacrifice I’d have to make when I signed the lease; I don’t want to be reminded of it every month. Hey, ignorance is bliss.

Lauren Boston is NAA’s Staff Writer. For more of her blogs, check out www.naahq.org/blog. She can be reached at lauren@naahq.org or call (703) 797-0678.

Three Easy Ways to Remind Residents about ePayments

1. Community Newsletter: Include a RentPayment Reminder

Your community newsletter is the place to inform renters about news, property updates and the option to pay rent electronically. We’d like to encourage our managers to include a friendly reminder to residents about paying rent online RentPayment. This would also be a great place to include any fees associated with payments or answer any frequently asked questions your renters may have about the service.

Feel free to write your own original article, or you can copy and paste an article directly from our “how-to guide.”

For RentPayment logos and and sample article text:
Download a how-to guide for including RentPayment in your community newsletter!


2. Signage: Rent Drop Box Signage

Many properties have a “rent drop box” like the one pictured to the right. This is an excellent place to post a reminder message about available electronic payment options. An ideal message to post on a rent drop box sign would include features and benefits of ePayments and how to get started. We can supply material upon request.

EXAMPLE: Residents, remember you have the option to pay rent online with a credit card or electronic check using RentPayment. To make a payment visit: www.RentPayment.com

3. Flyers

After consulting with many property managers and staff, we know that the #1 way to communicate with renters is with printed flyers. The next time your staff is distributing flyers to all units, include a reminder message about electronic payment options. Below are a few great fliers to include.

If you would like to download an 8.5″ x 11″ RentPayment flyer to print, display in your office, or to email to renters. Here are 3 options:

Click Here if your property accepts credit card and eCheck payments online.

Click Here if your property accepts online eCheck payments only and credit card payments over the phone.

Click Here for a flyer translated into Spanish

Need help? Feel free to email marketing@rentpayment.com if you’re not sure which flyer is best for your property or if you’d like to request a custom flyer or other marketing collateral for your property.

To many, the thought of paying your rent or bills online may include hesitation and concerns about security. Since the Internet has become so pervasive and fast, it can be hard to know which online services to trust with your money.

However, RentPayment makes the transition to ePayments easy and comfortable.  With the quality services RentPayment offers, you can relax knowing your money is always transferred securely and on time.

Some may think paper checks and billing are still the safest way to go.  However, there are huge risks associated with paper payments compared to online payment. According to American Banker Magazine, more than 1.2 million fraudulent checks are written each day. That equals more than 13 per second! By utilizing e-Payments, the chance of lost, misplaced or stolen checks is no longer a concern.

The truth is, problems with electronic payments are extremely rare.  Due to accelerated processing times and instant return notification to the payee, the electronic check conversion process has proven effective in fewer returns, earlier fraud detection, and fewer errors.

Paying your rent and bills online can actually be safer than taking them to a bank or writing checks. According to NACHA (The Electronic Payments Association), almost 85 percent of identity theft occurs with offline transactions. In addition, RentPayment’s ePayment platform has received the highest level of security the federal government can award to a business processing ePayments, including PCI compliance and SAS 70 certifications.  Personal data remains safe and secure on a private network that is only accessible by RentPayment security-screened employees.  Furthermore, payer information is never released to third parties or banks.

With RentPayment, safety is guaranteed and convenience is promised. With our services, you’ll never forget to pay your bills again thanks to the email and text alert applications that remind you when money is due and/or withdrawn.  To add to the list of conveniences, our electronic payments typically clear your account in about two business days, whereas paper payments can take weeks. Recurring direct debit payments can also be set up using AutoPay, eliminating late fees and penalties.  In addition, keeping record of your payments and direct deposit details has never been easier thanks to our payments archive, which keeps track of your payments in an online database that you can easily access from anywhere.  Now you don’t have to worry about endless amounts of paper and books to keep track of.

It’s time for a more convenient and lower risk solution – ask your property management company today if you can pay your rent using RentPayment!

Having good web presence and accessibility to RentPayment is the best way to increase awareness and adoption.  To accomplish this, we suggest adding a “Pay Rent Online” button to your community website to directly link renters to your property’s RentPayment login page.  A second suggestion is to also upload your community’s logo to this page.  These two features will help your renters know their payment is safe and avoid them making a payment to the wrong property.  In addition, this is another great way to build your brand and help extend your community branding all the way to your electronic payment processor.

Best Practice 1: Add a Link to Your RentPayment Page on Your Community’s Website

The ability to pay rent online is an amenity you should take advantage of when promoting your community to both current and prospective renters. A direct link from your site yo your community’s RentPayment login page provides convenience for your renters as well as a feeling of security when making an online payment.  Our most successful clients place direct links to their RentPayment login page on their  management company and community websites in order to speed up the payment process.

Tip: Placing the RentPayment name and logo on your website is even more beneficial.  Co-branding your website familiarizes renters with RentPayment so that they can easily recognize it as their community’s electronic payment processor.

Best Practice 2: Add Your Logo to Your RentPayment Page

RentPayment offers customizable login pages to co-brand your account’s payment page with your company’s logo.  Co-branding your payment page helps renters recognize your management company so they are further familiarized with RentPayment.  Below is an example of where your logo will appear on the payment page.

Click here to download instructions on how to achieve custom web branding with RentPayment

Retailers and businesses know that allowing consumers to delay payment can dramatically increase their willingness to buy. National retailers such as Best Buy even have their own in-house credit card to entice users to buy their products now and pay at a later time. So why isn’t this principle applied to the multifamily industry?

Comparing the psychological purchasing behavior of buying a new television with that of where to rent is more similar than you may think. If a renter was standing at an intersection and there were two apartment communities with very similar amenities and price points, but one apartment community accepted credit cards while the other did not, then the willingness of a renter to make an immediate decision is obvious – go with the one that accepts credit cards.

The benefits of an apartment community accepting credit cards are noticeably clear; renters can move into an apartment immediately rather than waiting to save for the deposit, renters can earn airline miles which can we redeemed for traveling expenses, and best of all renters can easily make their payment online or via mobile phone – 24 hours a day, 7 days a week.

Another principle to understand is the “mental accounting” that affects decision making. When renters pay with a paper check, which is directly withdrawn from their bank account, they associate that payment negatively, as can be proven when asking any renter if they like paying rent. Now compare that with a renter who paid by credit card who is earning airline miles and managing their money more efficiently. The time value of money comes into play which makes future payments less costly than immediate ones. Now all of a sudden they like paying their rent by credit card and the benefits that accompany it.

An additional behavioral targeting technique that is used by the most savvy property management firms is the ability to harness the power of the “default option.” The evidence is overwhelming that presenting one option as a default increases the chance it will be chosen. If you are not already accepting e-payments via credit cards and e-checks then you are far behind your competition. If you are already accepting e-payments then instead of just accepting “all forms of payment,” make the default option credit card or e-check and watch the results. Many innovative property managers are taking this one step further and requiring residents to pay their rent electronically by inking it into the lease terms on the rental agreement. Renters don’t need tons of options, and when given something by default, it becomes more valuable than just another option.

Technology is creating new opportunities that benefit both renters and property management firms. When behavioral economics is applied to electronic rent collection, the results are astounding. Employing the techniques mentioned above can produce operating efficiencies and administrative cost savings that directly benefit your bottom line. It’s a lot easier than it sounds, so get started today before your competitors do!

RentPayment is the largest electronic payments processor in the multifamily industry, serving thousands of property management companies representing over 3 million apartment units.

Trusted with billions of dollars in annual transactions, RentPayment is the preferred partner to thousands of property management companies nationwide. Our integrated payment solution empowers properties to decrease vacancy rates and allow managers to focus on their core duties.

RentPayment offers a complete platform for properties to accept credit/debit cards and electronic checks, as well as convert paper checks to electronic payments. RentPayment is much more than simply a technology provider. RentPayment provides a human touch through hiring friendly people in Customer Service, delivering hands-on training, and continuously marketing electronic payments to renters.