From chaotic rent weeks to increasing competition in rental property management, many issues can crop up when your payment stack is out of whack. The result? Sluggish rent payments and unsatisfied tenants. Late and non-payment are some of the top issues property managers face, and 40% of tenants say flexible rent is important.
Adopting flexible payments to fix these problems could make sense. So, you’re probably thinking it’s time to upgrade your rent payment technology and scoped out a few solutions. Now, you’ve come across Flex and wonder how it could transform your rent payments. You’re in the right place. In this article, we’ll highlight some Flex features that’ll help your business get ahead. We’ll also share when to give Flex the green light or red light for specific scenarios, tenant profiles, and business types.🚦
What makes Flex so special?
Whether it’s an online rental payment portal or a generic Buy Now Pay Later solution, you’ve probably seen many tools claiming to transform rent payments. You may have even tested a few. Now, you found Flex and want to know why you should try it. We get it. Here are a few solid reasons why Flex is the best choice for rent payments:
Easy-to-use mobile app 📱
Procrastination is inevitable when tenants have to jump through hoops to pay rent. Clear the way for speedy rent payments with our UX-optimized app, which allows tenants to pay rent in just a few taps. Tenant satisfaction, here we come!
Affordable, split rent payments
Sometimes, all it takes to increase on-time payments is letting tenants spread rent costs. That’s where Flex comes in. Users can slice rent payments into two affordable portions and adjust the second pay to fit them. (Subject to terms and conditions). Plus, Flex is free for the landlord and has low tenant user fees.
Guaranteed rent payments to your business for free
No more wondering if or when your business will get paid. We pay rent to landlords on the 1st of the month every month. So, even if a tenant doesn’t pay up, you’ll still have incoming cash, giving you peace of mind. 👌
Automated rent collection processes
Flex secures rent payments without your team’s manual effort, from reminders to pay rent to issuing compliant receipts. Taking a load off your team’s back also releases more time for other value-added tasks. As a result, you’ll enhance employee satisfaction and engagement.
Free staff user perks
Tenants aren’t the only ones who enjoy Flex. Staff who live on properties that onboard Flex can use our solution gratis. That’s right; your business and staff who live on-site pay zilch. This perk can be a great selling point in your talent acquisition policy. It can also boost employee happiness and financial health.
Reliable and proven solution 🥇
Only the best solutions will do with something as mission-critical as rent payments. Flex is vigorously tested and continuously improved, which has allowed it to become a trusted property manager favorite. 5.5 million units across the US use Flex. Flex is also among the top 200 in the US Google App Store. It’s got 83K resident reviews and a 4.6 rating. Also, 84% of current partners see Flex as a strategic solution for growth.
Smooth integrations
Create a property management tech stack that drives cashflow mastery, operational excellence and larger profits with our seamless integrations. For example, you can link Flex to popular property management solutions like Zego, Entrata, Rent Manager, Real Page, and Yardi.
Boost credit scores 💳
Get your business noticed by fulfilling a growing ask: using on-time rent payments to build credit scores. Flex does precisely that. As a result, your business can help tenants improve their finances while creating more monetary stability for itself.
Who is Flex the best fit for? 🤔
Picking the right rent payment solutions is essential for continued success in rental property management. So, before you sign the dotted line, you’ve got to make sure the solution is a great match. To decide whether Flex will work for your business, let’s zoom in on some instances when Flex could be a hit or miss.
Flex is an excellent fit for businesses:
✔️ Serving low-income to mid-income residents: If your resident base primarily consists of tenants receiving Section 8 or other housing subsidies, students, and working professionals, onboarding Flex could be a good shout. You’ll help tenants stretch cash further, relieving money stresses and increasing the odds of on-time payments. [Link to blog post housing types that thrive with Flex]
✔️ Overseeing luxury residences: With costs like large rent payments to cover, many high-income tenants want to preserve cash. Offering Flex can help them stay liquid throughout the month, increasing their satisfaction 💎
✔️ Looking to end the manual mayhem: Whether it’s chasing payments, filing paper receipts, or verifying details, manual work holds your team back. Onboarding Flex will create space in your staff’s workday to tackle growth-boosting tasks like marketing and sales ⚡
✔️ Needing more consistent cash injections: Do late payments and delinquent accounts keep you up at night? Onboard Flex and sleep better knowing you’ll get rent payments every month guaranteed
✔️ With small teams wanting to improve productivity: Your team’s size doesn’t need to impact hitting goals. Flex will act as your trusted assistant, securing rent payments and completing the associated admin to maximize your team’s efficiency🙌
✔️ Receiving requests for better payment options and more flexible terms: If the current tools you offer to pay rent are less than stellar, don’t sweat it. Turn over a new leaf with Flex. Our modern and flexible solution will allow you to keep up with tenants’ latest rent payment preferences easily
✔️ Wanting to diversify or digitize their payment options: Need a powerful rent payments solution to complement your existing payment stack? Flex can help. Our solution is a solid option for renters who want a quick, easy, and digital way to pay 🤳
Flex won’t be the right fit for companies:
✖️ Whose tenants don’t use or want mobile payments: Say most of your renters shriek at completing rent payments via an app because they prefer checks and standing orders. In such instances, adoption rates may be too low to see significant results
✖️ That reject technology and aren’t open to digital transformation: Does the Rolodex, fax machine, checks, and paper invoices still have a grip on your business? And you can’t convince your team to go digital? This resistance could mean implementing Flex won’t be as fruitful as it could be 📇
✖️ Businesses with very small-scale operations: If your business is just getting started (e.g., one unit, two tenants) or has unique payment arrangements that Flex can’t accommodate, passing on Flex temporarily could be the right call
You’re going for it! 🎉How do you get started with Flex?
Step 1: Book a demo 📆
During the demo, we’ll take you through how the Flex app works, plus its fees and timelines. Feel free to ask questions to understand how our solution could work for your business.
Step 2: Take Flex for a test drive 🚗
We understand that picking a solution for rent payments isn’t a small decision. So, before we join forces, we’ll arrange a trial for your company. Our clients typically test Flex first in 1-2 business areas or property types.
Step 3: Roll out Flex 📊
Next up is taking Flex company-wide. Choose from a phased rollout or implementation in one big swoop.
Step 4: Launch 🚀
As you prepare to go live, you’ll need to market our rent payments app to staff and tenants. You’ll also need to share our educational resources and support. We’ll sort out the technical side of launching Flex and offer ongoing, expert support for a smooth transition. Once you go live, we’ll work with you to assess your results and adjust for bigger wins.
How Sage overhauled rent payments with Flex
Sage Ventures is a Maryland-based property management company overseeing more than 4,000 units. The team kept receiving requests from residents for flexible payments and noticed a spike in delinquent payments. So, Sage decided to test out our rent payments app.
After a successful trial, Sage launched Flex across its portfolio. And it was a hit! Sage saw a steep drop in delinquencies and non-payments. Sage now also saves 5 hours every month on admin per assistant manager, which they’ve redirected to strategic tasks. Sage has processed over $2.2 million in rent payments since July 2023 using Flex.👌 (Check out Sage’s awesome journey with Flex here).
Kickstart your rent payment evolution💰
If your business is ready to embark on the rent payment transformation journey, don’t go it alone. Flex can be your trusted partner for the ride. So, don’t settle for an online rental payment portal or blanket payment tools. Tap into our purpose-built solution and expert support to build a rent payments stack that wows tenants, boosts profits, and relieves staff. So, don’t wait. Book a demo today to discover how Flex can revolutionize your business.
