New Site Provides Renters with Incentives to Pay Rent on Time
- Mar 25, 2010
Chicago–Chasing residents who are always late in paying their rent is a time consuming affair; one that property managers are all too aware of. A new venture, WilliamPaid, is an online resource for renters and roommates, which provides them with incentives to pay rent on time. The name comes from Bill Paid.
The website provides tools for making rent payments, managing roommate relationships, building personal credit without going into debt, and ensuring long term financial security.
“There is a need in the rental industry for providing flexible options for rental payment,” Evan Silverman, CEO of WillianPaid, tells MHN. “You can walk into Starbucks and buy a $4 coffee on a credit card but you cannot make rental payments on credit cards, if that’s what a renter chooses to do. This service provides that option with the ability for renters to improve their credit score.”
WilliamPaid provides the following options:
- Pay rent online with multiple, flexible options
- Manage rent payment collections among roommates
- Build credit while paying rent by reporting monthly rent payments to a credit bureau to build creditworthiness
- Track credit scores with credit reports and credit score monitoring
- Earn cash back for referring friends or shopping for household goods online
- Use cash back to pay off student loans and receive 10 percent matching contribution from WilliamPaid
- Use proactive and reactive roommate tools such as shared bill management, message boards, customizable roommate lists, and interactive roommate agreements
“The fact that paying rent on time can improve your credit score is a new idea. Right now, landlords cannot report rent payments to the credit bureau. This service helps to align the interests of landlords and renters,” says Silverman. In addition, this service provides renters with incentives to pay rent on time. Currently, the only incentive to pay rent on time is late fees and it doesn’t seem to be working very well according to Silverman.
Traditionally, splitting rent was something only roommates had to do. But since the recession, people have been doubling and tripling up and splitting rent payments has become more common in the multifamily industry
“We provide flexible payment options to relieve financial strain as well as a medium for roommates to communicate about and monitor rent payments without face-to-face conflicts or ‘text message stress.’ In the end, it is a win-win for everyone – landlords get paid on time, and roommates avoid needless drama.”
Eric Jones, president of Urban Real Estate Services and current member of the Apartment Owners Association, tells MHN, “The technology side of this venture is cutting edge, and I believe this service brings something very valuable to the table for the multifamily industry. People don’t want to write out checks anymore.”
He goes on to say that he would encourage residents of Urban Real Estate Services’ 115 apartment communities to use this service. “I am just surprised that the multifamily industry hasn’t come up with this idea sooner. Sometimes, technology is staring us in the face.”