Finally, a system that encourages tenants to pay their rent on time.
Are you struggling to get tenants to pay their rent on time, or at all?
Are rental renewals almost impossible to collect?
Are you losing income and business opportunities due to delinquent tenants?
Many landlords in Nigeria face the same problem.
A high percentage of tenants don’t pay their rent after the first year or two. Although there are many reasons why tenants default, two of the key ones are:
There is no real incentive for them to pay as there are no consequences for defaulting (legal proceedings can take years while they still enjoy occupancy)
They are not fully vetted in the first place
Many landlords and property managers would like to thoroughly vet all application forms but simply don’t have the time or resources, perhaps you are one of them? Or it could be that you are under pressure to make the sale. And let’s face it, sometimes emotions can come into play. Nobody wants to see someone evicted from their home.
The fact is, non-paying tenants don’t do your business or reputation any good at all. In addition to the lost rental income, there is also the wear and tear on the property to consider. A security deposit doesn’t always cover the full cost of damages that negligent tenants often leave behind. But it doesn't have to be this way.
Your reputation matters
Your reputation is key when it comes to attracting clients. On top of everything else:
As a realtor or property manager you need to attract landlords who can be assured that their rent will be paid
You need to ensure you only enter into rental agreements with the best quality tenants
You need to be seen as efficient and be known for providing quality listings
Having poor payers as tenants has a direct negative impact on your reputation (and sales). While you can enter into legal proceedings to evict non-payers, this can take years while the delinquent tenant is still enjoying the benefits of occupancy. At the end of this period, there is no guarantee that you will even get back the overdue rental payments. Imagine then for a moment if...
You could incentivise tenants to pay on time, every time
You could effectively and easily vet tenants at the outset to filter out the worst offenders
Your rental income portfolio was seen as secure, so your business improves and your reputation soars
The good news is – all this is entirely possible
Deter Late Payers With CreditRegistry, Nigeria’s Largest Credit Bureau
GetPaidFaster, our payment reminder and debt reporting system allows you to not only manage and monitor your unpaid invoices and debt owed to you but incentivise tenants to pay on time.
Whether you are a property manager, landlord or real estate lawyer helping your clients, getting rent paid on time means you can grow faster, attract more clientele and boost your reputation as a leader in your industry.
With our easy-to-use system, you have the option to report past-due payments to CreditRegistry, Nigeria’s largest credit bureau.This is an extremely effective deterrent for repeat late payers and debt defaulters! In addition to this; you can also order tenant’s credit reports as part of your vetting procedure. This means you can check their credit history to see if they have a track record of not fulfilling obligations on their lease agreements or have a background of bad financial behaviour.
All this will put you ahead of your competition and attract reputable clientele to your business.
How it works
1
Sign Up
Sign up and add your unpaid invoices and debt to our easy-to-use dashboard where you can manage your invoices 24/7.
One account for all your businesses
Manage all your unpaid invoices and debt for multiple businesses from one account.
Set Payment Reminders
Set up your invoice due date and payment reminder schedule, and we will do the rest for you. Your customers will receive friendly reminders when it’s time for them to pay.
2
3
Report Late Payments
You have the option to report past-due payments to CreditRegistry, Nigeria’s largest credit bureau.
Select CreditRegistry report settings
Get paid before debtors can access more credit elsewhere
GetPaidFaster creates a disincentive for customers to delay paying you. And when you get paid on time, your cash flow improves so that you can sustain your business.
With GetPaidFaster, you and other businesses exchange information about the risk that bad debtors pose to your business. Reporting unpaid debt to CreditRegistry holds the debtor accountable and helps everyone. Awareness by your customers that you vet them and exchange information about their payment behaviour through CreditRegistry encourages them to be good-paying customers or face negative consequences.
