Boat Slip Rental Management 101

Boats, jet skis, and other boathouse rentals have risen in popularity over the past year. As people look to explore their outdoor opportunities, you have the chance to provide them with the supplies they need. If you want to upgrade your boat slip rental management, consider the benefits of your industry’s new digital elements. When you can take advantage of things like online slip payments, you can make your day-to-day life a little simpler without compromising your business. 

Renting Boats and Gear: Improving Your Business

When you take charge of a boat slip rental service, you effectively take on the role of a landlord. While you may not be letting liveable units, the boat slips you make available to your tenants are property that both they and you are responsible for. That means you need to have concrete leasing agreements, a managerial team (if necessary), and the tools you need on hand to keep your lots in good condition.

Digital business aspects are part and parcel of the boat slip rental management process. Because today’s world is so inherently digital, you’re likely to find more tenants if you make some of your rental options available online.

The Benefits of Digital Boat Slip Rental Management

Even if you’re not entirely comfortable with an online rent payment platform, the benefits of these platforms are numerous. After you integrate one of these systems into your existing business model, you can enjoy:

Faster Rent Payments

When you request paper checks or cash in exchange for a boat slip, the process of actually getting your money can take a while. Switching over to a digital program enables you to send tenant payments straight to your bank account. In turn, you can enjoy a faster turnaround on any purchases or payments you need for your business.

Payment Security

Digital rent payment programs aren’t without their protections. These programs encrypt a consumer’s financial transactions, limiting how much hackers and other parties can affect your financial standing. Similarly, these programs will go out of their way to ensure that both your and each tenant’s private information remains well-protected.

Getting Started with a Digital Platform

The benefits of an online rent pay platform are one thing. Learning how to integrate that platform into your larger business can be a challenge in and of itself. Most of the time, the steps you need to take to integrate your platform into day-to-day operations are relatively straightforward. For example, most online rent payment platforms will require you to:

Create an Account and Add your Boat Slip Rental Units

Before you can start collecting rent, you’ll need to create an account. This process can be completed in just a few minutes as you answer some questions about your business to receive payments. Adding properties is fast and easy as you’ll just add the slip number, rent due date, and the amount owed.

Set Up Your Bank Account

With your digital account established, you’ll want to connect your bank to the payment platform. All that is required here is the account number and routing number of your bank account. Most users have a business bank account, but if you are a sole proprietor, that bank account will work as well.

Collect Relevant Information from Your Tenants

With your information filled out, you’ll need to connect your tenants to your platform. The easiest way to do this is to list the appropriate email addresses or phone numbers in the payment platform’s system. The system, in turn, can send sign-up emails to your active tenants and encourage them to participate in the program.

Encourage Tenant Compliance

If you’ve been in operation for some time, or if your clients don’t feel particularly tech-savvy, switching over to an online rent payment platform may be challenging. That said, there are ways to encourage your tenants to take advantage of this boat slip rental management shift. 

See if your payment platform will let you discount rent for tenants who pay off their slips ahead of time. You can also rely on a payment platform to automatically issue late fees should some tenants choose not to comply.

Let PayRent Go to Work For You

When it comes to upgrading your boat slip rental management toolkit, you’ll want to work with the right partners. Searching for the right rental payment platform is the first step you can take towards a more profitable and productive future.