One of the biggest challenges for anyone overseeing rental property is ensuring their books balance. Residents need to pay their rent, as well as paying whatever other fees and contributions are required for the upkeep of common areas. In years past, this one duty could consume disproportionate amounts of a property manager’s time, particularly if their renters were reticent about paying.
Now, however, there are new options. Online property management software can make billing, payment, reminders, and collections far easier for both you and your residents. That could potentially mean significant boosts to your revenue – as well as saving you a lot of time.
How the Best Property Management Software Streamlines Billing Processes
Modern property management software is far more than a spreadsheet. It incorporates numerous modules and features designed to automate as many processes as possible while streamlining the rest. When it comes to billing and collections, the best property management software can:
Automate bills and reminders. There’s no need to handle manual billing at all – your residents can all receive their bills which are automatically sent out via email. Not just the bills themselves, either. You can have the system send out automatic reminders as well, both before and after the due date.
Implement easy payment portals. If you make it easier for people to pay, they’re more likely to. Online property management systems can include full payment portals, with numerous payment options including e-checks, direct bank debit, or even modern digital-only payments such as through Paypal. These can be linked to the bill and reminder emails, so that payment is truly as simple as a few clicks.
Allow tenant record lookups. Residents often want to get detailed financials on their property, particularly if they’re looking to move, sell, or otherwise cash-out. The same payment portal can allow them to get those records at any time – without pestering your office with calls.
Expedite delinquency processing. If a renter is delinquent in paying their rent or fees, you need documentation! The system will provide all the evidence you need, even as it sends them reminders about their overdue bill. Should you need to take more drastic action, you’ll have all the documentation you need.
Asyst6 Is Here to Change How You Manage Properties
Our online property management software is designed for your needs as a property manager. Contact us to learn more about it!Posted by Angie Jimenez Posted on 16 Mar