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Making rent collection easy for landlords

Private Rental, Student Housing January 21st, 2020
Making rent collection easy for landlords

Collecting rent as a property manager can be a difficult task with many moving parts. The main problem when collecting rent from HMO tenants is that payments can come at different times from different tenant’s bank accounts. This is can be a particularly frustrating process when tenants fail to pay rent on time, especially when money must be remitted to property owners on time.

However, embracing prop-tech has become the solution in reducing workloads for property managers around the world. The emergence of prop-tech has been rapid, with the industry really taking off in the last decade. The ability to work on the go due to cloud storage has been revolutionary for property managers, in particular the adoption of mobile apps.

 

Top Tips To Make Rent Collection Easier:

  • Invite tenants to your property management network. Property managers using a software will be typically able to grant tenants access to a portal where inhouse communication and information can be shared throughout the tenancy. This is mutually beneficial for both parties. Property managers can work efficiency, whilst tenants have access to documents, information and 24/7 support.
  • Consider introducing a late rent fee charge for tenants who miss the arranged payment dates; incentivising tenants to pay on time within their given payment window. Many software’s will enable you to implement a grace period, however after this deadline has passed, a late rent fee can be applied. Even by communicating the arranged fee in the tenancy contract can act as a catalyst for timely payments.
  • Make use of automation and take advantage of software’s intelligence to work in the background. Reminders and tasks can be generated by a software like Arthur throughout a tenant’s lifecycle to remove the administrative burden from the property manager.

 

How Do Property Management Software’s Integrate With Financial Platforms?

Arthur enables property managers to incorporate their accounting directly to the management of their properties. Systems are mapped across between both platforms, for example Arthur Online to Xero/Quickbooks. Scheduled syncs can be set up to initiate the migration of data between systems seamlessly and automatically. Property managers choose to set up daily syncs, commonly during the early hours of the morning before the days work begins. Managing HMO’s on a property management platform can be performed with or without accounting software, however the integration is advised to increase efficiency.

 

Benefits For Property Managers By Using A Management Software

Rent collection becomes an efficient process with the use of property management software. Set up recurring charges for your tenant’s rent and services charges. All transactions are automatically applied to the tenants rent and owner statements, ready to be printed or sent out as an invoice.

Additionally, property managers can collect money on behalf of landlords on a ‘based on rent received’ arrangement. This results in it being in the property managers best interest to collect rent in full and on time, or their head agent commission will reduce.

 

Making Rent Collection Easy For Landlords

Collecting rent as a property manager can be a difficult task with many moving parts. The main problem when collecting rent from HMO tenants is that payments can come at different times from different tenant’s bank accounts. This is can be a particularly frustrating process when tenants fail to pay rent on time, especially when money must be remitted to property owners on time.

However, embracing prop-tech has become the solution in reducing workloads for property managers around the world. The emergence of prop-tech has been rapid, with the industry really taking off in the last decade. The ability to work on the go due to cloud storage has been revolutionary for property managers, in particular the adoption of mobile apps.

 

Top Tips To Make Rent Collection Easier:

  • Invite tenants to your property management network. Property managers using a software will be typically able to grant tenants access to a portal where in-house communication and information can be shared throughout the tenancy. This is mutually beneficial for both parties. Property managers can work efficiency, whilst tenants have access to documents, information and 24/7 support.
  • Consider introducing a late rent fee charge for tenants who miss the arranged payment dates; incentivising tenants to pay on time within their given payment window. Many software’s will enable you to implement a grace period, however after this deadline has passed, a late rent fee can be applied. Even by communicating the arranged fee in the tenancy contract can act as a catalyst for timely payments.
  • Make use of automation and take advantage of software’s intelligence to work in the background. Reminders and tasks can be generated by a software like Arthur throughout a tenant’s life-cycle to remove the administrative burden from the property manager.

 

How Do Property Management Software’s Integrate With Financial Platforms?

Arthur enables property managers to incorporate their accounting directly to the management of their properties. Systems are mapped across between both platforms, for example Arthur Online to Xero/Quickbooks. Scheduled syncs can be set up to initiate the migration of data between systems seamlessly and automatically. Property managers choose to set up daily syncs, commonly during the early hours of the morning before the days work begins. Managing HMO’s on a property management platform can be performed with or without accounting software, however the integration is advised to increase efficiency.

 

Benefits For Property Managers By Using A Management Software

Rent collection becomes an efficient process with the use of property management software. Set up recurring charges for your tenant’s rent and services charges. All transactions are automatically applied to the tenants rent and owner statements, ready to be printed or sent out as an invoice.

Additionally, property managers can collect money on behalf of landlords on a ‘based on rent received’ arrangement. This results in it being in the property managers best interest to collect rent in full and on time, or their head agent commission will reduce.