Reasons why property management Companies should Provide Tenants with Automated Payments

Rent collection at the start of every month is essential to your job as a property manager. So why wouldn't you try to make this procedure as efficient as possible? Offering your residents an online payment option is the second most effective thing one can do for their rental business. But what tool ought to be on your radar at all times? Automated payments. Make every effort in your ability to make making rent payments as simple and thoughtless as possible because it's a key component of your business and one that's frequently lot easier said than done.

How automated payments work

Online rent payments are advanced through automatic payments. For a specified number of months, residents can select a flexible payment method that will be paid monthly on a specific day. Following this one-time arrangement, neither their property management firm nor the tenants will need to be concerned about the timely payment of rent. Here are the top 3 justifications for why providing residents with automated payments is a no-brainer.

Saves both money and time

Automated Payments will help you save even more time compared to online payments, which already eliminate the manual processing required for conventional money orders and checks. Even with the simplicity of online payments, managers still have to look for lost payments and determine late fines. Allowing tenants the option of setting up automatic payments allows you to save the time and expense associated with these administrative procedures that arise when residents fail to make payments on time.

Retention of Residents

We constantly talk about resident retention because we firmly believe that once you've discovered fantastic renters, keeping them around is essential. The convenience of automatic payments is the first advantage. Following the initial setup, residents can disregard it. Automatic payments are not only practical, but they also ease tension. Who among us doesn't get anxious when a deadline approaches, especially when missing it may result in late fees? The tenants can select a flexible payment option, receive digital invoices for easy budgeting, and this kind of payment system may even help them raise their credit score.

Consistent Cash Flow

Undisrupted, constant cash flow. Yeah! That sounds wonderful to us. Even if rent is due on the same day each month, people get busy and eventually they're going to forget. In reality, residents forgetting to pay their rent more frequently than they are unable to do so.

Giving your residents the option of setting up automatic payments makes your cash flow more predictable. Without any interruption of late payments, you are certain of the exact amount of money you will receive each month from whom. As a business owner, you'll feel less stressed if you have a consistent, predictable flow of revenue. It also makes long-term budgeting more possible.

Summary

Now that you know why enabling automatic payments for residents is useful for all parties concerned, it's time to confirm that your property management software supports this feature. DoFort provides the best Property Management Software for managing properties such as commercial office space, residential apartments, staff quarters, training, colleges, and so on, across geographies in real-time. Supports the entire process of identifying property, ensuring legal compliance, automated payment options and entering into Lease / Rental Agreements. Request a demo right away to find out more about the potential of DoFort

Get in touch with one of our specialists as right away to learn more about our ERP Systems , CRM and services!