Ensuring that rent collection is done on time is an essential task for all property managers. It is the task that brings in money both for the property manager and the property owner. A property management company that handles multiple properties may find it very difficult to collect rent on time especially if the collection process is ineffective.
There are various reasons on why tenants cannot pay on time. One of the most common reason is that a tenant may have a financial problem. Another reason could be that the tenant has not been impressed with repairs or maintenance by the property management and, therefore, decided not to pay on time. Whatever the reason may be, owed rent should still be paid by the tenant.
One way that can make it efficient for property managers to collect rent on time is through online. This has already been proven to be an effective solution to time-consuming rent collections for property management companies in Greensboro NC. Here’s the reason why:
- Reduce late payments. Providing an online payment option has been proven to reduce late payments especially that nowadays, online banking is very easy. Almost all banks already have online banking services and property managements must take this opportunity, too.
- It will be very convenient for tenants to pay online. Tenants who cannot be able to go to the property manager’s office or if property managers cannot schedule a meet-up with the tenant will surely enjoy this payment option. They will surely commend you for this wonderful customer service.
- Track rent payments. An online rental payment helps property managers track payments from renters in an efficient manner. It will then be very easy to get a real-time access to the rental payment status of a tenant. They will be able to know who paid rent on time and who has not paid rent yet. Thus, property managers will not worry about missing payments.
- More payment options. Online rent collection provides more options for tenants such as payment through debit card, credit card and e-checks. Aside from that, those tenants who tend to be forgetful can opt for the automatic payment option so that rental payments are directly sent when due dates come.
Check out this link to a video on greensboro property management.
It is true that collecting rent is a huge hassle. Collecting rent online will not only be a great service that property managers can provide to tenants but will also make their lives easier.
Taking your property management business to the next level by creating this new payment option is very essential in getting the best profits. Also, your business will come out to be the best property management business in town.
Edit: I have found a great resource for property managers to collect payments online at rentpayment.
Property managers surely have a hard time dealing with disappointed, angry, and unhappy tenants and property owners. Although property management companies try their best to create customer-friendly policies, at some point, they just have to deal with angry tenants.
The tenant or property owner may or may not be able to justify his or his displeasure. Whether they are on the right side or not, property managers should be able to handle the situation properly. How a property management carries these kinds of intense situations can make a huge impact on the company.
The common reaction of a property manager to an angry client is to defend the company. But this is not always effective in resolving problems. On the other hand, acting politely and nicely cannot also necessarily lower down the temper of an angry client. So how can property managers handle situations like these?
Adjusting the company’s resolution lens is a solution. Too much focus placed on creating policies that will avoid conflicts makes the company forget to create plans for occasional dissatisfied customers. There are also two possible ways to handle these challenges. One way is to take this in a legal approach, which focuses on a resolution if one party (either the client or property manager) is at fault and will, therefore, lose. Another way is to focus on solution-based negotiations. This method involves investigating the circumstances which led to the problem and to find ways to prevent the same thing to happen in the future.
For instance, 1% of a property management’s tenants cannot be able to pay online because they do not have a smart phone or computer at home. It does not mean that the company should force these tenants to pay online. The management can provide another mode of payment that will be suitable for these clients.
When trying to converse with a client, try to follow these tips:
- Allow the client to express his or her complaints and frustrations and do not interrupt.
- Look for signs or body language that signals that the client is ready for mediation.
- Be ready and open to unexpected solutions.
- If the company is at fault, apologize. However, do not say sorry for something that the management did not do.
- Do not promise something that the company will not be able to keep. Try to meet halfway with your client.
Dealing with client conflicts can be very hard to handle. It takes a lot of patience and professionalism to overcome these situations. Just remember that negotiations on these circumstances should be solution-focused.
Smartphones have been our companion in whatever we do and when we communicate with anyone, anywhere. We always rely on our mobile phones for almost everything which makes it very convenient, too.
For property management businesses, most of them still use paper-based systems for their maintenance workflow. However, shifting to a mobile-enabled system can be beneficial to the management and the tenants.
Here are the benefits of changing a property management’s maintenance workflow to mobile through the use of smartphones.
- Less time wasted. The usual process before property maintenance can be done is that maintenance technicians wait for the work order from their supervisor. Most of the time, supervisors take time in getting the work order details from their property manager. Thus, when maintenance workflow is through mobile, the supervisor is notified right away once a tenant sends a request for maintenance. Requests can be seen immediately and can be assigned to the technician easily.
- Paperless. Using an application on a smartphone for maintenance requests brings various benefits. Tenants do not need to call their property manager or staff and have them write down the details for the maintenance. Tenants only need to explain all the details through the application on the smartphone. Hence, time is saved and no paperwork needed. Aside from that, all the information the property manager needs is already there. This is the exact information that is forwarded to the maintenance supervisor and then to the technician. This is an advantage since the same information is seen by all parties.
- Higher tenant satisfaction. Tenants who have the application on their smartphone can easily submit a maintenance request at any time and any day. Aside from that, tenants are directly notified as the request is already addressed. The status of their request can also be seen anytime. Surely, property managements get a higher satisfaction rating because of this great improvement in the company’s system.
- Lesser cost. Since there is lesser time spent for maintenance work, property managements are able to reduce cost. The time that is saved can be used to improve other activities rather than answering phone calls and calling for follow ups on tenants’ maintenance requests.
A property management company that can provide this kind of service to tenants will surely be rated as one of the best in the industry. The application may take some time to be developed, but it is all worth it knowing all the benefits that it can provide to tenants and the company itself.