Rent collection is every property manager’s nightmare but having a tenant portal for online payments can be really helpful for you. Because of the increase in vacation rental demands in Puerto Vallarta real estate, the landlords have been outsourcing their management responsibilities to property management companies. This sudden increase in workload has made it difficult for property managers to keep everything under control.
Most of the tenants these days belong to the millennial generation. This generation is known to be the most tech-savvy one. That’s another reason why it has become important for landlords to make their service providers use online payment and history ledgers.
Here are some reasons why you need to have a tenant portal for online payments setup.
- It will help you control management fees. The use of an online portal will require lesser manpower. This will result in reduced overhead and operating expenses. The online portal is the best way to reduce management expenses and increase profits.
- Improved Customer Satisfaction. Customer satisfaction these days is closely tied to the ease of sending payments. Since the customer can make a payment from their home, their satisfaction is automatically going to increase.
- Improved Security of Funds. Handling cash payments can be risky. You have to keep it safe and make sure you keep counting them every now and then. Online payments are secured by banks and you are on the safe side.
Other than managing payments online, you also have to create a history ledger. This history ledger will help you keep things in shape. It includes a complete statement of every rent payment and the dates they were paid on.
There are several rental property management software out there for tenant portal for online payments. This software has ledgers included in them and they are of great use to the property managers.
Here are some benefits of maintaining a history ledger.
- It will help you manage rental payments. Since there are several tenants in a building wiring their payments by hand can be tough. The ledgers are software based and can be edited by the authorized person.
- Keep a track record. These ledgers contain a history of whatever transaction has been made by the tenant in the name of rent. Often tenants use a copy of their ledger to present it to the other building when they move.
- Know what’s what. Through a proper record, you know which tenant is the best at delivering at the right time. Also, it gives you detail on when a tenant has missed on rent.
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Maintaining a ledger and tenant portal for online payments system is the best solution to decreasing expenses. Also, taking off stress from the property manager’s shoulders can help them focus on other aspects of property management.
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