As a property manager or landlord, one of your primary tasks is to collect rent from your tenants, whether residential or commercial. Traditionally, this has been a thankless task, as most people are familiar with the cliché of the tenement big-city landlord pounding on the door of some cockroach- infested apartment, demanding the tenant come up with the back rent or else be thrown out on the street. Things are not so dramatic these days. With the appropriate software for rental properties, a property manager or landlord can take care of rental issues conveniently from his desk at work or at home, and also supply tenants with the ability to pay rent online.
The best software for rental properties allow the rent paid online by the tenant to be posted directly to the owner’s bank account and reflected in the ledger. These days, a huge percentage of Americans no longer write checks or use the postal service to make payment on utilities and other necessities; they pay online. Therefore, it’s a great idea to use software for rental properties that makes it possible for tenants to pay online as well. This saves you the hassle of opening mail, posting payments, going door- to-door or using other methods of collection. It also prevents tenants from attempting to pass bad checks that bounce and leave you with more work.
The best software for rental properties allows for multiple means of payment in case your tenants do not have the ability to pay online. In those instances, when payment is made by check or money order, you can post these payments directly into the software. This is reflected in the ledger and reporting, which also usually includes applications that automatically charge management fees and late fees.
A payment component of software for rental properties makes tracking and managing rental payments a breeze and saves you time as well. Finding a secure software program that allows managers and landlords to set up tenant accounts for online payments is not too difficult. The better brands offer multiple functions that you can customize to your needs, adding tremendous value to your management company and expediting the process so that it proceeds with efficiency from month to month.