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X-ray vision for property managers

X-ray vision for property managers

One of the goals of every real estate agent and property manager is to reduce their arrears – achieved best by having no arrears at all.

Let’s face it, it is quite time consuming chasing late payments, which is then made more difficult when the tenant uses the direct transfer method for paying rent into an agent’s bank account. This is because there is no way for an agent to know whether the transfer has been initiated or not, until they see the funds deposited into the trust account or until they reconcile.

The reality of the situation is that agents must trust their tenants when they are told rent payments have been transferred to their account, then play the waiting game until the funds are visible in the trust. This process between bank transfers can take from 24-48 hours depending on when the transaction was initiated and, in some cases, this time can be even longer. This means that tenants generally aren’t contacted about arrears until two or three days after payments are due, which can become a process that repeats itself many times, all the while the agent waits for said funds to clear.

ipr blog picBut where a real estate office uses a rent payment system to collect and automatically reconcile payments, there is visibility of all transactions before they are cleared. Thus, when a tenant pays rent or says they’ve paid rent, the managing agent has the ability to view the payment history in real time through an online portal, before receiving the funds into the trust account.

The ability to view transactions in real-time is one of the greatest benefits of implementing a rent payment system. By using a system to collect and reconcile rent payments, real estate offices are able to instantly follow up on any outstanding payments, ensuring that the tenant never falls in arrears. This feature not only helps agents to save time, but streamlines their rent collection process.

If you would like us to show you how you can improve the way you collect and receipt tenant payments, simply complete the FREE rent roll efficiency check-up questionnaire and we can immediately show you the potential savings to be realised when using iPayRent.

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