Paying Rent Via Property Management Software
If you've ever managed a property or have known someone who has, then you know that property managers have their hands full when the first of the month rolls around. This is because they have to sort through tons of paperwork and figure out which tenants have paid their rent and which ones have yet to pay. Then they also have to compare the payments made to the numbers on the paperwork to make sure that the tenants are paying the correct amount. On top of this managers have to put up late notices and eviction notices if tenants haven't paid on time. This task can be very tedious for managers and there are several mistakes that can be made during it because of the amount of time required to do it. Luckily there is online software that managers can use to make the beginning of the month a lot less hectic.
There's an automated withdrawal system that some managers use. This system is very simple and effective. It's similar to setting up a monthly payment for anything else. The system will take the rent out of the tenant's bank account automatically on the first of every month. The tenants have to give their bank account information to the manager for this to work. Usually both the routing number and checking account number are required for the process to work. This is convenient for tenants as they don't have to worry about getting money orders to pay their rent and the rent comes out on the same day every month for the same amount. For tenants that forget to pay their rent this system is very helpful. However there is one downside to it. The system doesn't allow for you to change the amount that comes out every month. Thus you'll have to charge your tenants for water and trash separately. In some cases the system is a downside for management as some tenants may not have sufficient funds which can potentially cause fees for the management.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
Finally you can also set up an online payment system where you use your bank account to pay your rent but it's not automated. This system works best as there are no fees as there would be with credit cards.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23222
There's an automated withdrawal system that some managers use. This system is very simple and effective. It's similar to setting up a monthly payment for anything else. The system will take the rent out of the tenant's bank account automatically on the first of every month. The tenants have to give their bank account information to the manager for this to work. Usually both the routing number and checking account number are required for the process to work. This is convenient for tenants as they don't have to worry about getting money orders to pay their rent and the rent comes out on the same day every month for the same amount. For tenants that forget to pay their rent this system is very helpful. However there is one downside to it. The system doesn't allow for you to change the amount that comes out every month. Thus you'll have to charge your tenants for water and trash separately. In some cases the system is a downside for management as some tenants may not have sufficient funds which can potentially cause fees for the management.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
Finally you can also set up an online payment system where you use your bank account to pay your rent but it's not automated. This system works best as there are no fees as there would be with credit cards.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23222
About the Author:
Layla Vanderbilt is the webmaster for a leading property management solution review website which connects people with the leading property management tools.
posted by X - Men @ 3:19 AM
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