Before you begin working with a property management company, you have to understand how the funds are distributed and bills are effectively handled. The collection of rent is obviously very important as well. Utilizing technology has become vitally important to most property managers, particularly when it comes to paying rent and keeping up with invoices from vendors. Tenants today really value the ability to pay rent electronically or online. A large percentage of tenants who were recently surveyed say they look for opportunities to pay their rent online, instead of dropping off checks or sending them through the mail. It’s important for landlords to have access to an electronic system that collects rent. If you cannot provide that service yourself, you should consider working with a property management company that can.
Most property managers provide tenant and owner portals to help with communication about finances. Tenants can go into the system and pay their rent every month. They can also set up the payments so they happen automatically every month. This is a great resource in ensuring that no late fees are charged and no payments are missed. It works great for both tenants and landlords.
The distribution of funds to property owners has become a lot more streamlined thanks to technology. In the old days, we would have to collect the checks from tenants, and then cut the owners a check which you would have to go to the bank and deposit manually. Today, it’s a lot simpler. When the tenant pays rent electronically, you get paid electronically. The deposit hits your account easily and with systematic accuracy so you don’t have to worry about waiting for your money.
Creating and closing out work orders and invoices has also undergone a bit of a revolution thanks to online technology and electronic payments. We now have the ability to use smart phones and iPads to create work orders and reach technicians in the field. They can access their work orders and share information about the jobs they are doing from wherever they are. It also helps when we contract with vendors for different types of work. The vendors or contractors can email us the results of any repairs or maintenance issues immediately, and we can also receive and pay their invoices electronically. It helps to keep the entire process streamlined and it improves communication between all parties.