Property managers (PMs) are constantly re-evaluating their types of properties, business models, choice of landlords, fee models, and the methods they use to attract and screen tenants, with the aim of boosting profitability, improving customer experiences, and
ultimately growing their portfolios.
Unfortunately, none of these is an easy job. Here are a few reasons why;
● Growing property portfolio: The most straightforward way to grow your property
portfolio is by adding more doors. But, adding more doors also comes with several
challenges, including increased strain on administration, maintenance, and
customer service.
● Growing revenues: To grow revenues, PMs must reduce turnover, pursue excellent cash flow, and find ways to increase lease renewals, among other things. However, this also comes with challenges, including identifying and letting go of
high-maintenance units & problematic tenants, and screening & acquiring tenants/properties with higher ROIs.
● Improving customer experiences: Happy customers, including both tenants and landlords, results in lower management costs, higher retention, reduced vacancies, and increased revenue. But, improving experience also requires understanding the
wants and needs of the tenants and landlords.
Advantages of Collection Software
Property managers can solve some of these problems by investing in property management software, especially collection software. The benefits of collection software include;
1. Easy maintenance tracking
Maintenance is the one aspect of property management that consumes a lot of time and money. At the same time, though, it’s vital to ensuring tenant satisfaction. Cloud-based collection software allows you to deliver on maintenance duties without some of the
traditional challenges.
Whether it’s order tracking, keeping tenant records, scheduling work, or creating tickets (important for tenants), it’s all done online and the information stored and made readily available in real-time. A good SaaS software can integrate with your existing property
management software or a preferred third party application via APIs (Application Programming Interface) which is a security standard in connection disparate applications.
2. Tenant application and screening
Debt / Rent Collection Software also helps with tenant screening, including background checks, credit checks, and income verification. The software programs search multiple databases, including the ones provided by state governments and anti-narcotics organizations, and flag any issues that the PM needs to know.
The best part is that the software programs are designed to comply with existing legislation, meaning that you can scan any online resources without breaking the law.
With integration to Rent Check Bureau systems; the task of vetting out a Rent applicant history; helps in shedding light on the applicant(s) rent worthiness and their history of making rent payments on time.
3. Accept online payments
Why would you want to accept rental payments online? Because it’s convenient, you won’talways have the time to visit the tenant to collect rent. More importantly, many tenants aren’t comfortable seeing the rent collector at their door every few weeks. Collection
software minimizes both problems.
Indeed, you can go as far as to automate the collection process such that the due amount is automatically deducted from the tenant’s account at an agreed time without further effort from either the tenant or the landlord.
4. Other ripple benefits
Collection software and property management software, in general, also help with data tracking, report generation, and extracting business insight (intelligence). You’ll also stand out from the crowd, improve communication with clients, and enjoy greater scalability.
Why D2R-Collect?
D2R-Collect is an end-to-end collection software with comprehensive features that ease the burdens of property management. With integration to Rent Check Bureaus systems; the task of vetting out a renter and their Reny history provide background information that helps in shedding light on the applicant(s).
It’s designed to help commercial and residential PMs maximize return on investment by providing market-specific solutions for all property types, prioritizing the areas of portfolio growth, boosting operational efficiency, and increasing business intelligence.
The D2R-Collect software stands out for being a single-database product that supports invoicing, accepts debtor payments, allows for commission calculation, and automates letter generation and reporting. It’s also a mobile-friendly platform with an extensible
architecture.
Get Started Today
Sign up today to try the D2R-Collect collection software. Setup is easy and the first 30 days are FREE of charge.