Between stressed incomes and surging prices of consumer goods, more tenants are bound to struggle with paying rent. This can cause not only frustration for all involved, but serious income risk for owners of residential rental properties. Rent arrears management is critical for property managers.
Rent Arrears Management
With PayProp’s proactive rent arrears management features, property managers can help their landlords detect early warning signs of potentially delinquent tenants and handle them swiftly and decisively (with due consideration for changed circumstances) without the hassle of manual processes.
Electronic payment
People get too busy to arrange transactions in person, checks can get lost in the mail, cash can be miscounted, and banks and post offices close their doors at times that don’t necessarily suit payments at the eleventh hour.
By comparison, PayProp is open 24/7, making even rushed rent payments quick, easy, and convenient.
To give tenants and landlords full protection against non- or late payment, PayProp clients should encourage tenants to pay via instant bank transfers, or make it even easier by setting up an ACH debit. This way they can pay wherever, whenever, and most importantly, on time, with the money ending up in the landlord’s trust account in the shortest possible time. Accepting electronic payments is an excellent tool in a property manager's rent arrears management toolbox.
Payment reminders
With the PayProp Owner app, your landlords always have real-time visibility into the status of rent payments. For added precaution, PayProp sends landlords an alert the instant a tenant makes (or misses) a payment. Either way, they can easily check when a tenant has or hasn’t paid and get the in-app contact details of their property management firm (which is forearmed with the same information) so they can communicate and nip rent arrears in the bud.
PayProp also gives property managers the ability to authorize automated text or email payment reminders to tenants in arrears. These payment reminders include up-to-the-minute information on all the money the tenant owes – with live data drawn from 100% accurate bank-informed statements, so there’s no room for dispute – and polite instructions on how to pay.
Compliance management
Evictions should be considered a last resort, but if you’re left no choice, give your landlords a helping hand when it comes to navigating and adhering to various state laws in preparation of an eviction.
Property managers can enable our Mailchimp integration feature, which syncs active contact details between PayProp and Mailchimp and facilitates direct owner communication.
Send personalized or mass emails to inform them of new legislation, moratorium extensions, timeframe of eviction notices, or any other comprehensive information that a landlord may need throughout the process.
Audit log
Screenshots of PayProp’s audit log can serve as evidence in a court of law.
The system keeps a live digital record of every action taken by every user. These records cannot be edited or deleted. This means that every statement, rent invoice, late or missed payment, reminder, and letter of demand is accounted for and indisputable, much to the benefit of your landlord.
The best legal processes never see the inside of a courtroom
Property managers, landlords, and tenants alike want to avoid evictions as much as possible, and proactive means to combat them, coupled with decisive enforcement, are always best. Use PayProp’s rent arrears management tools to your landlords’ benefit today so they can rest assured arrears will always be dealt with swiftly, efficiently, and reasonably.
