How Renaissance Properties simplified residential payments with MRI
Efficient multifamily payment processing systems that provide insight into property management make life easier for residents and back-office staff, especially in the midst of a crisis like the COVID-19 pandemic. Renaissance Properties adopted MRI Payments before 2020, and having a flexible payments system in their arsenal has better prepared them for uncertain times.
As a multi-faceted real estate development firm based out of New Jersey, Renaissance Properties manages residential, commercial, and mixed-use facilities in the New Jersey area, all of which require different accounting systems to handle rent collections. In an effort to cut down on the number of accounting systems used, Renaissance sought a payments solution that was built specifically to integrate with software their team already knew. As users of MRI Software, they chose MRI Payments to simplify their residential payments process in one of their largest mixed-use properties. Since implementation, MRI Payments has streamlined the rent process for residents and has also increased back-office efficiency on the collections side.
Payments: Rent simplified for residents
Renaissance Properties wanted the implementation of MRI Payments to run as smoothly as possible, and sure enough, they started to benefit from the service on day one. Implementation went so well that Renaissance recorded 90% user adoption for their first rent week.
The quick adoption was due to both the steps taken by Renaissance and the flexibility offered through MRI Payments. The resident-facing side of the software allows residents to submit their monthly rent payments when it’s convenient for them, and in any format they choose, whether it be through cash, check, credit card, or even money order. With MRI Payments, residents can also establish automatic recurring rent payments that go out on the same day every month without having to go through the manual process of cutting a check, visiting the office, or going online every time they need to make a payment.
Previous accounting systems used by Renaissance had proven cumbersome, particularly when it came time for the back-office staff to deposit the paper checks that had been sent in by residents. In many cases, checks would take days at a time to clear, which served as a problem not only for Renaissance, but also for residents who kept watch over their bank accounts and were often left waiting for their rent to go through. With MRI Payments, a process that once took up to a week now takes only a day or two, meaning that residents can plan their budgets just as accurately as their landlords can.
Collections: Rent simplified for the back office
In the same way MRI Payments gives residents peace of mind when their checks clear quickly, it also allows Renaissance Properties to receive rent from each resident on a more consistent basis and with minimal turnaround. The time of waiting five to seven business days for a payment to be processed is over.
MRI Payments also provides added visibility for back-office staff into all payment activities. With a single dashboard that displays transaction statuses, trends, alerts, and other notifications, Renaissance Properties is able to more accurately predict cashflows, which has helped put them in a better position to respond to COVID-19’s financial impact. And because MRI Payments integrates with other MRI products and simplifies the rent collections process, back-office staff now has more time on their hands to execute value-adding and business-growing measures that help ensure the continued operation of the property.
Through their implementation of MRI Payments, Renaissance Properties has been able to not only maximize back-office efficiency, but also provide their residents with a flexible payments solution that makes paying monthly rent easier for everyone involved. Learn how MRI Payments can help you save time and simplify rent collections.
Market Insights: Voice of the Resident
The MRI Market Insights report reveals what renters want: luxury amenities, green practices, digital communications – and eventually, homeownership. To gain insights into rental housing trends and preferences, MRI Software commissioned a survey