Simplify payments for your multifamily residents

This is a guest blog from our partner, PayLease.

Inefficient processes eat up precious time. “Time is money,” as the saying goes, and anything we can do to increase productivity has a positive impact. How can we be more time-sensitive when it comes to managing payments for the resident lifecycle? The short answer is technology and automation. Taking advantage of integrated technology solutions to improve this end-to-end process can save time for all parties involved, and can lead to an improved resident experience and cost savings for a property manager. Here are some areas where integration really comes through for property managers.

The Applicant: Simplify the Application Process

Putting your best foot forward during the application process is essential to turning prospects into residents. A great experience allows prospects to quickly search for apartments online using their desired criteria (location, date, number of rooms, etc.). Then they can easily submit their application and fee to hold their chosen home.

On the back end of that process, value comes from an integrated prospect portal and payment solution that automatically submits the application fee, plus any other ancillary charges, to the correct ledger and bank account. This automation eliminates the need for manual work by the accounting staff to ensure that everything is posted correctly. Once an applicant is accepted, a seamless integration can move their profile and payment information to resident status, which saves time for the new resident and reduces hassle for the staff. Smooth transitions are a sure sign of value.

The Resident: Simplify Monthly Rent Collection

Residents do not want to think about paying rent. Having recurring options where they can set it once and forget it saves them time and stress. For those who prefer more control, rent reminders are a great tool to ensure that the resident doesn’t inadvertently forget about a payment. There are a number of options to give residents choices that best suit their needs.

Within the property management office, the monthly rent cycle looks a bit different. At some point, every accountant has asked the question: “Does the money in my bank deposit match the batch of payments in my accounting software?” A smooth integration between the resident portal and payment provider ensures the numbers match, so the property management staff can turn their attention to revenue-driving activities.

Month-end is especially hectic for property management staff as they must reconcile hundreds of payments in a tight timeframe. How can you close the books and reconcile all accounts when payments are still coming in? Technology can help here too, with features that put control in the property manager’s hands. For example, PayLease offers a Property Lock feature that allows the accounting team to close/post all batch payments at a certain date and hold new postings until month end close is completed, simplifying a typically hectic time. A smooth reconciliation between the payment portal and accounting software is key here to avoid manual investigations, workarounds and time wasted.

The Exception: Simplify Payment Issues

When striving to have the bank deposit match the accounting software batch, returns can throw everything off. Whether it is a voided payment, an insufficient funds return, or a granted refund, being able to see return transactions in the property management accounting software is key. When returns are integrated and the credits are handled as cleanly and accurately as the debits, reconciliation is a piece of cake, saving time.

The Former Resident: Simplify the Move-Out Process

At some point, the resident relationship must end. Ensuring that the payments platform is perfectly aligned with the rent roll is critical. For residents that are moving out, an accurate final balance must be produced. You also need to ensure that notifications and communications cease. For residents that enter into the eviction process, the coordination is even more essential. If a payment portal is unaware of a pending eviction, accepting any form of payment, even just $1, can interrupt the eviction process and cause headaches for the property manager. Staying 100% aligned saves time and delivers tremendous value to this process.

These days, most property managers offer an online payment option for their applicants and residents. What separates one solution from another is where the value is found. Integrated technology helps improve the resident experience by offering more convenient payment options and betters the staff experience by simplifying reconciliation. PayLease, MRI Residential Management, and the MRI Connect Suite work together harmoniously to offer a smooth and consistent experience. The integration of the front end user experience with the back end accounting experience throughout the resident lifecycle with this solution is unique and powerful. The smoother the integration, the better the experience is for both residents and staff.