Imagine combining the most tedious aspects of your job into one simple task and then delegating that task to someone else. Imagine never again having to collect rent payments, utility bill payments or property management fees, and the inputting each of those payments, one by one, into the system for your recordkeeping. Wouldn’t that free up hours of your time to dedicate to some other, more important task? Property management companies everywhere are utilizing utility billing more and more these days, and satisfaction rates are soaring. Why? Because not only does it streamline the billing process, but as already stated, it frees up hours of their time to dedicate to growing and maintain their business, and to improve customer satisfaction. If you work in property management and feel overwhelmed by the amount of paperwork you have to do every month—not to mention, keeping track of who paid what and when—work with a company like PayLease. Here’s why:
Streamline the Billing Process
Utility billing companies have flourished in recent years because owners of those companies saw a need for property managers to streamline the billing process. Without a set process in place, residents each pay their rent, individually, at the beginning of the month. Their utility bills are due at any point throughout the month, depending upon when they set their utilities up. This means that Joe may pay his cable bill on the first, while Sally won’t pay hers until the 9th. Joe might pay electricity on the 5th, while Sally doesn’t have to pay hers until the 25th. With hundreds of residents and dozens of properties to deal with, this can make for an overwhelming amount of billing hours throughout the month, not to mention all the confusion!
Instead of you having to collect each and every payment from each and every resident, and then sending in those payments by the respected due date, a utility billing company like PayLease will receive the utility bills, divide up the charges among individual units and collect the payments on your behalf. Once they receive the full amount due, they will disburse that amount to each respective property for the property manager to make one easy payment.
Utility billing companies offer several payment options, not just online payments. They recognize that not everyone has access to the Internet or even to a bank account, which is why they offer online payments via PayPal or credit or debit card, check scanning that converts checks into electronic transactions and cash payments. Cash payments are accepted at a major retail location, and will appear in your bank account instantaneously, thereby eliminating the risk of default payments. Additionally, when property managers keep cash on hand, it increases their risk of theft; however, by allowing a third party to handle the cash for them, it reduces their risk exponentially.
Utility billing is a new and growing concept, but property management firms everywhere love it. With all the benefits that come with using a third party billing agency, there is no reason to not give a company like PayLease a try!