Collecting rent as a property manager can be a difficult task with many moving parts. The main problem when collecting rent from HMO tenants is that payments can come at different times from different tenant’s bank accounts. This is can be a particularly frustrating process when tenants fail to pay rent on time, especially when money must be remitted to property owners on time.
However, embracing prop-tech has become the solution in reducing workloads for property managers around the world. The emergence of prop-tech has been rapid, with the industry really taking off in the last decade. The ability to work on the go due to cloud storage has been revolutionary for property managers, in particular the adoption of mobile apps.
Arthur enables property managers to incorporate their accounting directly to the management of their properties. Systems are mapped across between both platforms, for example Arthur Online to Xero/Quickbooks. Scheduled syncs can be set up to initiate the migration of data between systems seamlessly and automatically. Property managers choose to set up daily syncs, commonly during the early hours of the morning before the days work begins. Managing HMO’s on a property management platform can be performed with or without accounting software, however the integration is advised to increase efficiency.
Rent collection becomes an efficient process with the use of property management software. Set up recurring charges for your tenant’s rent and services charges. All transactions are automatically applied to the tenants rent and owner statements, ready to be printed or sent out as an invoice.
Additionally, property managers can collect money on behalf of landlords on a ‘based on rent received’ arrangement. This results in it being in the property managers best interest to collect rent in full and on time, or their head agent commission will reduce.
Collecting rent as a property manager can be a difficult task with many moving parts. The main problem when collecting rent from HMO tenants is that payments can come at different times from different tenant’s bank accounts. This is can be a particularly frustrating process when tenants fail to pay rent on time, especially when money must be remitted to property owners on time.
However, embracing prop-tech has become the solution in reducing workloads for property managers around the world. The emergence of prop-tech has been rapid, with the industry really taking off in the last decade. The ability to work on the go due to cloud storage has been revolutionary for property managers, in particular the adoption of mobile apps.
Arthur enables property managers to incorporate their accounting directly to the management of their properties. Systems are mapped across between both platforms, for example Arthur Online to Xero/Quickbooks. Scheduled syncs can be set up to initiate the migration of data between systems seamlessly and automatically. Property managers choose to set up daily syncs, commonly during the early hours of the morning before the days work begins. Managing HMO’s on a property management platform can be performed with or without accounting software, however the integration is advised to increase efficiency.
Rent collection becomes an efficient process with the use of property management software. Set up recurring charges for your tenant’s rent and services charges. All transactions are automatically applied to the tenants rent and owner statements, ready to be printed or sent out as an invoice.
Additionally, property managers can collect money on behalf of landlords on a ‘based on rent received’ arrangement. This results in it being in the property managers best interest to collect rent in full and on time, or their head agent commission will reduce.