We have a great run down here on what our Arrears Workflow can do in your property management agency. If you haven’t already got up to speed on what automation is specifically in property management, take a read of our blog all about automation right here.
Otherwise, keep reading!
So arrears, something no Property Manager or Principal is too happy about. We completely understand. That’s why we have incorporated the power of automation to completely turn around the arrears management process in our property management software.
The real questions here may very well be, why would you not? Let’s try to cover as many reasons as possible and maybe we can help debunk a few myths.
Ok, so they yep the above are some legitimate reasons to not want to use automation. BUT, what if we told you that ALL of the above points are managed in our Arrears Workflow? We thought about these scenarios and built in options for you to set up your workflow to completely suit you, without any of the above. Hooray!
Let’s reverse the above points and here are some of the solutions we provide in our Arrears Workflow.
You sure can. Automation and manually visibility to keep track of your arrears lists can work in tandem. You don’t have to sacrifice your process for automation to be turned on. You can set the time of day your reminders start. Eg, if you want to look over in the morning, you can set your reminders to go out in the afternoon.
No problems. You can easily customise your emails and sms message templates. Speak in your own brand voice and include the stuff you want to, such as pulling in ‘fields’ so it shows the days or amount in arrears, or exclude them. It’s up to you. We have a default template but it’s easy-peasy to customise.
That’s totally fine. We have a few options here, such as maybe they only prefer email communications, or maybe they like a text, or maybe they need both! You can select the way you want your arrears notices, invoices and reminders to be sent.
That’s great you have the trust built with your tenants. Nice going! If that’s the case, you can turn off automations for these specific tenants by simply going to their contact card and switching off! Boom! The rest of the tenants you choose can still receive their notices & reminders, but you can rest assured the others are untouched. This is actually our Pause Reminders feature.
There are a few ways to ensure it’s showing correctly, apart from choosing days and times that work with most bank deposit processes. We have two ways that rent calculations are done. This is Rent Arrears via Daily Calculation or Rent Arrears by Full Rent Period Calculation. We even show you the maths behind these two ways in our system, accessible to you, to help fully understand the numbers it crunches. You have the choice to select which way you prefer.
There are usually some reasons for this and we have a few tricks to ensure you can avoid sending reminders to tenants who did pay. First one, the day selected for reminders. If your tenants pay on a Friday afternoon, but the bank only processes it Monday morning, sending a reminder on the Saturday is probably not the best idea. We give you the choice of days to send on PLUS the time of day. An example of how this can be super valuable is, say you chose to send reminders later on a given day, it can allow banks to process payments in the morning, and gives the automation a chance to register that incoming payment, flick off, and not send any automations to those tenants. Boom. Little tricks inside our automations to ensure it’s doing a nice little job.
Don’t be - we got you. Not only is our automation set up very easy, nicely labelled and user friendly to see what rules you are setting up, we have a wonderful support team who can definitely help you with any questions.
On a slightly more serious note, automating the arrears process can also reduce legal costs. With a manual process, disputes can take longer to resolve, as information must be manually gathered and reviewed. Yawn, but also very important! In our automated Arrears Workflow, information is easily accessible and can quickly be viewed. We take it even further, and allow you to export the entire timeline of events, done, dusted, all there and ready in a few clicks. That my friend, saves you a lot of time, money, potential errors and helps you mitigate risk for insurance purposes.
Automating your arrears process can:
With the increasing use of technology in the property management industry, a fully automated arrears process is becoming increasingly necessary for property managers to stay competitive and efficient. Not task reminders, the whole shebang.
Our Arrears Workflow was built with these focuses in mind. And that is just ONE of our EIGHT automated workflows, cool right!