In the landscape of real estate management, the manner in which payments are processed can...
There is a lot to manage when running your own real estate business as a prospective landlord. At times it can become overwhelming, and without the correct payment system, you could potentially be adding even more to the already stifling headaches of tenant relationships, property maintenance, legal compliance and more. Implementing direct debit systems should be a foundational solution in any real estate business, and is elementary to simplifying tasks that make up the bulk of your cashflow. Let’s explore!
Receive Payments on Time, Every Time
No one likes to chase up tenants to ask for payments - it’s not only a lot of work, but can create unnecessary tension between you and your clients. Direct debit systems are an opportunity for you to set up automatic payment withdrawals at a set time and period, allowing you to save significantly on time that would normally be spent chasing up tenants. It also helps to reduce the likelihood of late payments from tenants, making it easier for both you and the occupant.
Spend Less Time on Admin
Having to collect and process payments manually is an arduous and time-consuming process that could be better spent beyond the accounting process. Keeping accounts manageable via automated pay keeps tenant profiles easily categorised and trackable, making the need to painstakingly curate and organise each individual payment stream a thing of the past.
Save Money
With a direct debit system in place, your real estate business will have a more consistent cash flow of revenue coming in each month as payments are automatically collected. As a net outcome, sustaining this means of payment as a baseline ensures that fewer resources need to be spent on outsourcing on accounting, less investment may be needed in HR solutions, and less monetary risk will be sustained where late payments and admin mismanagement is concerned.
Offer Your Tenants a More Convenient Way For Them To Pay
Direct debit not only is a huge benefit for you and your business, but it also greatly helps tenants by providing them with a more consistent and easy way for them to pay their rent. Gone are the needs of occupants having to remember to manually pay their rent bill, now they can stress less about the entire process - on their end, keeping a solid focus on their utility overheads becomes simple, and for the landlord, it becomes easier to reduce tenant churn, limiting vacancies in properties you manage and the unnecessary costs they run you.
Level-Up Your Payment System
If you’re interested in learning more about how implementing a direct debit system into your real estate business can benefit you, then consider getting in contact with the friendly team at PayChoice.
