Automated Late Fee Charges

by Andrea West

Posted on 2016-02-09 14:10:14

Automating late fees can be a game changer for property managers. Sure, 'game changer' is a term that gets thrown around a lot, but Smart Housing’s features might truly change the way you do business. Late payment scheduling and fee assessment is more complex than it sounds.

As managers, we know that having multiple properties, units on different schedules, and differing lease agreements can make something that seems so simple turn into a monthly battle against our time, our spreadsheets, and our accounts. With only coffee as our ally, the battle is hard-won each month. With property management software that delivers automated late fees, it’s time to put yourselves in a position to put a stop to all of those time-consuming calculations and win the war once and for all.

It’s difficult to keep track of who has paid and who hasn’t. The problem isn’t as simple as going through the accounts and marking off the names of residents whose checks you have in hand. You have to do this, yes, or you’ll never know who has paid, but the other factors are huge. Some rents are due on the 5th, 6th, or 15th day of the month. Some units are rented weekly, some monthly.

All of these differing rates and times must be figured. With property management software like Smart Housing, when residents pay online and the payment is late, this is automatically recorded. This route allows residents to easily pay their rent and you get a report of who has and hasn’t paid, who was on time, and the system has already taken care of the late fees for you.

On your own, it’s a lot of work and it repeats month after month after month. Wouldn’t it be nice to enter the information one time and then sit back? Enjoy that coffee for once? Automated late fees let you set a late fee amount for each individual account and puts it on auto-pilot.

Smart Housing apps make collecting the late payments practically automatic as well. The amount of the fee can be automatically appended onto the existing bill. The resident can see the amount on a separate line so there’s no confusion, and there’s no need to start the whole collection process over for a late fee.

Property landlords/managers no longer need to worry about the unexpected late payment and what it’s going to do for the balance sheet in your office. Instead, you get set-it-and-forget-it capabilities, automated late fees, and a simple way to make sure that rent is paid on time. With the minimal investment of a better system you get to become a better manager or landlord - automatically.

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