Inconsistent payments, late nights completing admin, and cash flow disruptions.
These are just a few of the battles you’ll face when managing rent collection with manual tools and processes. If you can relate, don’t stress. There’s hope in sight.
50% of employee tasks can be automated, and rent collection is one of them.👍
We’ve built an innovative rent payment solution that takes the stress out of getting paid. In this article, we’ll share how Flex automates rent collection and why it’s the best way to collect rent as a landlord or property manager.
How Flex puts rent collection on autopilot ✈️
You’ve probably heard countless businesses claiming to have the solution to beat all rent payment solutions. You may have even tried a few, but the trials fell flat. So, what makes Flex the best way to collect rent as a landlord or property manager? 🤔
Automated and flexible rent payments.
Flex allows tenants to split rent into two bills, making payments more manageable. Let’s zoom in on how our solution works to guarantee rent:
- Your company uploads the new rent bills for each tenant to our solution before the end of the month. This includes any extra charges for things like utilities you’d like to include 🧾
- Flex then collects the first rent payment (plus the membership fee and any payment fees) from tenants, typically between the first and fifth of the month. If there are any issues with getting the first payment, we’ll let your company and the tenant know quickly
- Once Flex secures the first portion of rent from the tenant, we’ll pay your company the full rent 💰
- Next, we’ll schedule the second rent payment with the tenant. Then we’ll collect the payment from the renter on the 15th of the month or their chosen date
And that’s it! Your rent payments are on cruise control. 🎊
Offering flexible payments: What’s in it for us?
By now, you’ve likely heard about all about the perks tenants get using flexible payments via an automated rent collection system. But what does your rental property management company stand to gain? We’ve got you covered. Here’s a breakdown of the benefits your business can expect from using Flex:
Clawback precious time to boost efficiency 🚀
Rental property management has become an increasingly demanding role with many moving parts. The hustle and bustle is taking its toll on staff—so much so that 1 in 4 is leaving the industry. This trend negatively affects the remaining team, who must work even harder to keep rent coming in. However, since Flex takes over the task, your team can reclaim time and enhance its performance. This feature allows staff to focus on other important tasks to drive their career and the business’ progress.
Eliminate boring, repetitive tasks to drive staff productivity and satisfaction
Did you know that the average worker spends 4 hours and 38 minutes on repetitive tasks every week, amounting to 219 hours each year? Now imagine dedicating this much time or more to manual rent collection with an already packed to-do list. The chances are it’s not your idea of fun or good use of time, and your staff probably feel the same. This setup isn’t just painstaking; it drags down output and morale.😔
But with Flex, your team won’t have to spend hours executing rent collection by hand. Our solution also removes the administrative burden, reducing the need for manual data entry, reconciliation, and error correction. Take Sage Ventures, for example. The property management team now saves 5 hours per week per Assistant Manager using Flex.
Razor-sharp accuracy that reduces costly errors
Processes involving manual entry, like rent collection, aren’t just a chore; they’re costly, too. But it’s not just the extra hours that drive up costs. It’s the inevitable mistakes that creep in and wreak havoc. In 2008, business professor Raymond R. Panko published a paper covering various research on manual entry. They found tasks like putting data into documents and spreadsheets had a human error rate between 18% and 40%.
With Flex, you’ll eliminate the manual entry from rent collection tasks, minimizing discrepancies and disputes. We even offer integrations with property management solutions like MRI, RealPage, Yardi, and Entrata to reduce data silos and errors.
Uplevel your cash flow and net operating income 📈
Securing rent on time is essential for healthy cash flow. So, it’s unsurprising that 75% of landlords want to be paid the first of every month. But it’s challenging to hit this target with clunky and slow rent payment tools and processes. Here’s where Flex comes in. You get paid every month, which is guaranteed.
Our solution also reduces the risk of payment failures and delinquencies. These features mean you’ll gain more stability in your income. You’ll no longer have to wonder about where your next cash injection will come from, enabling you to budget more effectively.
This perk is invaluable for unexpected costs and covers hefty bills like property improvements and maintenance. Plus, the automated rent collection process means fewer staff members oversee it, making it more profitable, too.
Get and stay in tenants’ good books
Miscommunication on rent due dates, forgetfulness, and tenants who dodge calls when rent is due are all common issues in rental property management. Those hard-to-use and manual solutions make on-time payments even more unlikely. Worse, if your team can’t secure rent in time, your company will be footing the bill. 😨
The good news is our automated, mobile-based rent collection solution removes such friction points, allowing you to offer a smooth experience for tenants and staff. So much so, property managers and landlords using Flex see an average boost in tenant satisfaction of 85%. Here are a few things Flex does without your team’s manual effort, making it the best way to collect rent as a landlord or property manager:
- Send consistent reminders to avoid late fees and credit report hits 📅
- Send payment receipts automatically to maintain regulatory compliance
- Facilitates tenants’ paying rent at any time from anywhere
Everyone’s a winner with Flex 🏆
Rent collection is a high-stakes task that can make or break your rental property management company. So, it pays to optimize your solutions and processes.
With Flex, everyone wins. Property managers and landlords get more cash, security, and efficiency from the guaranteed rent, lessened admin loads, and sleek user experience. Tenants get flexibility, ease, and polished customer experience from the mobile app setup, flexible rent payments, and automated reminders.
Ensure your processes support the new technology, which could look like removing unnecessary steps and reallocating resources. Finally, offer tenants and staff in-depth training to increase adoption rates and longevity.
Make these moves, and soon, you’ll have a rent collection system that gets your business paid on time, every time.
It’s your turn to enjoy rent on autopilot. Book a demo.
