Rental Property Business Fee
Since you are working in rental Property Management business you must already have a fee and payment structure in place and not to mention, it is annoying and frustrating to understand it and then track it. So, with all the complexities mentioned and given, is your fee structure working for you, your company and for employees? Because the more time you spend on collecting fees related to business the less time you have to focus on the business itself and let alone on employees, tenants and other plans.
The point in time when you receive fees could be very significant for company’s operation. Below are some suggestions which will help you to take your Fee Management system on top.
Shifting all payment processes online is the very first step when it comes to simplifying the fee management structure. The addition of tenant’s portal on website allows tenants to pay their dues online and you can see all the information regarding the payments including dues and outstanding payments, making entire process easier.
Automation in calculations related to fees
When all tenants have paid their rent you still need calculate your fees and owners share of income. Though, this can easily be done in spreadsheet, chances of it being error-prone are high. With the help of automation not only accuracy is confirmed but there is also less consumption of time.
Owner visible process
Owners like to see the status of their properties and payments and you can facilitate this facility to them by providing access to owner’s portal. What’s can be a great addition is the owner portal which is connected to fee calculation and payment information system via which amounts paid and owed can easily be communicated to the owner and statements can be send online as well.
Simplified tax obligations
With the help of online Property Management system you cannot only simplify but also automate your Franchise Tax Board with holdings because if failed to issue form 1099 and 1096 can result in penalties and also dis-allowance in deductions. Online management software can create electronic paper so that end of the year is not stressful.
To know more how SimplifyEm Property Management Software can help you, visit this link: http://www.simplifyem.com/property-management-software