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How Being “Old School” Costs You More Than You Think

By September 27, 2016 No Comments
old school property management

Who needs a resident portal when you’ve been managing your rental property with old-fashioned pen and paper for decades without any major incidents? Or, perhaps you’ve moved passed the pen-and-paper stage, into the realm of management software, but are scratching your head trying to understand why administrative tasks are still haunting you.

Here’s the thing: you may think you haven’t had any problems with manually writing down tenant information and filing every single scrap of paper since you started managing your property. But have you ever considered how much easier your job would be if you had a searchable database? If you had a way to quickly pull up tenant information with just a few clicks of a mouse rather than flipping through mountains of paperwork? If you could provide tenants with automated updates on their maintenance requests?

Implementing a resident portal like Payquad saves you time and money, while reducing the chances of a resident request falling through the cracks. Plus, we regularly release new and improved enhancements to our feature set, so you can guarantee you’ll always be on the cutting edge of today’s modern management industry. Here’s just a few of the reasons why all property managers should have a resident portal and how Payquad can transform your day-to-day tasks into a few automated, out-of-sight-out-of mind tasks:

Increase Cash Flow

Renters have an expectation that they’ll be able to pay their rent with a point, click or swipe of a mobile device. That’s just a fact that goes part-and-parcel with today’s everything-electronic landscape. Online payments are easier for your tenants and a breeze for you. Not to mention, having a resident portal – that also reminds tenants to pay their rent on time – is convenient for the tenants themselves, but the benefits to you are just as important. With a resident portal, you’ll be able to reduce NSF charges and delinquencies simply by giving your tenants the reminders they need. Plus, by linking them to several payment options, the need to deal with cheques is completely eliminated (goodbye, bank lines).

Maintain and Attract Tenants

Today’s tenants (read: Millennials) are increasingly seeking out buildings that have modern amenities. That includes how building management interacts with their renters, who are paying good money to be there and expect quick and efficient service in return. In fact, one-in-four Millennial renters say that building amenities are at the very top of their wish list when it comes to choosing where to live according to a recent study by Rent.com.

Payquad allows your entire renter base to pay rent, submit maintenance requests, track payment history and stay in touch with building news and notices all in one handy place. That frees you up to actually take action on all of those maintenance requests rather than trying to keep track of them.

Enhanced Security

Let’s face it: having cheques lying around your office, not to mention sensitive tenant information like social insurance numbers, is a big security risk. By using Payquad, you virtually eliminate the chances of lost or stolen rent cheques. Plus, implementing our resident portal with PCI compliance, SSL encryption, data tokenization and bank-grade level security gives your residents peace of mind—that makes you far more trustworthy. According to a study by Comodo, the only time a user will ever consider using your products or services online are when they are satisfied their details are secure. And with Payquad, they are.

It’s time to say goodbye to the old-school methods of property management. Your employees, your tenants and, most importantly, your bottom line will thank you.

Get started with Payquad at no cost to you today. Contact us now for a free consultation with a member of our team.

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