COVID-19 has forced a rapid shift to the adoption of online payment technology, triggering a massive disruption in traditional resident payment behavior in its wake. An analysis of payment activity across Domuso’s portfolio of multifamily properties at the beginning of the April rent cycle showed a marked preference to limit in-person exchanges in favor of safer, contact-less ways to pay.
After a stressful April and a cautious May there are reasons for property managers to be optimistic about residents continuing to pay rent this summer, a traditionally busy time of year for leasing, amid the pandemic and rising unemployment.
Fraudulent applications have always been a concern for property owners and managers. Fraud is taxing for properties to resolve and can directly impact their bottom line. The COVID-19 pandemic has all but compounded the risk for owners to now include fraudulent payments from current residents.
Domuso evaluated its portfolio of national multifamily properties to uncover rent payment trends at the start of the April payment cycle as compared to March. Resident payment activity was analyzed during the first 15 days of April as residents and property owners were forced to adopt contactless payment processes.
The COVID-19 pandemic has been difficult on property management operations and resident relations, but its true economic impact may not be known for months.
Payment processes can be a hassle for property operators of all sizes. But what happens when resident payments arrive late or are only partially paid? How does this affect the property management’s ledger reconciliation?
Recently, a multifamily regional manager of a property in northern California reported to Domuso that they were faced with a loss of $15,000 in credit card chargebacks in a single month - from two residents alone.
Moving in, moving out, rent deposits, pet deposits - the list goes on and on when it comes to payments that have to be made via money order or cashier’s check.
As the multifamily industry continues its multi-year digital transformation, Domuso and Gelt co-founder Keith Wasserman will discuss how organizations and individuals change and how change is instigated through vision and decision making.
Whether you're a property manager, private-owner or budding real estate salesperson, there are simple, tried-and-true methods to help lease your apartment units. These are the most common ways to ensure units rent out quickly and easily at top market prices:
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