The demands of the multifamily world are continuously evolving and operators can no longer afford to get bogged down in email communications and in-person requests. Poor response time to maintenance requests can have serious consequences both in terms of a net loss of time for property managers to focus on high-value tasks as well as the resulting negative ratings and reviews from residents.
New reporting services can help get rent payments applied to building good credit.
Domuso’s VP of Strategic Accounts, Terri Nicholson, sat down to have an honest conversation about the process of transitioning client properties to 100% paperless payments. Find out what’s worked and what typical stumbling blocks clients run into. Here’s what she had to say on the subject:
Until the advent of COVID, common thought was that scanning checks was an unavoidable part of rent payment processing. With the increased use of online payments, credit cards and ACH transfers by businesses and banks, the days of paper check scanning are numbered.
The federal moratorium on evictions is set to expire January 31st, putting millions of American households at risk. Evictions also pose enormous challenges for landlords and property management companies, or PMCs.
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.