Over the past year, property managers have become experts in adjusting to uncertainty. With the Federal Eviction Moratorium coming to an end July 31st, property managers must adjust their payment collection methods. To understand the long-term impacts of the moratorium and rental assistance programs on the industry, we gathered a panel of property management experts on a recent episode of Beyond Rent. Ted Thurn, Director of Government Affairs for the Institute of Real Estate Management (IREM), Megan Booth, Senior Vice President of Policy with the Manufactured Housing Institute (MHI), Nicole Upano, Director of Public Policy for the National Apartment Association (NAA), and Tyler Craddock, Government Affairs Director with the National Association of Residential Property Managers (NARPM), weighed in on how the property management industry can move forward after a tumultuous year.
To assist with the upcoming changes, we have compiled Rent Manager features that can prepare your team for the future.
How to Prepare for an Eviction Moratorium
Make sure your residents know where their account balance stands and inform them of any upcoming or past due payments. Utilizing Accounts Receivable Automation* you can send rent reminders to residents through their preferred channels using email, text, Phone Broadcast*, and Virtual Post Office (VPO)* notifications. Preschedule alerts to auto-populate with your resident’s information to quickly update them about open or upcoming charges. You can even customize the message’s tone based on the degree of the account’s delinquency. Plus, a copy of your correspondence is automatically stored in your tenant’s History/Notes* database for quick reference.
Quickly get an overview of your late payers with advanced, customized financial statements. Show tenants with delinquent charges or separate delinquent rent charges from non-rent charges with the Delinquency Report*. You can even break down reports to show per-day late fee totals, daily interest loan charges, and the total balance of delinquent charges by property. Schedule these reports to run on your schedule so your staff is always informed.
Easy Payment Options
Make paying rent as easy as possible by offering your residents simple and convenient ways to pay. Give them the flexibility to make electronic payments with ePay’s* comprehensive and secure digital services. Or let tenants electronically pay rent with cash from any of the 25,000 Cash Pay* locations across the United States. Using Cash Pay, powered by Zego, residents can visit major retailers, like Walmart, to make payments that are immediately reflected within your Rent Manager database.
Integrations Resident Resources
Several of our Integrations Program providers offer services that can help your team with their rent-collection efforts**—especially when eviction isn’t an option—including:
Navigating through tenant financial uncertainty can leave everyone in your community feeling anxious and adrift. We’ve compiled a Resources Library full of expert industry articles and links you can share with your staff and your tenants during times of hardship.
Disruptions—and disruption-inspired innovations—will continue to emerge as the property management industry adapts to the post-pandemic norm. By implementing practical, streamlined steps, your operation can be prepared for whatever challenges today or tomorrow will bring.
*To learn more about these Rent Manager features, press the F1 key in your Rent Manager database to access the Help File.
** Always check your local and state laws for the most up-to-date information on collections and eviction moratorium.