Property Management

Benefits of Moving Your Assessment Payments Online

[fb_button]As we’ve mentioned before, a robust online platform is a great marker of a quality property management company, whether the company is large or small. The system simplifies the lives of all three parties involved in the property – the owners (both rental and condominium/townhome), the management company, and the tenants (renters). Here are some benefits of moving assessment payments online:

On the payee side, the ability to pay online allows one to work the assessment into the rest of their bill paying process. The option of setting online alerts a few days before payments are due or setting up a recurring payment is likely to come in handy as well. An open system might also allow owners to see what expenses their assessments are helping to cover month to month, highlighting the usefulness and necessity of the assessment payments. After all, a cash flow positive Association adds value to your unit.

On the side of the collecting party, an online payment system will allow the property management company to see with a glance which owners are current and which are behind with their assessment payments. After payments are made, the amounts can be summed up and moved to several different accounts – one for immediate repairs, one for long term projects, and another for the property’s reserves. The status of these accounts can then be monitored by both the property management company and the Board members or rental owners, keeping the entire financial status of the property transparent.

With benefits like these, every property management company should offer its clients the convenience of an online assessment payment system. If yours does not, make your desire for one known – with enough feedback, even the slowest of property management companies will come aboard.

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