Property management can be a stressful business. Today, we are bringing you two things to make your lives a little easier: an example of how you can save money while still taking on new properties, and the opportunity to simply escape from rent collection for a while with a free vacation to Hawaii with our Stress-Free Sweepstakes!
1) Save money and grow
In an interesting success story from a property manager of 13 multi-family apartment buildings in the Los Angeles area, Los Angeles Property Management saved $40,000 a year by eliminating 95 percent of all manager and bookkeeper expenses. According to Allan Hanlon, Los Angeles Property Management’s owner, “PayNearMe is such a competitive advantage. I am no longer afraid to grow, and I can take on new buildings that other property managers won’t even touch.”
With live-in managers at each property, Los Angeles Property Management’s tenants were allowed to pay with money orders, checks, deposit slips, and – in rare cases, cash. The result was a manual rent collection process that was prone to errors and slow deposit times. Often, rent week included reviewing faxed documents and reconciling bank deposits that had no tenant or property names associated with them.
Now, all of Los Angeles Property Management’s tenants are required to use PayNearMe when paying rent. By enabling tenants to pay at local 7-Eleven stores through PayNearMe’s network, Los Angeles Property Management was able to eliminate the need for live-in managers and cut out the hassle of manual money processing. Furthermore, the business is able to take advantage of instant payment notifications and reconciliation to reduce disputes and errors.
- $40,000 in annual cost savings from reduced manager and bookkeeper expenses
- 50% of owner’s time freed up
- Real-time payment reconciliation for all tenants
- Ability to expand more quickly and manage more properties
For a PDF of this success story, click here.
2) Run away with a free trip to Hawaii!
As part of our Stress-Free Sweepstakes, we are sending one lucky winner on a 5-day dream vacation (for 2!) to Hawaii or the Cayman Islands! If you’re a property manager and you haven’t entered, you’re missing out! The contest closes on August 20, 2014 and it’s completely free to enter, so what’ve you got to lose?