Property management companies are losing hundreds of property manager hours and thousands of dollars because of their reliance on a 1762 invention.
Guess what it is?
The paper check. According to the Wallstreet Journal, in recent years these little paper rectangles cost U.S. businesses nearly $54 billion. And the fact that nearly 20 billion checks were written last year for rent suggests that property managers may not realize just how much they’re losing – or how much they can save.
Amongst the innovators in the multifamily industry that have overthrown the paper check for online payments is Beacon Communities – a leading PMC with over 40 years of experience in developing and managing over 80 communities throughout the Northeast.
“We knew we needed a 21st century solution to support our growth goals,” says Senior VP of the company, Richard Goff who first sought out RentPayment when Beacon began to be bogged down with processing checks.
Goff says checks would be dropped off by residents only to sit in property management offices until finally making it to the bank.
Knowing things had to change for the company to grow, Beacon Communities sought help from RentPayment, the leading online and mobile payments solution for the multifamily industry.
RentPayment not only provided robust resident payment options and seamless integration with their software, but increased on-time payments to 90%.
When adding up the total dollar savings, the numbers were astonishing. By eliminating the time spent processing paper checks, RentPayment helped save Beacon Communities nearly $1 million and 10 hours a week per property, tallying up to a combined savings of 33,600 hours portfolio wide per year.
However shocking, this case is not unique. RentPayment powers payments for over 3 million units across the country, and in doing so, saves top National Multifamily Housing Council property management companies hundreds of hours of time, millions of dollars, and endless frustration.