As landlords ourselves, we have implemented online rent collection to provide our tenants with a convenient, self service tool for paying rent. We have seen our collection times improve and we are spending significantly less time chasing rent.
There are times when we needed to bill for expenses outside of rent. As an example, we live in Northwest Ohio and The City of Toledo does not allow tenants to have water service in their name. Landlords are responsible for the water service account. Typically, landlords make the quarterly water payment and subsequently seek to get reimbursement from their tenants.
Our business process involves collecting a portion of the water bill monthly based on the tenant’s historical consumption. This approach allows the tenant greater control over their bills and puts us in a position where we only have to front a small amount for the difference between our montlhy collection and the quarterly bill.
Although the difference is usually under $100, the challenge comes in coordinating the collection of the money. Our tenants adopted paying online quickly, but our system wasn’t quite ready to support invoicing beyond rent.
Custom Invoices, problem solved
In April of this year, RentMindMe launched our Custom Invoices feature. The confusion associated with receiving a paper invoice with no ability to pay online is gone! Now our tenants get a digital invoice for costs outside of rent.
I can’t explain the sense of relief we felt when we sent our first set of water bills through RentMindMe. It felt like a huge weight lifted. The exciting part is that we even had our tenants thanking us for the feature!
How it works
When the custom invoice is created, it works the same as a rent reminder from the perspective that each tenant receives an email and text acknowledgement. Clicking the view link, allows the tenant to review the charges and see an attachment if you provide one.
The invoiced amount is displayed on the tenant’s RentMindMe dashboard as part of their current balance. When its time to pay, the current balance absorbs the custom invoice just like an equipment charge on a cell phone bill.
Benefits to you as a landlord
Regardless of what you need to collect, RentMindMe.com has you covered. We consistently hear from our customers that our platform makes rental management easy and we continue to add new releases and features tailored to your needs as a DIY Landlord.
Are you ready to save time, manage your business more efficiently and automate your task list so you can focus on what matters most to you? Schedule your demo today or call 419-318-0664 to speak with our sales/support team.