When you manage your own rental property, you get paid when your tenants pay the rent. This seems pretty simple and straightforward, but a lot of owners get frustrated when rent is late and excuses are provided and it’s hard to get tenants to communicate or pay late fees that are owed. Chasing down rent takes a lot of time.
With a professional Bellevue property management company, there’s less to worry about. We have a high percentage of on-time rental payments, thanks to our consistent rent collection policy, our enforcement of late fees, and our online payment system that provides reminders and automatic payments.
At Real Estate Gladiators, we are efficient, and our accounting team is also detailed, accurate, and transparent. Today, we want to tell you a little bit about how the process works, and what you can expect in terms of rental payments from a professional management company.
Property Management Software and Rental Payments
We have invested heavily in technology in order to provide better and more efficient property management to our owners and residents. This includes a customizable accounting platform, which is available through our property management software. We document all of the accounting associated with your rental property.
As an owner, you’ll be paid directly and electronically or, if you prefer, with a physical check. Most of our tenants pay rent online, and we’re able to quickly transfer the funds to your account. It’s easy, consistent, and tracked through your online portal.
Online Portals Make Payments Transparent and Accessible
When you work with a professional, you’ll create an online account for your owner’s portal, which can be used to track rental payments and other accounting Bellevue property management company functions. Online owner portals are a great way for you to keep in touch with how your property is performing. It’s secure, efficient, and full of information that you can access 24 hours a day, from anywhere in the world with an internet connection. You can access your portal on your laptop or your phone. We make it easy and accessible.
In your portal, you’ll see all of the activities that have taken place throughout the month. You’ll get an owner’s statement at the end of each month, with your rental payment. It will show all of the income and expenses associated with your property. If invoices were paid, you will be able to see them. If a tenant paid late, you’ll see that as well. An annual report is also provided so you can easily do your taxes when it’s time.
Paying Property Management Fees with Rental Payments
We’ll deduct your management fee before we transfer the rental payment to you. This makes it easier for you and for us; there’s no separate payment that you have to make. Because your statement is provided online with a receipt of your rental deposit, you’ll be able to see how much was earned in rent and what was spent on things like your management fee or any maintenance invoices.
If you have any questions about rental property accounting or what you can expect when you work with us, please contact our team at Real Estate Gladiators. We’d be happy to share more information.