For tenants in financial difficulty, the first step is access to real-time data, to facilitate informed decisions.
The payments dashboard lists all historical payments, including whether a payment was paid in full and on time. Automated late fees can be added. Once a tenant reaches a certain number of days past due, (such as 30days or 60days), a number that can be customised, these tenants are listed in a separate arrears section.
In the current economic climate, it is important to work with tenants to manage their particular needs. Many with short-term income shortfalls, may be able to make partial payments, in which case this amount can be pre-agreed, or at the payment stage the tenant chooses the amount to pay. Clearly this is preferrable to no payment.
Tallies adjust so that you always have real-time access to keep landlords fully informed, while landlords, realtors and tenants can each add notes, which can be accessed by all team members, enabling efficient on-going monitoring and management.