Ray White Cabramatta Transforms Payment Process with SimpleRent
Agency
Primarily servicing the Asian market, Ray White Cabramatta offers unparalleled technology, dedication, and a real passion for customer service.
Location
Cabramatta, NSW
SimpleRent User Since
March 2021
Share Article
100%
accuracy in billing and settlement records
$1,440/ year
saved on paper for hard copy water bills
100%
Of failed payments were recovered through automation without manual follow-ups
Ray White Cabramatta leverages SimpleRent’s payment automation capabilities to save time on billing, collection, and bank reconciliation, leading to incredible time savings and money on paper-based processes. They save $1,440 a year on paper for water bills alone.
Being a busy person as a property manager, I find it very easy to use SimpleRent, especially when you need to check out who has paid rent or not, and what the payment is for.
Challenge
Tin Duong who leads the property management team at Ray White Cabramatta, knows how critical technology is to modern renting.
With a huge rent roll in New South Wales, Tin and his team actively advocate the use of electronic rent payments.
The decision to accept direct payments has proven to speed up the collection process.
The bank reconciliation process, however, was a different story.
For a long time, it was difficult to track and verify each bank transaction that came in. Without a unified solution in place and relying on manual methods, reconciling accounting data was impossible to accurately track without human errors.Tin shares that “the problem with direct entry payments is that you need to know the reference code that will identify the payee and what the payment is for. Chances are, tenants fail to provide the correct reference code. When we do bank reconciliation, we find the bank transactions and our books being out of sync.”
Greater visibility and data reliability were crucial for Ray White Cabramatta. Tin realised his team needed a property payment system that could remove the stresses from manual bank reconciliation and rent collection.
Solution
Fortunately, SimpleRent, an end-to-end payment automation software, came into the picture when a SimpleRent business development manager reached out to their office.
After the product demonstration, Tin knew SimpleRent would be the best solution to simplify their payment processes from online payment collection to billing and reconciliation.
Impact
Automating the bank reconciliation process
SimpleRent’s automated rent collection system comes with automated bookkeeping ensuring all payment records are complete and accurate at all times. With automation, Tin and his team are less likely to have duplicate, missing, or mismatched records.
SimpleRent helps them cut down on time, cost, and data entry errors with file upload and automatic bank reconciliation. This ultimately reduces potential business financial risk associated with manual bank reconciliation.
“With SimpleRent, the simple thing is you have one batch file to download. Funds clear to our trust account. And the best part, it reconciled by itself. You don’t have to do anything else. That’s it. Done.”
Saved $1,440 per year on hard copy water bills
The agency’s shift to SimpleRent has made a huge impact on water billing.
As Tin shares, “Back in the day, we had to print water bill reminders. We printed out roughly around 300 sheets of paper per quarter. The cost of paper went up to $1.20 per letter. With SimpleRent, we just send out an automated email reminder to tenants. No need to manually chase tenants to pay their bills. SimpleRent does it. Simple.”
In a year, the agency is saving $1,440 per year on paper bills.
Reducing their rent arrears
Another great thing about SimpleRent is its auto-follow-up feature if tenants fail to pay their rent. SimpleRent notifies tenants via email and SMS with the “Pay Up Now” (PUN) link.
To date, 100% of failed direct debit payments have been recovered through automated communications - without the agency having to manually follow up with their tenants. This means no more awkward calls to chase payments!
Improving visibility through dashboard and report
Another benefit Tin enjoys while using SimpleRent is having an overview of his payment operations.
“Being a busy person as a property manager, I find it very easy to use Simplerent, especially when you need to check out who has paid rent or not and what the payment is for,” Tin shares.
SimpleRent has made payment records easier for Tin and his team. He appreciates that SimpleRent sends a daily transaction report that summarizes all the settlements for the day, including entry and bond payments, rent, miscellaneous invoices, and BPay invoices.
“When I need to know something about a property payment, I just go to the SimpleRent app. I can easily find the information I need because the app is so basic and simple to use. I didn’t have any app training, but I can easily get things done,” Tin shares.
Overall, my team is happy with SimpleRent. It’s easy. I have referred SimpleRent to 2 or 3 different agencies already.
Discover how to scale your success
Let SimpleRent automate your property management operations.
SimpleRent is a cloud property management payment software that is designed to help property managers save time and agencies money, and delight tenants.
Copyright © SimpleRent.com.au 2021. All Rights Reserved