It’s no surprise that our Yardi function blogs are some of our most viewed blogs. With all of the changes happening around the world, we decided to bring you another installation with information that will help you navigate your new tech requirements.
Automation is a crucial key to success for real estate investors. When you can automate time-consuming processes and procedures, you’ll save more money in operation expenses, you’ll have fewer human errors, your stress levels will decrease, and you’ll ultimately have more success year after year. And Yardi offers some of the most popular automation tools on the market.
Here are four Yardi tools you should be using to make your processes and procedures even more efficient.
1. Yardi Payment Processing
If you’re not receiving payments from your tenants in a timely manner, late and missed payments can fall through the cracks, wreaking havoc on your bottom line. Unfortunately, due to the continuing pandemic, late or non-payments are on the increase. Hence, the need for automated payment processing is more crucial than ever before so investors can more efficiently track late, current, and non-paying tenants to know exactly where they stand revenue-wise and which steps to take to rectify payment issues.
Yardi’s user-friendly payment processing offers tenants the ability to easily view and pay their account balances via a linked bank account or credit card. This feature is easy to implement as long as you are using RentCafé or Commercial Cafe. The transactions are instantly updated in Voyager, so there is no need to worry about data entry or delays.
2. Bill Pay Updates
As of September 13, 2019, Yardi Bill Pay now supports Mastercard virtual card payments, which is an automation game-changer for investors and property managers alike. This change to Yardi Bill Pay not only increases efficiency when paying vendors, but it also makes reconciliation easier, and more importantly, decreases the risk of fraud through the use of a single-use virtual card.
Yardi Bill Pay offers a rebate benefit similar to consumer cash-back credit cards. And because vendors pay transaction fees, costs are lowered.
3. Timed Lease Renewals
Yardi’s automated renewal tool, which sends tenants tiered renewal rates based on how early they commit to renew their leases (90, 60, or 30 days in advance of lease expiration dates), can increase investors’ renewal rates and also make it easier to forecast future lease revenues, which is crucial in today’s complicated real estate environment.
4. ILS Automation
Potential tenants can’t find your available properties if they’re not aware the properties even exist. That’s where Yardi’s Internet Listing Service (ILS) comes in. ILS uses your current information to update listings on online rental sites on a daily basis while ensuring pricing and any vacancies are correct so the best potential clients can find your available properties. And since ILS is automated, it decreases the need for human data entry and the potential for human error.
For more information on how Yardi can best serve your operational needs, or to implement any of the above features, contact us today.