Collecting on overdue rent payments has to be one of the least pleasant and most difficult tasks of any commercial property manager. You have to be tactful, but you must also be firm. And you must do it the right way, both from the human and the legal perspective. Failure to do so could expose you to costly lawsuits as well as damage relationships with all of your tenants, not just the troublesome one, perhaps permanently.
Dealing with delinquent tenants could become a growing issue over the next few years. According to Trepp LLC, the delinquency rate on commercial mortgage-backed securities recently rose for the first time in over a year, and the company expects that improvements in delinquencies over the past few years “are likely a thing of the past.”
Keeping track of rent payments and collections are the most critical element of maintaining good tenant relations, not to mention the profitability of your portfolio. That’s why the job is best left to an automated software system, especially when it comes to tracking overdue notices and follow up, such as three-day demand letters. It’s definitely not a job you can do manually or by relying on an Outlook calendar, as many property managers surprisingly still do.
That’s why smart commercial property managers rely on SKYLINE® Property Management Technology Solutions from Anton Systems.
SKYLINE is both a dynamic lease management and powerful accounting system. In addition to tracking and maintaining critical property, unit and tenant data, SKYLINE processes information for tracking rental charges, payments, vacancies, receivables and deposits. Property owners and managers quickly gain complete control over all property, portfolio and cash management and reporting functions.
“SKYLINE supports a versatile database and reporting system that stores all critical information.”
and provides concise financial, operational and custom reports to meet your specific needs.
In particular, the Comprehensive Tenant Relations Management (TRM) feature enables you to track, monitor, manage, document and report on all past, current and future tenant activity and interaction. SKYLINE’s Electronic Tenant E-Billing helps you to reduce costs and increase receipts through automatic electronic delivery of statements. You can then create robust reports on vacancies, multiple rent rolls, expirations and delinquencies.
All tenant interactions are automatically date- and time- stamped. The module enables you to create a detailed list of all those on your staff who entered an event, plus who is responsible for next action steps. You also automatically receive an e-mail or SKYLINE Alert for all TRM due dates, charges or maintenance. E-mailed or printed documents can be automatically saved per occupant and recorded in TRM.
The critical event alerts system automates the notification of events and time-sensitive dates critical to managing your properties, including lease expirations, lease renewal effective dates, and intended move-outs.
But the Skyline system is only part of the package.
To perfectly tailor a solution to your business requirements, Anton strategizes with you and then builds your SKYLINE system based on your precise challenges, short-term needs and long-term goals to enable you to make measurable improvements across all areas of operations. Anton can integrate and automate your property management, accounting, facilities management, work order processing, escalations & recoveries and reporting.
And that’s not it: we back you with 25 years of real estate experience, expert training – either virtual or on-site – and ongoing support.
The end result is better control over costs and improved cash flow, which means increased bottom-line profits, better property performance and improved tenant relations.