Rent Collection Process

Understanding the Rent Collection Process in Leaseora

Leaseora streamlines the rent collection process, making it easier for property managers to collect payments on time and for tenants to pay their rent. This guide explains how the rent collection process works in Leaseora and how to optimize your payment workflow.

The Rent Collection Cycle

Setting Up Rent Schedules

To set up rent schedules for your properties:

1. Go to "Properties" in your dashboard
2. Select the property you want to configure
3. Click on the "Rent Settings" tab
4. Configure the following settings:
   • Rent Due Date: The day of the month when rent is due (e.g., 1st of the month)
   • Grace Period: Number of days after the due date before a payment is considered late
   • Late Fee: The amount charged for late payments
   • Late Fee Type: Fixed amount or percentage of rent
   • Proration Method: How partial month rent is calculated
5. Click "Save Rent Settings" to apply the configuration

Automated Payment Reminders

Leaseora can automatically send payment reminders to tenants:

• Pre-due Date Reminders: Sent a specified number of days before rent is due
• Due Date Reminder: Sent on the day rent is due
• Late Payment Reminders: Sent after the due date if payment hasn't been received
• Late Fee Notifications: Sent when late fees are applied

To configure payment reminders:

1. Go to "Settings" > "Notifications" in your dashboard
2. Select the "Payment Reminders" tab
3. Configure when and how reminders are sent:
   • Number of days before due date for initial reminder
   • Frequency of late payment reminders
   • Communication channels (email, SMS, in-app notification)
   • Customized message content
4. Click "Save Notification Settings" to apply your configuration

Tenant Payment Process

From the tenant's perspective, here's how the rent payment process works:

1. Tenant receives a payment reminder notification
2. Tenant logs into their Leaseora account
3. On their dashboard, they see their current balance and payment due date
4. They click "Make Payment" and select their preferred payment method
5. They enter the payment amount (or use the pre-filled amount)
6. They confirm the payment
7. They receive a payment confirmation and receipt

Autopay for Tenants

Tenants can set up automatic payments to ensure rent is always paid on time:

1. Tenant goes to "Payment Settings" in their account
2. They select "Enable Autopay"
3. They choose their preferred payment method
4. They select when the payment should be processed (on due date or X days before)
5. They confirm the autopay setup

Tracking Rent Payments

Leaseora provides comprehensive tools for tracking rent payments:

• Payment Dashboard: View all upcoming, completed, and overdue payments
• Payment Status: See which tenants have paid, which are pending, and which are late
• Payment History: Access complete payment records for each tenant and property
• Payment Reports: Generate custom reports for accounting and tax purposes

To access payment tracking:

1. Go to "Payments" in your dashboard
2. Use the filters to view payments by status, date range, property, or tenant
3. Click on any payment to view detailed information
4. Use the "Reports" tab to generate custom payment reports

Partial Payments

Leaseora allows you to configure how partial payments are handled:

• Allow Partial Payments: Choose whether tenants can make partial rent payments
• Minimum Payment Amount: Set a minimum amount for partial payments
• Payment Application: Configure how payments are applied (e.g., to oldest balances first)
• Late Fee Handling: Determine if late fees apply to partial payments

To configure partial payment settings:

1. Go to "Settings" > "Payment Settings" in your dashboard
2. Select the "Partial Payments" tab
3. Configure your partial payment preferences
4. Click "Save Settings" to apply your configuration

Payment Processing Times

Different payment methods have different processing times:

Recording Manual Payments

For payments received outside the Leaseora platform (e.g., checks or cash), you can record them manually:

1. Go to "Payments" in your dashboard
2. Click "Record Manual Payment"
3. Select the tenant and property
4. Enter the payment amount, date, and method
5. Add any reference numbers or notes
6. Click "Record Payment" to add it to the system

Payment Reconciliation

Leaseora helps you reconcile payments with your bank account:

• Bank Feed Integration: Connect your bank account to automatically match transactions
• Reconciliation Tool: Match payments in Leaseora with deposits in your bank account
• Discrepancy Alerts: Get notified of any discrepancies between recorded payments and bank deposits
• Reconciliation Reports: Generate reports showing reconciled and unreconciled payments

To access the reconciliation tools:

1. Go to "Accounting" > "Reconciliation" in your dashboard
2. Select the date range you want to reconcile
3. Review the payments and bank transactions
4. Match unmatched transactions or resolve discrepancies
5. Mark the period as reconciled when complete

Frequently Asked Questions