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Los Angeles Property Management eliminates 95% of all manager and bookkeeper expenses
Los Angeles Property Management manages 13 low-income multi-family apartment buildings in the Los Angeles area
With live-in managers at each property, tenants were allowed to pay with money orders, checks, deposit slips, and in rare cases cash. The result was a manual rent collection process that was prone to errors and slow deposit times. Often times, rent week included reviewing faxed documents and reconciling bank deposits that had no tenant or property names associated with them.
Now, all of Los Angeles Property Management’s tenants are required to use PayNearMe to pay their rent. Because tenants now pay their rent at local 7-Eleven stores, Los Angeles Property Management has eliminated the need for live-in managers. Furthermore, they take full advantage of real-time payment notification and reconciliation.
- $40,000 in annual cost savings from reduced manager and bookkeeper expenses
- 50% of owner’s time freed up
- Real-time payment reconciliation for all tenants
- Ability to expand more quickly and manage more properties