How Online Payments Benefit Tenants, Landlords, and Service Vendors

Property management companies that still require tenants to remit rent and lease payments via paper checks or money orders are missing out on many conveniences, not to mention creating potential serious obstacles for their tenants. As members of the millennial generation enter the rental market in large numbers, it bears keeping in mind that the majority of young consumers have never issued a paper check and are used to the security and convenience of paying all of their bills online. Most young consumers are naturally going to gravitate to property management companies that offer online payment options when given a choice — and many members of older generations have also embraced paperless technology, particularly when it comes to their routine financial transactions. 

Tenants aren’t the only ones who benefit by using online payment services. Property management companies, private landlords, and vendors all have much to gain by implementing an online payment system. Here’s some of the benefits you’ll enjoy by following suit:

A Reduction in Late Payments 

Because many people who use online payment systems to take care of ongoing financial obligations such as rent choose automatic bill paying options, property owners and managers see a noticeable reduction in late payments as a result. Checks getting lost in the mail and similar scenarios won’t happen with regularly scheduled payments. 

A Reduction in Paperwork 

You and your staff won’t have nearly as much paperwork to handle after you set up an online payment system. You can also set up automatic online invoicing and receipt systems that supply tenants and vendors with their own necessary copies of financial transactions that don’t require you to fill, address, and stamp envelopes. 

A Reduction in Security Concerns

The average paper check has all the information that a criminal would need in order to steal someone’s identity or possibly even access their bank account. The less compromising information that you have on your tenants and vendors, the more secure they are against this kind of activity, which is especially important since many thieves are targeting property management mailboxes specifically to steal checks. 

At AZ Residential Management, we work closely with property owners and managers to find best practice solutions for all their administrative needs. Please contact us at your convenience to learn more about how our services can make your workload lighter, make it easier for vendors to do business with,  and help you attract top quality tenants. 


A rental property is a steady stream of income for retired people

Consider Investing in Rental Property to Bring in Retirement Income

As retirement approaches, many people consider what they plan to do to maintain their current lifestyle while having a lower income. If you are contemplating such a situation, getting involved with rental properties may provide you with the retirement income you are looking for during your golden years. Renting out a residential home or apartments can allow you to bring in monthly income that can be used to go on a vacation, to pay off a mortgage, or to make other investments.

The Advantages of Using Rental Property as Retirement Income

AZ Residential Management simplifies property management services for people of all ages, including retirees who are currently renting out properties and those interested in getting involved with investment properties. We streamline the work to make it easier for landlords to collect rent, perform regular property upkeep, and to immediately address maintenance problems that tenants may experience. In addition to our services, you can obtain a wealth of other benefits when becoming landlords of residential property during retirement.

Steady Stream of Monthly Income

One of the biggest benefits to rental income is that you receive passive income coming into your bank account every month. By having great tenants who take care of your property, you lower your expenses of taking care of your extra property as you can use part of that passive rental income toward repairs and upkeep. AZ Residential Management performs rental collection work and accounting work so you have up-to-date and accurate bookkeeping records.

Have Great Tenants Occupying Your Extra Properties

AZ Residential Management always performs an initial inspection of the property and will list any repairs that need to be made so the property can be brought up to good condition so it can bring in the best tenants. This service can bring peace of mind to out-of-state landlords who have vacation property as they know that the property isn’t sitting empty and neglected. By having our staff performing maintenance, you can keep your property upkeep costs low as you make more money.

Get A Range of Tax Deductions

You may assume that getting rental residential homes or apartments will cost more than what you will make in rental income. Yet many homeowners take advantage of the tax deductions that are associated with rental property investments. With the accurate monthly and yearly statements that AZ Residential Management provides to simplify your tax preparation, you will be able to seek out mortgage interest deductions, insurance deductions, repair deductions and depreciation deductions. In addition, you may also be able to get deductions when hiring professional services that are part of your operating fees to manage the property.

If you are trying to decide on how to bring in retirement income, consider the benefits of rental property investments and having AZ Residential Management as your property managers.


Reasons to Hire a Property Management Company

If you have a rental property, one of the things you will likely need to determine is whether or not you want to manage the property on your own or if you want to outsource this task to a property management company. The latter is usually an option that works best for most people unless they want to manage their property full time. These are just some of the benefits and reasons to hire a property management company.

  • They can find better tenants. Property management companies have a lot of different resources available to them including their tenant vetting process. In most cases, they tend to find better tenants because they are so thorough with their application process than you could be with interviewing someone or having them submit an application.
  • You can sleep through the night. If there is a maintenance issue at your rental, you can bet that your tenants will call about it and it does not matter when it happens. You may even get a call in the middle of the night. If you have a property manager, these calls go to their office instead so you can continue to sleep through the night while they deal with it.
  • They can help you with avoiding any legal issues. No one ever wants to have to deal with legal issues surrounding their rental property but they do happen, especially if you do not know landlord-tenant laws. Your property manager will know all about these laws and will make sure that they are compliant. If you do have to deal with an eviction, you should still be able to get help from the property management group.
  • You do not have to stay in the area. If you want to move away from the area your rental property is located in, you can do that as long as you have a property manager. They can keep an eye on the property for you and you have the freedom to move wherever you wish as a result. You can also rest assured that your property will be checked on frequently, even if the property is vacant and you are looking for a new tenant to move in. This is something you no longer have to worry about since they can be your eyes.

If you are interested in learning more about your options, be sure to reach out to AZ Residential Management. They offer great service as well as personal attention so you and your property are not just another number.