Helps residential property managers assist residents impacted by COVID-19
Yardi released a software update that allows residential property management companies to manage and track rent deferral payment plans and recoveries. The release was fast-tracked so that property managers can accommodate residents who have been impacted by COVID-19.
“Helping property managers serve their residents and maintain business continuity is a top priority for Yardi. With unemployment claims skyrocketing, our clients were looking for ways to aid residents who are having a hard time paying rent during the coronavirus pandemic,” said Tamara Berndt, vice president of residential services at Yardi. “This solution can manage and track payment deferrals and recoveries on a large scale.”
The deferral payment plan and recovery tool allows for setup of payment plans for residents asking for financial accommodations and creates a recovery schedule of the deferred amounts. Once the deferral agreement is signed, lease charges are automatically created each month with the deferred amounts and recovery charges as appropriate. Gross potential rent is not impacted, and all records are maintained in a clear and organized fashion.
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The solution works in Yardi Voyager and RENTCafé CRM. Renters can upload proof of layoff or furlough documents and sign deferral agreements in the RENTCafé resident portal or RENTCafé Resident app. They can also be submitted by email. Everything is done online to maintain social distancing standards.
