A Payment Plan is a written payment arrangement between a resident and the property management company.
Residents who cannot meet their rent payments agree to pay their balance on specific dates under a payment plan.
Although the resident signs a payment plan, it does not mean that late charges stop.
The corresponding late fees will be added to the balance when a payment plan is signed.
All payment plans must be scanned and saved to Rent Manager in the History and Notes Section.
*Payment plans are not meant to be used every month, they are only for when a resident is struggling.
Make sure to explain this to every resident.*
The following video will help refresh your memory on how to add a payment plan correctly into the system.