Want Happy Vendors and Better Service? Centralize Your Payment Process

The vendors who maintain your properties are just as critical to your success as your residents. Skilled and reliable contractors ensure that repairs and maintenance are handled professionally, correctly, and on time, all of which prevent costly rework and keep properties in peak condition. Plus, when work is done right and isn’t intrusive, your residents are happier.

But, if your vendors are not paid on time or face disorganized work orders, they will prioritize other clients. And that poses a big risk to your operations.

Yet, a 2023 study by Buildium found that 52% of property managers struggle with delayed vendor payments, leading to dissatisfaction and high contractor turnover. The problem? Outdated, manual payment processes that slow down approvals, create errors, and limit transparency.

The Challenges of a Disconnected Payment Process

A centralized payment system is essential to keeping vendors happy and engaged. Without one, property managers face significant roadblocks in their payment and invoicing processes, including:

·       Manual data entry errors that lead to payment discrepancies.

·       Approval bottlenecks causing processing delays.

·       Limited visibility into job completion and payment status.

·       Lost invoices that create financial and compliance risks.

The impact? Missed repair deadlines, frustrated contractors, miscommunication, and emergency fixes that cost up to four times more than planned maintenance, according to the National Apartment Association.

How Lessen360™ Solves the Vendor Payment Problem

A centralized vendor management platform streamlines payments, ensuring that contractors are paid quickly, accurately, and fairly. Lessen360™ delivers:

Automated payroll calculations. Payments are automatically calculated based on hours worked, job type, and vendor agreements. This way you remove the risk of manual errors and protect the integrity of your payments.

Faster invoice approvals. Workflows flow seamlessly within a single platform. Which means that vendors are paid faster. You’ll no longer be deluged with calls, texts, or emails from vendors seeking missed or delayed payments. Now, both sides will have records of a speedy payment, and the relationship you spent years building with your vendors will remain solid.

Integrated job tracking. Lessen gives you full transparency into service requests, work orders, and vendor performance. No more miscommunication between parties, delayed service, or repeat visits due to errors. You’ll have full tracking, in real time, of all work orders to make sure the right person is at the right job at the right time.

Lower administrative costs. Correcting unnecessary errors is costly. Lessen removes manual input so your property managers operate more efficiently by staying focused on tasks that deserve their time and attention.

Stat Check: Property managers using centralized payment solutions reduce invoice errors by 37% and cut processing time by 50%, according to PropTech Today.

Your Growth is at Stake

Centralizing vendor payments will net your organization wins all around: You’ll improve efficiency, cut costs, generate more timely service, strengthen the trust you have with your vendors, and ultimately, produce happy residents.

Automating your relationship with your vendors is a sign you care about their work. In return, they’ll prioritize your properties and make sure you’re at top of mind when you need them the most.

The path to growth is one that is cleared of risks. Lessen360™’s centralized payment system is the surest way to do just that. Contact us today so we can get your portfolio where it needs to be.

‍