Ask any experienced real estate principal to name the biggest challenge for an agency and they’ll give the same answer: cash flow. In theory, it should be easy – “just have more coming in than going out” – but anyone who’s ever had to try to dig themselves out of a cash flow problem knows how crippling it can be.
And even when you have a handle on it, no one knows when the next COVID-19-sized curveball is on its way to knock everything out of whack.
That’s why it’s imperative that every business puts into place measures that will safeguard their cash flow should the unforeseen happen. So here are some tips that could help.
1. Improve your invoicing process with technology.
This one’s perfect for anyone who’s ever felt like they’re spending more time chasing down payment or filling out invoices, rather than actually doing work! Fortunately, RealtyAssist has a suite of time-saving digital programs that automate your invoicing and more:
- Reduce invoicing delays and errors.
- Send invoices on time.
- Check pending and completed payments.
- Collect overdue invoices.
2. Provide customers with Buy Now Pay Later products.
Whether you’re selling a home or putting a new tenant into one of your rental properties, there’s a lot of incidental costs that can put pressure on both parties: the cost of marketing, the cost of bonds and more. Offering customers BNPL services can ease this stress:
- Customers will appreciate being able to pay in weekly and fortnightly instalments rather than big lump sums.
- They can access cash that goes to you faster and more reliably, so you can factor that into your cash flow.
3. Track your transactions accurately
Getting paid can never be a bad thing, can it? You may think twice if you’ve ever dealt with validating payments when your customers haven’t filled in the payment descriptions. This can result in hours of chasing down details like which property was being paid for and which bill (or bills) were being paid.
A good invoice system, like the one offered by RealtyAssist, will assist you by making sure you don’t just receive the money; you receive all the details you need.
4. Be wary of fees and additional costs
Some VPA companies are great at hiding fees and additional costs. Pretty soon you find them eating into your profits. You need an organization that is transparent with their charges, so you can factor them into your cash flow.
With VPACollect, you receive the industry’s best rates.
Get RealtyAssist to assist you.
RealtyAssist can provide your business with the tools to streamline your invoicing system and bolster your cash flow, so you can focus on selling and marketing your homes. They provide easy-to-use administration and operations solutions to every type of real estate transaction.
Best of all, it fits seamlessly into almost every agency system:
- Integrates with all top CRM providers.
- Fully compliant invoices to DMERS ATO/APRA/RAB.
- Daily payouts to your trust account.
- All accounts receivable in one portal.
And because RealtyAssist is committed to bringing you the industry’s best rates, both you and your clients benefit. It’s time to optimise your cash flow!
Contact RealtyAssist today to make it happen.