Do you still write out the rent and utility bills yourself every month?

The most popular way to create invoices is through Word or Excel programs. This is also the case in the real estate rental industry. In addition invoicing can have its own nuances depending on the industry in which it operates. There is one specific nuance in the field of real estate rental/lease. Namely, monthly rents or leases the invoice amount usually does not vary. During the period of validity of the mutually concluded contract between the tenant and the lessor, the amount of rent is constant, unless otherwise agreed in the contract.

Let's assume that you also rent out one or more apartments (other real estate) that you own. How do you issue invoices to your tenants?

Invoicing where only two variables change in the invoice each period - the date and the rental period - is an activity that can be entrusted to someone else. Thus saving your time. Sound convenient?

Maybe one bill a month doesn't seem like a lot, but what if there are dozens? Wouldn't it be better to spend your time and energy on more important things in life?

There are several tools available today that offer invoice automation, but Proforio specializes specifically in real estate rental and leasing, solving the specific issues of this field.

However, the biggest challenge is utility bills!

Exactly! Utility bills are the biggest concern for landlords and managers when it comes to billing and automating them. However, Proforio is fighting this challenge and offers the possibility to generate a utility bill as well.

If the items and the total amount do not change in the bill for rent or lease, then the items, consumption and amount may be different in the utility bill every period. Depending on the type of service, there can be both a simple and a complex calculation formula. Each landlord, manager has his own method of calculating the quantity or price of a specific item, which may depend on the specifics of the object or service and other conditions.

How does it work?

In order for monthly invoices to be issued automatically, you first need to set what and when to issue. For example, rent bills should be issued for the current, previous or next month, and utility bills for the previous month.

• Configuration of invoice generation takes place in the contract itself, where the period of the contract is initially defined.
• The next thing to do is choose the tenant for whom the invoices are intended.
• It is important to choose which types of invoices you want to generate - rent/lease or utility invoice.
• Remember! For each invoice type, you can set your own date when the invoice will be generated.
• For the rental invoice, the contract defines which objects are rented and for what amount.
• For the utility invoice, define the services you want to include in the bill.
• One or more price and quantity calculation steps can be set for each service.

We have also developed an invoice generation simulator that will help you create the desired conditions and make sure that the invoices will be generated correctly.

When you have finished setting the most important parameters, activate the contract. After the activation of the contract, all automatic processes will be enabled. However, do not be afraid if later you notice that something needs to be changed - you can stop the contract at any time and make the necessary adjustments. Then activate the contract again. One of the advantages of Proforio is that the user has free management and the ability to correct, change or add the necessary information for the particular invoice. It is convenient and easy to do!

On the day when the invoices will be automatically generated, you will be informed by receiving a notification in Proforio, as well as information that the invoices have been prepared will be sent to your e-mail. Newly created invoices will have a draft status, which means that the tenant(s) to whom the invoice(s) is/are intended will not see it yet.

Before the invoices are approved, they can be reviewed, checked and corrected if necessary.

Such an option is provided so that the user can add a special item or, for example, change the total amount of the bill for some reason, calculate fines, and so on. Proforio offers free management depending on the user's needs and preferences.

See for yourself how Proforio can facilitate your real estate management! You have a great opportunity to start a free trial with all the offered options. If you want to know about new functionality, recommendations and news related to real estate or receive special offers, sign up for news!

Sincerely,
Your assistant in real estate management, Proforio!