Watch out baby boomers, millennials are nipping at your heels. The US Census bureau predicts the number of millennials will balloon to 73 million in 2019, making them the largest living generation.
That’s a lot of millennials. Another fun fact is that the number of starter homes being built is not expected to grow in 2018. Plus, rents are skyrocketing in major cities. So where are all those folks going to live? The answer: together!
When I bought my first house, I knew I could cover the mortgage payment and expenses (thank you, dad for all the financial lessons) but no sooner than I signed the requisite 873 documents, a friend was in need of a place to live. Perfect timing! Her portion helped cover bills and incidentals. So companies that facilitate this make great sense. I didn’t belong to an HOA back then, but I can certainly see how this might complicate things. Do you each pay half of the HOA dues checks? Do you get two mailboxes? What happens if one check makes it to the lockbox and the other Who votes? Who gets the good parking spot?
“Paying with paper checks is already complicated,” said Tim Carey, FRONTSTEPS Product Manager of Payments. “But with electronic payments via the FRONTSTEPS platform, there are any number of ways for owners to pay dues on time.”
- Owners can each log in to their community website and pay half of the dues/fees payment. If the dues are $500.00 a month, owner #1 can log in and pay $250.00, then owner #2 can log in and do the same.
- The HOA or PMC can set up two records, so each owner can log in with their own personal login and pay their portion of the dues.
“25% of checks mailed into lock boxes are returned because of a lost payment coupon so odds are, that number will increase if two or more people are involved,” added Carey.
“Our solution alerts owners through text messages or email and less than 2 minutes later, dues and fees are paid, and of course each time those residents are logging into the website, there are more opportunities to engage with them."
Now if we could only get those millennials to show up for work on time...
Need another reason to go digital? Download our free guide, What Every Property Management Company Needs to Know About Free Checking.