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How Property Managers can Reduce Delinquent Payments

 

Property Management How To: Reduce Payment Delinquencies

Managing rent collection delinquencies has been a constant challenge for property managers. In more recent times and economic challenges, the scale of this issue has compounded. Eviction moratoriums have been lifted across the U.S., kick-starting aggressive rent collection campaigns in addition to information campaigns to provide additional support to residents. Inefficient or ineffective collection strategies can affect cash flow, increase tension with current residents, and easily consume your manager’s workday. So what are some of the ways that property managers can deal with delinquencies? 

Consistent Messaging and Reasonable Penalties

In addition to a disciplined approach to rent collection, property managers can reduce delinquency with consistent messaging regarding late and missed payments, reiterating their policies. Sending text messages or providing easily accessible website links with an explanation of policies as well as a medium to ask questions is crucial to ensure residents understand what is expected of them, what resources are available for them to communicate with your team, and how to receive rental assistance.

Automated Reminders

Leveraging text message automation software like Notifii Connect can help you send reminders prior to a payment’s due date and after a late payment. Unlike email, text messages are viewed within 90 seconds of receipt, which increases the likelihood that your reminder is seen and acted upon. This also cuts down on the time spent by your team pursuing rent collections. 

 

Automated text messages can be completely customizable. Include all relevant information such as where they can go to pay, links to resources if they need assistance or even a link to the policies regarding delinquency.

 

SMS is a powerful tool for this as it meets your residents on a frequently used platform and removes the competition email has with many retailers and businesses.

 

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Provide Resources and Tools

Managing delinquencies can get emotional. It is always difficult to speak to a resident about the possibility of eviction or fines for delinquent payments. Show you care without making exceptions to your policy is by providing resources to rent assistance programs, job boards, and food assistance programs. These can be listed in your management office, your website, email newsletters, or as physical flyers distributed to your residents.

Keep Clear Records

In order to ensure you have the right protections for court proceedings or eviction, it is imperative that your team keep record of all communications regarding rent payments. Notifii Connect and similar tools allow you to save a 5-year record of all email and texts sent to any given resident that are easy to export to a csv to save locally for your records.

Introducing Notifii Connect

Send as many messages as you like, from as many accounts as you like with Notifii Connect. We offer UNLIMITED users and UNLIMITED messaging. Your central team can answer any inbound questions that come through text from their individual devices. Set up automations like automated FAQs to answer common questions instantly. Want to learn more? Schedule a demo with one of our product experts!