Collections Enhancements to Boost Residential Leasing Agency Revenue by 50%
The collections arm of a residential leasing agency needed to quickly increase collection rates and adapt to the challenges of an economic downturn. The client needed to reduce losses and increase revenue by increasing payment arrangements being made and kept. Additionally, they had to remain sensitive to the challenges faced by their residents in the midst of a pandemic.
The client needed to quickly roll out collections enhancements to mitigate loss and increase revenue.
- Bridgeforce data analysts segmented the collections portfolio based on attributes that were predictive of risk and curability and created a guide to help the client manage and enhance the work internally as the data evolved.
- The team created new outreach/contact strategies and long-term sustainable treatments by each new segment — aligning contact channel, frequency and messaging to consumers’ willingness to cure.
- The team also developed improved written communications tailored across all outreach strategies and channels.
- Bridgeforce built an enhanced call model, agent script and call scoring/rating framework to re-train agents and support ongoing coaching.
- Lastly, Bridgeforce experts worked with all stakeholders to develop realistic, actionable next steps — and an implementation roadmap — required to execute on our recommendations.
Bridgeforce’s enhancements were delivered in a short timeframe and were highly executable within a matter of weeks — with an expected 40-50% increase in collection rates.
The team’s well-thought-out approach, even with time constraints, minimized client effort and downtime while equipping them with the ability to scale the effort up internally.
- Segmentation, outreach, communication, treatment and digital strategies enhancements were expected to deliver a 40-50% increase in collection rates.
- The Bridgeforce team gained unanimous buy-in for all recommendations across all internal teams, from C-suite and operations to IT and HR.
- The client was positioned for success by gaining the tools and framework to implement all enhancements.
The client, an organization who rarely engaged consultant support, hired Bridgeforce based on its reputation for being an experienced consultancy known for delivering real results in a short timeline.
Bridgeforce’s challenge was to:
- Identify predictive risk attributes and recommend initial segmentation.
- Assess all communications, contact channels, treatment options, and design enhanced strategies by revised segments for each activity
- Audit and analyze current digital strategies and recommend a near- and long-term digital enhancement roadmap