Eviction had always prevented the need for a high level of sophistication in collections processes, yet now, the industry has been forced to think differently*. We outline in this two-page white paper the top 5 ways to get to collections readiness.
It’s more critical than ever to target residents who can pay, provide viable options for those who need help, and keep yourself compliant and out of the red. You need a collections strategy that gets the best outcomes for you and your residents.
You may be experiencing these challenges already:
Currently, we have found that clients aren’t sure how to prioritize their time and investment. Several companies in residential leasing are not ready to handle the current volumes and feel behind the curve. Our 5 steps help to get in front of the curve.
By following these steps, you could achieve an uplift of greater than 40% in dollars collected and over 25% in arrangements secured within 16-24 weeks. These estimates are based on actual performance uplift from a previous client after we helped them make enhancements based on these steps.
Predict “ability-to-pay” by analyzing all existing data to identify resident attributes that help you segment your portfolio.
Assess contact channels, contact strategies and treatments to design an enhanced approach by segment that ensures you target residents who will most likely work with you.
Review all written communication and develop targeted messaging by segment with clear calls to action, options, consequences and contact/payment methods. Make sure your written communications provide all the following elements.
Evaluate agent calls to identify skill gaps in establishing ability, stability and willingness to pay. Once you know the gaps, you can address them through enhanced training and coaching.
If you need extra help in Step 4, we have a 30-minute webinar that covers agent training. Watch the recording here.
Assess the benefits of investing in an all-round digital collections system. Such an investment means that leadership can design and manage contact strategies/campaigns by segment, that agents can easily access and update resident files and that residents can set up and make affordable payments.
We have helped many clients accelerate digital capabilities with vendor selection, read the 9 steps for successful tech selection here.
Our experience and expertise in default management spans over 20 years. We’ve mastered each element within the 5 steps above while tailoring solutions for each client. We deliver real results in weeks not months, and are confident that our unique way of working alongside your team to enhance collections while minimizing down-time, will position you for long-term success.
A recent 8-week engagement delivered residential lease collections enhancements and training on all changes. The client sponsor stated, “I went through this training myself last week…IT IS EXCELLENT!!” following the all-virtual training portion of the engagement.
Our client achieved these outcomes from our efforts:
Read the case study to see how we dramatically improved the client’s ability to collect at this link.