Five Ideas to Help turn Late Payers into Gold
Every month, whether I have a balance or not, I get an email reminding me that my credit card payment is due in 10 days. I’ve never been late with a payment, so initially I wondered, “Why did they send this?” When I recognized that it was part of a proactive strategy to ensure on-time payment, I understood.
On a list of traits that make up the ideal tenant, “pays on time, every time” has to be right up there at the top. These tenants are gold. But there will always be tenants who are habitually late payers. And dealing with tenants who cross the line from late to delinquent can be costly and tough to resolve.
With an always-growing to-do list and staff stretched in all directions, how do you get the best bang for your buck when it comes to cultivating high-value, on-time payers?
It’s easier to seek payments than to chase them down. Here are five ideas to consider for a low-cost, low-effort, proactive strategy to address payment compliance:
- Target your efforts towards habitually late payers. Zero in on the segment with the most potential for improvement and retention. Who knows why they pay late. Their habits are out of your control. Step up your property manager communications to this group by sending them a rent due reminder before the due date.
- Send personalized rent reminders that are most likely to reach your target. Use voice messages, text messages, emails, and even social media. Stagger reminders so the forgetful and unorganized will receive several.
- Protect everyone’s comfort level by adding an anonymous voice to your staff. For voice reminders, choose a natural-sounding, automated voice. You and your staff spend a lot of time and effort building good relationships with your residents. Contacting residents to ask for payments can be uncomfortable and embarrassing on both sides of the conversation. Get off the phone and out of the hot seat.
- Deliver rent reminders in the languages your tenants speak. It can only help!
- Get documentation. If you have to eventually pursue collection options, it will be helpful to have your efforts documented. Keep a file of reports that confirm your messages were received.
Seeking payments or chasing them down… a proactive approach beats a reactive response every time.
Being proactive using a message notification service like One Call Now can help you do the job better and save you loads of time and money, too. It’s an efficient, affordable way to connect with residents. With One Call Now, you easily reach them using the communication methods they prefer: voice, SMS text, email, and social media sites. Place your message and it’s delivered within minutes to everyone at once across all mediums. Free smartphone apps make it easy when you’re on the go.
Automated features expand your reach and diminish your workload: automated translations (52 different languages), keypad responses, personalized messages, and detailed reports that document your contact. It’s simple to set up. There’s no software to purchase, no hardware to install and no additional phone lines are required. Updates are simple, too.