In the changing landscape of multifamily in 2023 and 2024, many of property management company’s priorities have shifted. Automated Payment Collections & Delinquency Notices is a topic we hear more and more about each day at Nurture Boss.
The days of high resident turn over in favor of raising rent prices for new tenants is over. Resident retention along with a strong operating account are the forefront of most conversations across the multifamily work today.
What Are Automated Payment Collections?
Automated Payment Collections is a method of gathering more on-time rent payment through the use of technology. Typically, it has been left the Assistant Manager at a property to run point on rent collections. While this is not a bad way of doing things, it fails to leverage modern technology to increase success rates and decrease burden on the onsite team.
At Nurture Boss, we believe a proactive approach to rent collection is the best way to decrease delinquency and encourage more on-time rent payments. A few of the features and benefits of Automated Rent Collection include:
- Proactive reminders BEFORE rent is due.
- Automated emails and texts sent before the 1st of the month to make paying rent easy.
- Personalized messages encouraging resident to activate auto-pay.
- Directly route residents to the resident portal or mobile app of your choice.
- Advertise flexible rent payment solutions your property offers.
- Increase on-time rent payments with Automated Payment Collection.
With Automated Payment Collections you can send rent reminders on the day of your choice, automatically, and measure results to see which residents are engaging with your messages.
What Are Automated Delinquency Notices?
While on-time rent payments are the dream, the reality is that this does not happen every-time. Automated Delinquency Notices ensures that ever resident with an overdue balance on their ledger is made aware, and provided the tools they need to rectify the situation.
In 2024 it will be more important than ever to ensure your operating account has as much cash in it as possible at all times. By driving more residents with an overdue balance to pay we can dramatically improve the financial situation of a property.
At Nurture Boss, we believe have created Automation around collection delinquent balances from all residents:
- Email and text messages sent automatically to each overdue resident.
- Customize what day of the month notices are sent.
- Customize the ledger balance threshold that triggers these notices to be sent.
- Personalized messages encouraging resident to activate auto-pay.
- Directly route residents to the resident portal or mobile app of your choice.
- Advertise flexible rent payment solutions your property offers.
- Decrease delinquencies with Automated Delinquency Notices.
Automated Payment Collections Conclusion
As we navigate into the economic realities of 2024, ensuring on-time rent payments and a $0 balance ledger for our residents is more important than ever.
By leveraging technology to automate the process of collecting rent on-time and retrieving funds from overdue residents, you can ensure 100% of these residents receive the right message at the right time. Not only does this free up your onsite team for more manual tasks but also dramatically increases on-time rent payment and decreases delinquencies.
