Resident Interface Newsletter
Our new name says it all.
Resident Interface represents a new resident-centric approach to revenue recovery, and a recognition of changing client needs. Our rebranding campaign was meant to better reflect a newly adopted set of best practices, as well as a transition to a more comprehensive platform.
2020 was a year of sweeping change for multifamily. The impact of the pandemic increased bad debt levels within multifamily, and as the industry climbs out of the economic recession it is not the time for harsh and demanding debt recovery tactics. It’s a time for compassion, and an opportunity to work with residents and strive for mutually beneficial resolutions.
As the name Resident Interface suggests, apartment residents require a third-party advocate to prioritize their needs, explain the implications of unpaid rent and educate them on the debt collection process to help avoid an escalating situation. We recognized the chance to become far more than a debt collector, and to serve our clients through the use of innovative technology that provides better transparency and reporting throughout the collections process.
The eviction moratorium will eventually come to an end, and we have positioned ourselves to guide our clients through what could be a tsunami of evictions. This post-moratorium period will likely be an unprecedented event for multifamily in terms of eviction volume, requiring efficient and localized processes, as well as an experienced touch.
We’re engaging with our customers and enhancing our solutions to encompass the full spectrum – from the first late payment through post-eviction. We have assembled resources to enable our Possession Partner product to efficiently manage paperwork, expedite legal services and establish a one-stop shop for clients.
We’re continually evolving as a company to stay one step ahead of the current multifamily landscape, and we’re now poised to deliver for our clients on a new level. The transition has been tedious at times, but we’re ready for the road ahead. We are always open to and welcome conversations with our clients. We are here to serve you, first and foremost.
Thank you for your continued partnership and we look forward to serving you with the most robust revenue recovery platform.
Have a wonderful day!
Steve Sobota, Founder and CEO, Resident Interface
P.S. We invite you to follow Resident Interface on our new LinkedIn page. Hear from Resident Interface clients on their successes, keep tabs on revenue recovery news and insights on how to improve your bad debt collections.
As of May 6, 2021, rent collections at 80%: NMHC’s monthly rent collection data indicates some stabilization across the industry. According to its May 10th release, the 80% rate is a 0.1 percentage point decrease from the share who paid rent through May 6, 2020 and compares to 81.7 percent that had been paid by May 6, 2019. This data encompasses a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price. Read the full announcement.
Debt trends are moving in a positive direction, despite the pandemic. Data from the New York Federal Reserve reports that in 2020 more than $108B in credit card debt was paid down in the U.S.” Review the data here.
Within less than 24 hours the national federal eviction ban was lifted and then reinstated, creating even more frustration and confusion for operators and renters alike. The NMHC and NAA have compiled information to help ease the confusion as more residents are seeking details on the Emergency Rental Assistance Program (ERAP) as well as guidance to ensure operators are meeting notification requirements. Two resources available to help are:
While the national eviction ban has been a lifesaver for many renters during a global health crisis, landlords and property owners have faced an immense financial burden. Bad debt has been accelerating for renters and property owners alike. But mass evicting renters could also prove to be just as financially devastating for some landlords and small property owners. Read this LA Times article to learn more.
RESIDENT INTERFACE NEWS
Did you know that ClickNotices is now Possession Partner and is one of the solutions offered by Resident Interface?
Acquired in June 2020, Possession Partner integrates its eviction management and digital notice SaaS platform into Resident Interface. This maximizes NOI by helping apartment operators reduce late rent payments, streamline legal filings, and achieve the best possible operator-resident outcomes. We are excited to bring Possession Partner team members into the Resident Interface family.
- Jeffrey Schwartz, VP of Legal Services
- Angel Del Viscio, VP of Customer Success
- Matthew Barbieri, VP of Product
The Resident Interface team expands with high caliber executives to further innovate comprehensive risk mitigation and revenue recovery management services:
Multifamily Review Podcast
“A Moody Analytics study found that 12 million U.S. renters are expected to owe an average of $6,000 in late rent and utility payments,” said Greg O’Berry, who sat down with Michael Avent, host of The Multifamily Review Podcast to discuss how operators can work with residents who are at risk of eviction. Listen to the full podcast here.
Where do you stack up? Resident Interface recently surveyed property managers and operators on how they communicate with residents regarding payment. According to the survey:
56% of respondents communicate with residents before rent is due
58% say they communicate before late fees are charged
72% of respondents say phone calls are the most effective communication method
CONFERENCES AND EVENTS
WEBINAR: NMHC: Multifamily Debt Collection and Consumer Reporting During COVID-19 & Beyond Webinar
Tracy Legg, VP, Business Development for Resident Interface joined Paula Cino, VP, Construction, Development and Land Use Policy, NMHC; Kevin Donnelly VP, Government Affairs, NMHC; and Jay Harris, Esq., Vice President, Fair Collections & Outsourcing, Inc. to examine the changing landscape in rent and debt collection caused by COVID-19. They explored the possible impacts to credit reporting, risk management and what’s needed to support sustainable industry operational practices. Watch the webinar recording.
WEBINAR: RentManager | Tech Tuesday: Eviction Completion Times-Delinquency Management
Matt Barbieri, Vice President of Product at Resident Interface, participated in a RentManager Tech Tuesday Webinar, where he discussed delinquency management issues. Read on for insights into why Resident Interface is a solution to the problem and the benefits of using the software to optimize the eviction process.
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