Recap: Eviction Completion Times-Delinquency Management Webinar
Payments fall behind and evictions happen. It’s an ugly part of the property management world that nobody takes pleasure in, but it’s an arduous reality that’s all too prevalent.
Recently, Matt Barbieri, Vice Presidents of Product at Resident Interface, participated in a RentManager Tech Tuesday Webinar, where he discussed delinquency management issues. He illustrated why Resident Interface is a solution to the problem and presented the benefits of using the suite of services.
Resident Interface is a “first-of-its-kind” in integrated services and technology, offering software and communications solutions that help collect rent and keep residents in their homes. If it is deemed necessary, it will assist owners in the eviction process.
From equipping staff with the necessary skills to address delinquency and collections to inconsistencies in the application of policies and procedures, many challenges arise regarding delinquency management. Whatever the need may be, the right solution can make all of the difference in your bottom line.
Matt cited three keys to achieve successful delinquency management:
- The right team. Build a team that understands and is fluent in collections, delinquency management, and eviction.
- The right tools for the job. Have a task-specific software platform with PMS integration.
- The right process. Effective management of delinquency requires a process that ensures timely, consistent, and professional rent collection methods.
He also suggests that there are eight steps to creating an effective delinquency management process:
- Communicate. Most residents aren’t trying to dodge their rent payments. Generally, it is a misunderstanding or lack of communication that results in delinquency of rent.
- Create a disciplined approach. Be sure to have a steadfast approach when addressing delinquent rent.
- Impose reasonable penalties. For late or non-payments, it is important to have adequate and fair penalties to enforce rent payment.
- Recover Legal costs. Legal costs can compound rather quickly and recovering them is essential to the management process.
- Align team incentives. Motivate your team in ways that meet what you as an owner are trying to achieve.
- Eliminating emotion. Empathy is crucial in property management, but in the delinquency process it is best to be prepared with the right tools for having tough conversations.
- Automate with technology. By utilizing technology, owners are taking the burden of the delinquency process off of the onsite staff.
- Ensure success in court. If all else fails and you find yourself in court, be sure you have the right tools to win your case.
To help owners through the delinquency process, Resident Interface provides solutions for both current and past residents who have fallen behind on rent payments.
Current Resident Solutions
Resident Advocate is an engagement tool that offers guidance and payment solutions to late-paying residents. Through various forms of communication, residents are directed to assistance options and proper resources to help them get current on their rent payments.
Possession Partner is a full-service eviction management solution for faster, more fluid evictions when they have to happen. This assists owners with document preparation, filing with the court, and guidance throughout the court proceedings, as well as the lockdown process. It also expedites filing by finding the earliest possible court dates, and avoids dismissal of the filing based on technical errors by doing it right the first time.
Past Resident Solutions
Resident PreCollect, is the first step in past resident solutions, and typically occurs before delinquencies are sent to collections. This involves a clear, compassionate communication approach that helps former residents get their delinquent accounts resolved faster, producing a high recovery rate.
Hunter Warfield is the industry-leading, trusted solution to assist with longer term post-moveout collections. With over thirty years of experience in the collections industry, it is an efficient and effective way to recover delinquent accounts.
By using Resident Interface and a team of trained professionals to manage delinquencies, onsite staff can focus on customer service, resident relations, and leasing. And most importantly, it produces results.
Third-party collection services are worth the investment. They are efficient and ensure compliance by staying up-to-date with industry regulations, seeing that collection laws are followed properly. They also yield increased recovery rates, maximizing your bottom line.
Delinquencies and evictions can be confusing, and Resident Interface is the right solution to navigating the processes involved. From start to finish, whatever the result may be, they will provide representation and guidance in an effective, affordable manner that increases your ROI.