By The Accounting Team
What do you do when a tenant falls behind on paying rent?
We have developed a Best Practice strategy that keeps making payments top-of-mind for tenants while also keeping owners in the loop by providing transparent reporting.
Here’s an overview,
Routine Collection Calls
We start the collection process as soon as a tenant falls behind. Starting early and maintaining consistent follow up builds the expectation with the tenant that debt hasn’t been overlooked or swept under the rug.
Contact Logging
We ask your on-site staff to document via a detailed memo describing their conversation in our property management software. This provides accountability for our Community Directors and evidence should the account become eligible to be escalated to legal.
Notification-Eviction
If we have not received payment by the notification deadline we immediately move forward with formal eviction.
Reporting
We convert the data in our property management software into comprehensive transparent reporting for our owners. This summarizes what is being done to achieve the most important goal of any apartment owner — collecting rent.
