Talk to me about collection policy

How many times do you reach out before sending someone to collections? How do you reach out? Do you offer a discount for paying to property? Do you incentivize the manager?

I have been very successful at 2 different communities/demographics giving residents 15 days. If I haven’t collected it then I send a friendly email reminder that it’s past due and I can extend it 5 days. I would say 95% collected I get another 2-3% with a final phone call. I send only a handful a year to collections

For collections on lease breakage or damages ( not evictions)
We work it internally for up to 90 days and then send to collections. In that 90 days send multiple letters and may even right at end of 90 days offer a small discount if paid within a week or full amount will go to third party collection agency and no deals will be made then. For evictions , we have second cause as well and those immediately go to collections.

We have a series of 4 letters that go out over 60 days. Our manager or assistant managers keep 10% of everything they collect. Pretty nice bonus! They are empowered to extend discounts to the resident if paid in full without payment arrangements. After 60 days with no luck it goes to collection agency.

Debt Logic does it for you! Great company set up to sending emails or letters the first 60 days with an easy online payment option and we keep 100%. Then can be sent to an agency.