What are some of your most effective tips for keeping your delinquency at $0?

What are some of your most effective tips for keeping your delinquency at $0?

I used to post any balances after the 3 days on yellow and red paper on the day after 3 days expire anyone who owed a balance that was less than one months rent got a white notice, the following Thursday a yellow notice then the following Thursday a red notice. Even for small balances. My property always ended with zero. I put in bold letters on the ones after the white. Take Action! People hated the colored paper on the door it embarrassed them so they always paid.

It’s harsh, but be stern about company policy as far as dates go. If your company says evict on the 20th of every month, then evict on the 20th of every month. Residents talk and after a few are “made an example of” they won’t be stringing you along with false promises of payment. It’s the worst part of the job, but at the end of the day it is, in fact, part of the job.

John Jeff exactly, consistancy is the key to setting the tone. I have learned to be empathetic not sympathetic, life happens to everyone.

Screen properly - consistent policies and collection actions

It starts at move in, stressing our rent policies and repeatedly informing them that rent is due by the third. Monthly calendars including rent due and rent late dates. Calling, texting, emailing, letters on doors. Also informing them that even if they are only late a few days and eviction is never filed, they can be given a non renewal when the time comes. I also typed up a letter to my habitual late payers informing them of all the ways we have made it easy to make their rent payments and requiring them to contact the office with their reasons for not being able to. Also included that we will not be making payment arrangements any further Then informed they must get back on track next month.

Train them right from the MI process on your rent policy. Be consistent in following your policy. Charge late fees. Make personal contact. Pull those emergency contacts and make phone calls diligently. Have a 2nd late fee in place around the 15th of the month. Charge enough of a late fee that it's a deterrent to pay late.

Daily late fees .... and the accounting system automatically reminds them every day that they are past due.

Be consistent. Remember what you do for one you have to do for everyone so dont start it. Make sure your doing the same dates each month. They will learn fast.

Be realistic in this economy, achieve 3% and work your way down. Rome wasn’t built in a day!
Learn what your owners expectation is for economic occupancy as this could help set the goals too.

Be firm but fair and consistent

Have strict statement of rental policies upfront on application approval criteria to minimize risk on the front end in order to reduce delinquency on the back end. Tried and True!

Never accept partial payment. Be willing to pick up the phone or send the payment back to them with a note that says you are unable to accept it. I see associates with the mentality that they would rather get some kind of payment vs none…but allowing someone to short pay just continues the cycle of short pays. A few months of this approach and you’ll be at zero in no time and consistently. And if they short pay online and then ignore your small balance request, lock their ability to pay on line so that the following month they are forced to call the office, which gives you the opportunity to remind them that they need to pay in full. Lastly, make sure that everyone in the office is trained to communicate effectively regarding balances and gets in the habit of checking the account whenever a resident comes in to pay their rent and if it’s not in full, be comfortable enough to the let the resident know that they are unable to accept their partial payment instead of leaving it for the AM to realize and have to handle after the fact.

CONSISTENT IS KEY! Yes lots of great tips, I am known in my company for taking a property that has 20% dq down to zero, they will send me to other properties also. I also send out a letter on the 3rd stating this is the last day to pay rent and we understand that sometimes life happens, if you are unable to pay today you must contact the office and let us know and then give my email. I am understanding but firm and consistent!