Ian Collie's profile| Property Management | Resident Retention

Add Connection Send Message

Stream About me

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

Brittany Stroud 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!

Guest Insider 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... Show more

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.

Guest Insider 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!

Can't comment or like? Make sure to log in or register for a free account!

Ian Collie

Event starts in:

Latest Surveys

New Insiders