When Was the Last Time You Updated Your Past-Due Process?
When Was the Last Time You Updated Your Past-Due Process?
If the answer is “it’s been awhile,” rest assured that you’re not alone. In fact, when we posed this question during a recent Learning Lab webinar, most participants seemed to be facing similar circumstances.
“Same old routine,” one operator shared in the chat.
“Same process for years,” offered another.
And it’s no wonder that updating your collections system is not at the top of your to-do-list. Self-storage operators are living through a difficult moment. With inflation, interest rates, and cost of capital all trending upward, you’re having a hard enough time keeping your operation afloat. And it’s not like efforts to collect rent on time have been neglected.
Late payments: a familiar struggle in the self-storage industry
Most operators have some form of collections workflow in place, but the stress remains. Here are some of the challenging scenarios we’ve heard about regularly over the last few years:
- Tenants are “ghosting” you. Managers call about a past due account, but the tenant declines the calls or lets them go to voicemail. If your operation doesn’t have texting capability set up yet, managers might try an email or another few calls, but often have no luck.
- The process is too time-consuming. Countless hours are dedicated to chasing down late payments and entering data manually. When tenants still don’t pay, managers begin the tedious process of sending notices regarding late fees, gate lockouts, and eventually auction.
- Delinquency conversations are awkward. The process of chasing down late payments is painful enough. But when tenants actually do answer, the conversations about why they can’t pay are uncomfortable for everyone.
The truth is, tenants are frustrated too. If they’re ignoring the initial calls, it’s possible they don’t have the money at that time. If proper follow-up isn’t getting done, tenants may have forgotten all about their past due amount when the funds become available.
Start with the low-hanging fruit
Imagine the bottom-line impact for your operation if all past-due payments were brought up-to-date. Chances are, things would look a lot different. That’s why we’re so excited about Collection Manager Pro, a low-cost Storable Software extension that is changing the game for self-storage operators.
Say goodbye to the awkward, repetitive, and time-consuming manual collections tasks that have been dragging your team down for years. Automated, omni-channel outreach gets the job done while you focus on what’s most important- growing the business.
How can Collections Manager Pro help your business?
- Automating collections via phone, text, and email
- Improving payment options for tenants, including 2-tap payment links
- Providing a powerful virtual assistant for phone-based collections
- Creating auto-pay prompts that drive up to ten enrollments per facility each month
So you can:
⇨ Collect up to 4X more delinquent revenue
⇨ Decrease units going to auction by up to 63%
⇨ Save 4-7 hours per week at each facility
Seize the day with Storable
With all the market uncertainties faced by self-storage operators today – less inquiries, lower occupancy, and more competition from large national chains – it’s the perfect time to sharpen up your internal processes. (And offloading a boatload of manual tasks is sure to brighten your outlook!)
Adding Collection Manager Pro to your existing storEDGE or SiteLink software couldn’t be simpler. Talk to a sales representative today and see how these Storable innovations can help you build a stronger, more profitable operation.
