The one common problem that plagues nearly every Property Manager is tenants missing rent payments. This problem has significantly increased over the course of the last few months.
As a Property Manager, little matters more than proper cash flow. Without it, you risk missing payments to vendors and/or producing a negative return on your investment. The process of pursuing late rent forces you to incur extra costs in both lost time and legal fees. These costs are a painful reality of multifamily management, particularly now, with as high as 31% of tenants missing rent payments due to the pandemic.
So, how can you get your tenants to pay rent on time?
Sending late rent notices consistently is a great way to remind your tenants that a payment is due and to reduce delinquency rates. Furthermore, for every 100 delinquent tenants put into the eviction process with a late rent notice, less than two ends in eviction. It’s primarily a collection process. The key to lowering your eviction rates is to be more consistent with how you pursue your evictions.
ClickNotices is an innovative delinquency management solutions provider for property managers. Our web platform and expert team handle every step of the delinquency process – from late notice to final eviction. Our solution manages thousands of cases each month for our multifamily clients which helps them to minimize delinquencies, assure legal compliance, and simplify workloads.
After extended moratorium and court shutdowns, eviction processes are reopening all across the country and ClickNotices is here to help provide you with a disciplined and automatic filing process. It is important to be empathic towards your residents and their circumstances, but you must also be strict about rent payments being delivered in a timely manner. Although it may seem like a nice gesture, accommodating late rent does no one a favor in the long-term; It merely reinforces unwanted behavior. Even worse, once delinquent balances exceed two months, it’s typically too late for tenants to catch up. By contrast, when property managers adhere to regimented procedures, delinquencies AND evictions come down.
ClickNotices’ goal is to streamline late rent processes and reduce the burden for our customers, not to evict tenants. An easier, more efficient late rent process is only a few clicks away.
Call or send us a message today to start streamlining your rent process.