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Can you tell us about your collections process?

Collections is an essential part of the property management business.

We have an extensive collections process that starts the 2nd day of the month and ends when the tenant either catches up on all balances or they are out of the house. On the 2nd or 3rd day of the month we send out voice blasts / texts warning of late fee assessed on the 5th. We do a voice blast before we send out 3 days and also send out emails with statement balances for every tenant that has a delinquent balance. 3 day notices normally go out between the 8th and the 12th depending how those dates fall in the week. We may make additional house visits after the 3 day notices and we also make phone calls to tenants who have not paid. Between the 20th and 25th we are filing evictions or negotiating for tenant to leave property. Normally on the 25th we are again sending out statements to all tenants via email, to remind them of the upcoming payment and any current balances on their account.

We do work with tenants who communicate with us and we feel have a good opportunity to catch up. If we think a tenant is not likely to catch up we are less likely to work with them to help catch up. Also we give more help to long time good tenants as opposed to new tenants that have immediate issues upon moving in. 

Our process offers plenty of opportunities for tenants to communicate with us. We move quick enough that we don't let tenants string us out yet offer enough time before finalizing eviction that if the tenant has a temporary hardship they can bring together resources to catch up on their rent.

If the tenant leaves the property still owing a balance, that is greater than the deposit held, we can give you the information to pursue through your own collections company or we can also pass on that information to our own collections company that will pursue them.

We do report all tenant payments and left over balances to Experian RentBureau. This happens automatically, via a link with our software vendor. The benefit of this is that balances owed by tenants when they leave, hang out on a tenants credit regardless of if we pursue them in court or not. Tenants are encouraged to make payments on time knowing that we do report to their credit. We have had tenants come in and tell us that they saw our notations on their credit report. 

In general, we do not charge the owners for collections. However, assessed late fees paid by tenants go to offset collections cost. Pricing for evictions is described on the pricing page here.