Self-storage collections can be a real headache. If you’re constantly chasing down tenants, there is an easier way to get paid! Automated technology can help you stay on top of payment schedules, late fees, and more, making your billing cycle straightforward and profitable. Learn how to simplify your collections with our free eBook today!
Your Current Collections Process
Before we can examine how to improve your process, we need to examine what is currently working (or isn't) within your existing system. Consider the following factors:
- Your billing cycle: Is your rent collected on an anniversary or first-of-the-month cycle? While there are pros and cons to both, one method may make more sense for your business.
- Your late fees: Do you charge late fees? This can be a source of additional revenue and additional headache.
- Your lease agreement: Having a clear, easy-to-understand lease agreement helps tenants understand when rent is due and the penalties for delinquencies.
If you aren’t certain whether or not these systems are working for you, chances are they're not working for your customers either, leading to issues with collections.
Self-Storage Collections Tips
When it comes to simplifying your collections process, the most important focus area should be customer communication. Serving customers with straightforward yet friendly communication helps them stay on top of payments and understand what to do should they fall behind. Your operators should be sending frequent, personalized messaging to stay on top of upcoming charges.
Consider omni-channel communication, which messages customers in their preferred method of communication. Phone, email, and even text messaging serves as helpful reminders to submit payment in a timely manner.
Implementing auto-payments is perhaps the most effective way to simplify your collections. Customers who opt for this service won’t fall behind on their rent and you won’t have to worry!
Get Insider Tips on How to Simplify Your Collections
CallPotential has created innovative technology solutions that make running a self-storage business easier and more profitable. We’ve assembled a comprehensive guide with our expert industry recommendations, including:
- Best practices for maximizing your collections and simplifying your process
- Tools to keep your staff efficient and help you gain insight into your collections
- Industry articles and other valuable resources
Download our free eBook today to learn more!