Property managers often struggle to control debt associated with the commercial or residential rental market. While bad debt write-offs are common, there are more effective ways to manage to a more robust bottom line. Partnering with a debt collection agency is one way to mitigate the risk of past due rent without damaging the tenant relationship. Here’s how a debt collection agency can help mitigate the risk associated with property management in both the residential or commercial market.
Debt Collection Agency and Property Management – A Winning Combination
We know that the longer a debt goes uncollected, the harder it is to recover. Liquidating these debts may seem like the only option, but property managers should consider the alternative first. Redefining your process with a debt collection agency like Rocket Receivables is a smart way to achieve a higher ROI on past-due accounts. Here’s how we can help your business.
If you don’t have the internal staff and technology to recover past-due accounts, Rocket Receivables can help. Finding the elusive payment on an account 120-day or more past due while still maintaining the client relationship is one example of a difficult situation that we can help mitigate. The service can also help streamline early debt, by sending automated notifications for those early stage delinquent accounts. Acting quickly and consistently in these cases yields a higher rate of return more quickly before the account spirals into a longer-term bad debt that is always harder to collect.
Property managers reduce risk with a debt collection agency on the team.
Rocket Receivables uses the power of technology to full advantage. Our system allows you to track our efforts in real-time on a user-friendly dashboard. Reporting is easy, so your owners will immediately see the increased rate of return on these accounts and understand the value in pursuing the debt over writing it off. The process is designed for property managers to help build confidence with owners to see that you have their back and are protecting their assets.
Property managers walk a fine line between balancing the interest of their stakeholder owners and maintaining the relationship with tenants, particularly when rent is past due. Given all of the tasks associated with property management of even one building filled with tenants, hiring a debt collection agency is a smart way to delegate.
The truth is that property managers are not debt collectors. Converting tenant receivables back into profit can be a full-time job depending upon the portfolio you manage. Rocket Receivables has a proven effective method for tracking down and collecting rent from former and current clients in a way that is both compliant and efficient. We offer fixed-fee and contingency collections with no hidden costs and a solid track record of success.
Rocket Receivables is a proven debt collection agency specializing in the property management industry. We offer a guaranteed return on investment that is more than three times higher than the industry standard. Our team and proven software have helped hundreds of property managers improve their bottom line.
Contact Rocket Receivables to buy now.