Managing Delinquent Payments

August 11, 2022

Managing Delinquent Payments (1)

By the Accounting Team, Summerfield Managment

Sometimes a tenant falls behind on paying rent.
During the COVID-19 pandemic, moratoriums created widespread restrictions on collection and eviction.
Although the rules for collections changed overnight, Summerfield did not see this as a throw in the towel and walk away situation. We’re much more proactive than that.

Instead, we developed a three-tiered Best Practice strategy that kept making payments top-of-mind for tenants while also keeping owners in the loop by providing comprehensive and transparent reporting.

Here’s an overview of those Best Practices followed by examples of some real world results.

Collections Best Practices:
Routine Collection Calls
We start the collection process as soon as a tenant falls behind. Starting early and maintaining consistent follow up builds the expectation with the tenant that debt hasn’t been overlooked or swept under the rug.
Contact Logging
We log all collections activities in our property management software, including a detailed memo describing the call and any updated information from the tenant. This provides accountability for our Community Directors and evidence should the account become eligible to be escalated to legal.
Reporting
We convert call logs into a comprehensive report for property owners. This provides a transparent view of what is being done to achieve the most important goal of any apartment owner — collecting rent.

Results

Are you ready for a better Property Management experience?

Call us or shoot us a text anytime!

 

Robert Parmar

Southeast Region

rparmar@smfield.com

770-920-3055

 

 

 

 

 

 

Trevor Manning

Northwest Region

tmanning@smfield.com

503-867-5214

 

 

 

Want More Content?

We are frequently asked how Summerfield Management handles important issues facing the Multifamily industry.

We have complied our Best Practices into a members-only library. Join now and unlock all of our Best Practice Articles:

Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

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