Outsourcing and Automating Collections: Not just for the Fortune 500

Efficient time management is essential, regardless of your billable revenue or bad debt. Now that the 21st century is well underway, isn’t it time to begin implementing business process automation tools and solutions? Inexpensive or no-cost collections solutions incorporated into your self-storage management software are widely available. Affordable tenant notification solutions and third-party collections agencies, such as Storage Collections and Collections Bureau of America, are available and beneficial for operations of all sizes.

3 reasons why you should automate and outsource past-due notifications and collections

Savings: Owners and managers realize that time and money is a top priority within an organization. You can easily outsource collections by implementing a first-party, automated texting and robo-calling solution such as Storage Collections. If you find that you have too many units going to auction and not covering back rent, cost of sale and cleaning fees, you may want to consider transferring bad debt files to a third-party agency such as Collections Bureau of America. Many agencies charge a percentage of collections with no out-of-pocket costs, so you can rightfully collect the money owed to your business.

Service: Customer experience is your customers’ perceptions – both conscious and subconscious – of their relationship with you resulting from all interactions throughout customer life cycle. The stress and discomfort a site manager experiences when having to make those dreaded calls is alleviated, and the customer is not embarrassed by receiving an automated call, text or letter. As an example, would you rather have an ATM tell you your account is overdrawn, or the teller? The same applies for both first and third-party collection activities. Proven, professionally crafted letters, calls and text messages are examples of tenant engagements that are standard.

Improvement: When you return time, manpower and money to your business, you can grow your operation and use fewer resources in the process. With a few simple steps, you can unlock a great deal of opportunity. 

Article Contributions by: Todd Sheffer - Co-Founder at Storage Collections

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