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Six Tips for Revenue Management in Self Storage

Written by Chuck Vion on May 08, 2015 under Revenue Management

Six Tips for Revenue Management in Self Storage

Now that most everyone uses a cell phone, sending a text payment reminder to tenants five to seven days ahead of the due date is easy to do. Email reminders are another convenient method to contact all your tenants in just a few minutes.

However, it becomes a challenge for managers to remember to manually send text messages or emails. The solution is automation. And, it works with OpenTech's integration with SiteLink. They make it easier for tenants and managers to seamlessly exchange funds while eliminating the grind of the manual process.

Technology Benefits Everyone

When the rent collection process goes smoothly, it generates higher customer satisfaction, contributes to increased cash flow and eliminates the need to question if your past-due tenants have been contacted. Managers can become more competitive in sales when technology helps you become more efficient. Owners will reap the benefits and enjoy peace of mind.

How to Automate Your Rent Collections

Phoenix-based OpenTech Alliance, a provider of products and services for the self-storage industry, offers an affordable solution to simplify the collection of past-due rent. The service, XpressCollect, integrates seamlessly with SiteLink.

Every day, XpressCollect automatically scans a facility's property management system to search for past-due tenants. Delinquent accounts are then added to the XpressCollect queue, triggering an automatic payment reminder via text, with a link to make a payment.

Once the link is clicked, the tenant can either process the payment online or call the storage facility to make a payment. If the message goes unanswered, the service automatically sends additional notifications over a set period of time in an effort to collect the past-due rent.

Why People Are A Fan Of XpressCollect

XpressCollect, has become a big favorite of storage managers for a number of reasons:

  1. XpressCollect is seamless and managers do not have to physically do anything to maintain the process daily, monthly, ever.
  2. Once set up, the process is armed, easy, fool-proof and it never stops (set-it and forget-it).
  3. The task of making multiple monthly calls, sending various monthly emails or individualized texts is eliminated.
  4. Follow-up routine is no longer necessary.
  5. No manual maintenance, auditing or referencing (or errors). SiteLink & OpenTech cover that for you.
  6. The service is a fraction of the cost of do-it-yourself collections.

To improve your rent collections via text messaging, learn more about XpressCollect.

Contributed by: Michael Sawyer, OpenTech Alliance, Director of Marketing

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