Self Storage Rent Collection

Don’t Teach Customers to Pay Late

Self Storage is the same as many other property rental or subscription businesses, a minority of customers pay late or their method of payment is declined.

The knock-on effect of late payment can be significant to any business. The cashflow is detrimentally affected and if the situation is allowed to continue for any length of time then this often results in a bad debt rather than just a collections issue.

The time it takes staff members to chase later payers is also significant and this is a cost to the business. If you do not have robust process in your self storage business to manage past due collections then the direct and indirect cost to the business can be substantial.

Harrington Wyles provide expert advice on the implementation of a proactive approach to managing late payment. Using a combination of technology, operational systems and scheduling, past dues can be collected quickly and mitigate the affect of late payment on the business.

Much of this process, once set up happens behind the scenes, using calls, emails and SMS text messaging, but also staff reaching out to late paying customers at the most effective times.

HW also advise on the best payment methods for customers and how in many cases this can be done through autopay processes. Even if customers do not have bank accounts of credit cards, HW can advise on methods of payment that enable the customer to pay on time and not even visit the store.

What If They Fail To Pay?

Unfortunately, it is inevitable on occasion, for a variety of reasons customers will still fail to pay.  In these situations, there will be the need to auction the contents of the units to recover the debt.  It is not just the cost of the bad debt but also the opportunity cost of not being able to rent the unit.

Auctions can be time consuming to arrange and manage. HW provide expert advice on how to get these completed quickly and efficiently online at minimal cost. As well as reach out to a wider audience to ensure you get best price for these delinquent units.

For more information on how to keep you past dues to a minimum contact us.

How Can We Help You

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