Late Rent Collection Calls

Late Rent Collection Calls

Virtual Assistants to Send Payment Reminders & Help Collect on Late Rents From Tenants

Goal:

The goal for Late Rent Collection Calls from REVAS is to outsource the process of following up with your tenants when rent is due, whether you’d like to send pre due-date reminders, or you need a Virtual Assistant who can follow-up with tenants when their rent is already late.

You can get this process completely off your plate using Overseas Virtual Assistants to handle all of your follow-up & late rent reminder requirements at a fraction of the cost of handling it locally.

How It Works:

Late Rent Collection Calls are actually best envisioned as a combination of text, email, & phone calls, and we can even help send out direct mail pieces – letters for late rent reminders.

As with everything at REVAS, your Late Rent Collection Calls need to be processed based, not people based.

In other words, they’ll be following detailed step-by-step Standard Operating Procedures to make sure every little step in the workflow is well defined & clear, leaving nothing to the imagination or up to the discretion of the Virtual Assistant.

This is especially important on collection calls since they’re regulated by the federal government.

You never want your Virtual Assistant going off-script or off-template when sending texts & emails; but instead using a detailed, step-by-step Standard Operating Procedure.

All of these scripts & templates will be clearly outlined from day one. That way you’re Overseas Virtual Assistant can get as good of results as someone locally.

Pros:

The best value in outsourcing this task is that you can use Overseas Virtual Assistants while still maintaining similar or equal quality to what you will get having the work done locally.

That means you can save as much as half of the cost of this type of Late Rent Collection & Reminder Calls without sacrificing quality.

Plus you’ll be able to completely get this type of menial, low-level work off the plate of your local teams, meaning you, your inside sales assistants & your leasing agents are free to focus on revenue generating & actually building your business while you’re Overseas Virtual Assistants can handle these simple but repetitive Late Rent Collection Calls.

Cons:

By far, the biggest downside of Late Rent Collection Calls is that you really do need to define every little detail of what your Virtual Assistant’s going to be doing, leaving nothing up to their imagination or discretion.

That means creating:

  • text message templates,
  • email templates, &
  • phone call scripts

that outline exactly what your Virtual Assistant is going to be saying.

Don’t leave it up to them, or, based on our experience, eventually they’ll make some mistakes – not out of malice or even out of ignorance, but out of their goodwill & potential misunderstandings of how things work in the U.S. real estate markets.

With the detailed Standard Operating Procedure, including scripts & templates for the main communications your Virtual Assistant will be having, this type of task is easily outsourceable.

But without that, you’re leaving your business up to the whims & skill level of an overseas assistant. getting paid less than $6 or $7 per hour.

Work Estimate:

For most property management businesses and landlords, rents all come due on a certain date of the month, like the first.

If that’s true for you, then you’re Late Rent Collection Calls will really be loaded into only the first couple weeks of each month, with the rest of the month providing little to no work demand since all tenants have come current on their payments by then or you’ve begun to initiate eviction proceedings.

Therefore, this type of task is something where your Virtual Assistants will only be available when you need them & you will only be billed for work hours when your Assistant is actually working.

With that in mind, you can imagine anywhere from 10 – 20 work hours per month for every hundred or so units. This obviously depends on how many of your tenants are frequently late with the rent and how many late reminders will be needed to make on average each month.

But overall, the work demand is relatively low, and even for large management companies with thousands of properties under management, you can get away with at most a full-time Overseas Virtual Assistant to completely handle this task for your business and even to likely have some time leftover in the later weeks of each month when they can focus on other tasks for you.


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