A New Collections Hammer
A new collections hammer PA
I have sent invoices for a number of years for monthly rent and balances due upon move out. I think I’m going to add to that; square invoices sent digitally recurring monthly automatically until it’s paid. Just let it Hammer their inbox. I might even set it up on a weekly or biweekly basis.
When I send out my letters for past due balances, I always give them the option of a 20% discount with a one time payment. 10% discount over two months or in full over three months. They get to choose their plan. I will probably just send it with the 20% discount right in the description of the Square invoice. And just set it on automatic recurring.
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I’ve not had a lot of people not pay, when I do I’ve found that a more one-on-one communication the better. I’ll start with a text, then a phone call, then a knock on the door. The problem with invoices is that people see that as computer generated, they don’t connect it with stiffing someone they know. I want them to remember me as a human that they are stiffing. People really don’t like conflict and that is what I’m betting on when I make it personal. They also don’t like the idea of me randomly showing up demanding payment (even better if they are having friends over). I will also ask them if they will be moving the next weekend if they don’t produce the money. Again, setting expectation that they can’t continue to stiff me.
That’s what works for me. I’ve only had to file 4 evictions in 30 years of doing this. Psychology can be very powerful if used right.
A new collections hammer PA
These payment plans are after they are out and owe a balance. I send them before going to court and have had great success.
A new collections hammer TX
Ah, different animal. We can’t do a garnishment in Texas and the tenants know that. Even the collection agencies won’t touch Texas debts. It would be interesting to see if plastering them with invoices would make a difference with them paying.
A new collections hammer PA
I believe one of the reasons that it helps, is because they do get an invoice every month in the mail for the rent, so I do send a paper one when they have a balance due at move out. Also when they’re coming in, their application fees and holding fees are taking via Square. Also any incidentals during tenancy are taken via Square.
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Is Square like Venmo?
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Another thought…
ZERO TOLERANCE on lates has GREATLY reduced the number of people who owe ANYTHING, and the amount owed by those few.
So much easier when they only owe $450 vs $4000.
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My tenants get an automatic $10 discount if the rent is paid directly into a specified bank account on or before the due date. And if the rent is paid to me with a check that I must cash, the automatic discount is reduced to $5. I now have far less late payments.
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I should probably start a new thread, but we just had our first eviction go through and got a judgment for 5 months unpaid rent. Has anyone ever collected against a judgment in NY? Is it worth hiring a collections agency? Tenant has a job and gets paid well. Just refused to pay once we gave them 3 month notice to move out and, if of course, played the covid card, which just ran out here. Lawyer seemed to think judgment was a nice win but “no one ever collects anything.”