For many storage facility operators, the phrase “out of sight, out of mind” holds a particular fascination. This is because businesses in the self-storage industry are keenly aware of how regularly their customers tend to unload belongings into a unit before completely forgetting about their rental agreement. Account delinquencies and collection challenges are a harsh reality for many self-storage businesses, and without the right tools, knowledge, and resources available, following up with absent account holders can be particularly difficult.
When to Seek Help With Collections
Some tenants are regularly late, but as long as they pay within a reasonable time limit, this is typically acceptable, especially if the business regularly factors in the late fees. But what happens when the account has passed 60 days past due? An owner can try sending out letters, and a manager might even be calling the account holder regularly, but nothing is working. It might even be discovered that contact numbers have been deactivated or letters have been returned to the sender. In the end, the final option is generally to cut the lock on a unit and auction off any contents. This type of action requires extensive bureaucracy and many hours of work. The original rental amount is often not reimbursed after accounting for all other costs. Before reaching this point, a storage facility should consider hiring a collection agency.
With years of experience and a growing list of satisfied clients in a variety of industries, our team at Southwest Recovery Services is always ready to work with an organization to form a sensible, actionable plan for their revenue recovery efforts. Instead of trying to work through the process of how to locate, contact, and convince account holders to pay their overdue balances while costing yourself time, energy, and valuable resources, you can work with our team to streamline the process, and keep your attention focused on what matters most, the growth and success of your business.
The Power of Dedicated Resources
In most cases, a professional collection agency can contact the account holder even if the original contact number is incorrect. Agents have access to skip tracing tools that make it possible to locate someone and can even provide a working phone number. In many cases, an account holder might try to explain why they have not made a payment before agreeing to set up a payment schedule or settle the account in full. When self-storage facilities take additional risks from increasing occupancy, they must be willing to make aggressive debt collection plans or be inundated with units that have unpaid balances which leads to negative cash flow concerns. As an organization that has worked with our customers for many years to help them recover revenue on accounts, we have perfected the best techniques and methods to ensure that the time we invest in debt collection efforts will lead to high-quality results.
The Benefits of Professional Representation
When our team tries to make contact on behalf of our clients, we will always interact with account holders in the most professional manner. By maintaining a polite, calm, but firm attitude, our expert staff can make a collection effort that will not cause a negative response that can affect the overall image or brand of your company. At the same time, we will also carefully avoid specific words or phrases that might harm the collection process.
At Southwest Recovery Services, we recover debt for storage facility operators and many other industries. Just call one of our six locations in Texas, Oklahoma, or Missouri, and we’ll work with you to find a debt recovery solution to meet your needs and expectations right away.