- How is Rent Recovery Solutions different from other collection companies?
First and foremost, RRS’s collectors are trained in specific techniques of mediation. Our respectful recovery approach allows the former resident options and real input, resulting in a far better chance at recovery and preserving your good reputation as well.
- What types of debt does Rent Recovery Solutions collect?
Unlike most agencies, RRS was formed to specifically serve the unique needs of the multi-family industry; hence our name. 100% of our account portfolio is rent related debt.
- Why use an agency that specializes in the collection of apartment related debt?
Collecting apartment debt is different from other types of collections. The Rent Recovery Solutions staff is trained on specific nuances of apartment debt, thus we are better able to overcome objections from former residents. A positive outcome is more likely to occur because of our team’s apartment industry knowledge.
- How is the Rent Recovery Solutions management team different from those at other agencies?
The head of our operations department wrote the book on collections, and is an innovator in the respectful recovery approach to working with former residents to resolve their debt. Other management team members formerly worked in the multifamily industry, have written articles for apartment trade journals, and often are quoted as experts in other business publications.
- When should delinquent accounts be placed?
RRS is skilled at dealing with both new and aged debt. A study conducted by the American Collectors Association shows that the sooner the debt collection process is started, the more likely it is that the debt will be paid. We recommend for the collection process to begin as soon as possible after the resident moves out.
- Does Rent Recovery Solutions report delinquent accounts to the credit bureaus?
Yes. RRS reports all uncollected accounts to the three major credit bureaus twice each month, as well as to multiple skip tracing companies. Most other agencies only report once per month.
- What do I do after an account is placed?
Other than reporting payments made to your office, you do absolutely nothing. If a former resident contacts you, politely refer them to RRS and let us do what we do best: recovering your debt. It’s that simple.
- How long does it take to collect an account?
It varies. Once RRS is involved, many former residents pay right away. It often only takes one phone call, but sometimes it can take longer. There are situations when a former resident simply will not pay voluntarily no matter how many letters and phone calls are made. Depending on the size of the balance and request of the property manager, we may initiate a lawsuit.
We are motivated to collect our client accounts as soon as possible.
- Why Should we use Rent Recovery Solutions?
The Rent Recovery Solutions team has a proven track record of success in the collection of apartment related debt. By treating people fairly and with respect, superior results will follow.