Weighing Economic Challenges with Proactive Collection Strategies

Weighing Economic Challenges with Proactive Collection Strategies

Terri Nicholson, SVP of Strategic Accounts & Partnerships at Domuso, shared her industry knowledge and expertise in a recent article on Multifamily Insider:

In an ever-changing economy, financial challenges don’t discriminate, affecting both residents and operators alike. From delinquent rent payments to inconsistent cash flow, economic trials create a ripple effect that greatly increases financial risks for operators.

Economic challenges are inherent to any market or industry, and impact individuals across all social classes. For residents, it may be the loss of a job, volatile income, unexpected medical costs or simply a major life event that causes financial setbacks. On the other hand, many operators grapple with maintaining steady income streams from rent, simplifying the collections process and mitigating financial risks in an uncertain economy.

In an effort to diminish those risks while helping residents strengthen their financial footing, operators are engaging in proactive measures that improve rent collection processes and on-time payments. Like other modern processes within multifamily, operators are turning to digital platforms to create more comprehensive collection strategies and develop more holistic, proactive methods for rent payments.

Read the entire article on Multifamily Insider >>

Domuso is driving digital transformation for the multifamily industry with an advanced platform to manage payments and communication throughout the entire resident lifecycle. Domuso captures 100% of a property’s receivables electronically while giving residents the flexibility to access multiple payment methods from any mobile device.

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