- Boosts recovery rates and operational efficiencies for multifamily property managers
- Automates, streamlines and optimizes the manual, time-consuming collections process
December 20, 2023 12:45 PM Eastern Standard Time
DAYTONA BEACH, Fla.–(BUSINESS WIRE)–Colleen, the AI-powered platform solution optimizing payment collections for multifamily property owners and management companies, announced today the launch of its post-resident recovery service. As the latest addition to Colleen’s rapidly expanding suite of AI platform solutions, which includes rent collection and lease renewals, this new service transforms the manual, time-consuming process of recovering unpaid balances from former residents into a simple, streamlined post-resident recovery experience.
“Colleen’s post-resident recovery service has saved GNR Group invaluable time and resources otherwise spent chasing down former residents with unpaid balances”Post this
Through seamless integration with all property management software systems, Colleen instantly and automatically takes over residents’ move-out statements while also analyzing financial behavior to understand their circumstances and personalize outreach. By leveraging proprietary generative AI, Colleen immediately and proactively engages, follows up and negotiates terms with former residents at portfolio-wide scale, which has already been shown to increase collections by 20%.
“Payment collections is more than a simple algorithm; it necessitates ‘human-like’ interactions that proactively prompt former residents to pay outstanding balances and avoid a collections process that is costly and frustrating for all parties,” said Itamar Roth, CEO of Colleen. “Speed is especially key in recovery as the chances of collecting drop 16% every 30 days an account remains delinquent with larger balances dropping even more from 40% to a mere 5% recovery rate.”
Having already proven to reduce unpaid rent by up to 40% with its AI Rent Collection solution, Colleen extends this business-critical capability to post-resident recovery. Now, by offloading the time spent on contacting each former resident and arranging payment, Colleen delivers a seamless, flexible collections process that benefits property owners, managers, onsite teams and residents alike.
Colleen’s algorithm, trained on millions of resident interactions, customizes outreach frequency, timing, and content of each message, while an advanced interface gives property managers visibility into all recovery efforts. The new service also removes roadblocks by helping to negotiate payment plans that fit each resident’s budget while offering flexible ways to pay directly to the property management or owner account, including ACH, Google Pay, Apple Pay, cash app, credit, debit, and more.
“Colleen’s post-resident recovery service has saved GNR Group invaluable time and resources otherwise spent chasing down former residents with unpaid balances,” said Colleen customer, Gil Brenner, Partner and CEO at GNR Property Management. “It has allowed our property management to shift more focus towards enhancing the current resident experience. Our former residents avoid negative credit reports, making a positive impact on their financial well-being.”
Post-resident recovery launches on the heels of Lease AI, which debuted last month to automate and optimize the lease renewal process at scale while ensuring residents have a simple, quick path to renewing. In addition to boosting revenue, Colleen’s first-to-market, flagship AI Rent Collection product has saved a 2.5 million unit customer pipeline hundreds of hours per month on payment collections.
Morgan Properties, First Communities, Western Wealth Communities, and Magnolia Capital are among the leading multifamily property management companies that trust Colleen to optimize payment collections across the resident journey. Property management software companies, including Yardi, RealPage, Entrata, RentManager, ResMan, and MRI Software, partner with Colleen to automatically sync resident and property data for simple, centralized access to vital information.
Colleen’s post-resident recovery service is available to multifamily property management companies nationwide starting today. To learn more or to schedule a demo, visit colleen.ai.
About Colleen AI
Colleen AI is the multifamily industry’s fully integrated AI-powered platform built to optimize rent and former resident collections and lease renewals for top NHMC property management companies. By offloading the payment collections process and proactively engaging residents using generative AI and automation, Colleen saves property teams time, accelerates operational efficiency, and boosts the bottom line. For more information, visit colleen.ai.
Lindsey Henn, Colleen PR
+1 (626) 893-4228