It goes without saying that the prevention of rent arrears is an important part of the tenancy management function to improve rent collection.
As social landlords are placing an increasing emphasis on alternative approaches to rent arrears with a focus on preventative, rather than reactive enforcement strategies.
Is it time to focus on proactive prevention rather than arrears recovery when it comes to staff performance?
Targets for rent arrears collection are often set on an annual basis.
Housing officers involved in the collection of rent are often monitored, reviewed, and evaluated on their performance on rent arrears recovery through weekly rent reports and monthly officer performance reports.
What if this was flipped on its head and instead you measured performance based on proactive arrears prevention measures, with greater emphasis on how staff are helping tenants avoid rent arrears in the first place?
Yes, rent arrears prevention is already a key part of any housing management policy.
Preventative measures often include new tenants receiving information on rent and the variety of payment methods available; assessment of universal credit and assistance with making digital claims; assistance with money and debt advice, employment support and early intervention as soon as arrears arise.
This is all first-class support in relation to tenancy sustainment.
BUT what if it was possible to see into the future and predict which tenants may fall into arrears before it happens?
This insight could mean that caseloads are greatly reduced, resulting in effective use of time and much more impactful results for tenants and your team.
With our Rent Arrears Prediction AI, you can accurately predict which tenants may fall into arrears 6 months in the future and understand their ability to pay BEFORE it even becomes a problem.
You can use this insight to:
This is a far more supportive experience for tenants who may be struggling financially and emotionally as we all know that debt impacts wellbeing.
It’s also better for managing staff performance as they are proactively doing something positive before it becomes a problem, rather than a reactive enforcement approach which is difficult for everyone involved.
Ultimately it will reduce the number of tenants in arrears, improve rent collection and maximise income.
We employ the latest artificial intelligence and predictive technology – drawn upon over 8 years of experience and over 300 AI projects - to help housing providers:
The dashboard includes a performance monitoring tool so that you can measure and track everything all in one place and use it for regular staff performance reviews.
Our solution delivers unprecedented insights in real-time at under half the cost of other solutions providing a positive return on investment (ROI) within 5 months of implementation and an overall ROI of at least 5x the cost of the service.