Multifamily property teams are often overwhelmed by the growing number of administrative tasks. Technology has proven to be a valuable tool to ensure nothing is overlooked throughout the lease lifecycle, including new solutions that streamline routine processes for residents. But a significant pain point still exists post move-out: claims management.
Between deposit refunds and claims, these time-consuming and contentious tasks can quickly over-burden property teams. Whether managing an eviction or debt recovery, and due to the potential for rent loss (especially during and post COVID-19), site teams can’t afford to commit anything less than their full attention to the issue.
Forward-thinking operators are re-envisioning how they handle claims by moving beyond deposits entirely. As a byproduct, property teams can skip administrative headaches and streamline the debt recovery process. Through lease insurance technology, operators can start the claims process earlier and ease the burden of claims management for overstretched teams. As a bonus, these technology solutions boost onsite team productivity and eliminate long-standing pain points for the industry.
Below are three operational and financial benefits of optimizing the claims process to help properties stay on top of post move-out tasks and prevent revenue from slipping through the cracks:
To learn how to achieve maximal bad debt recovery and NOI growth by optimizing claims management, read the full article here.