Collections

Self Storage Collections: From Past Due to Paid

About This Episode

Collections is often the most dreaded task in self storage, yet it directly protects your Net Operating Income and property value. In this episode of The Storage Marketplace Golden Nuggets, we explore how prompt outreach, automation, empathetic conversations and smart onboarding move tenants from past due to paid.

Key Takeaways

1. Ban the Phrase “Grace Period”

   Start outreach on Day One. Treat every due date as non-negotiable so tenants fix their accounts before late fees hit.

2. Automation Beats Manual Effort

   Automated collection tools can deliver up to 35% faster payments and help keep notices consistent with state lien laws.

3. Master the “LARA” Method

   Listen, Acknowledge, Respond, Apply Solutions. Empathy keeps tenants talking, while staff safety always comes first.

4. Abandonment Forms Beat Lien Sales

   Settlements and signed abandonment forms recover units faster than months-long lien auctions, so you can re-rent at market rates.

5. Secure Autopay at Onboarding

   Use assumptive language (“This is the card you'd like to use for autopay?”) and track expiring cards before billing fails.