Rent collections the next step in multifamily AI adaptation

Western Wealth Communities has taken artificial intelligence (AI) to a new level in operations, using a unique system to help collect delinquent rent through human-free interactions.

Western Wealth Communities has taken artificial intelligence (AI) to a new level in operations, using a unique system to help collect delinquent rent through human-free interactions.

Its new automated system has saved its onsite teams over 175 hours last month, while improving baseline collections, on average, by 40% across the portfolio of roughly 3,000 apartment homes.

Western Wealth’s technology partner, Colleen, handles over 1,000 conversations with late payers on any given month portfolio-wide. The company began using the platform one year ago.

Jennifer Staciokas, President, Western Wealth Communities, tells GlobeSt.com that the resident experience has improved by sending residents reminders to pay rent proactively and encouraging transparent conversation between residents and the office.

“Our residents often think they are communicating with an actual person based on the credibility of the conversations with Colleen,” Staciokas said. “We see the future of other conversations being automated such as renewals to encourage quicker turnaround times that will impact overall revenue by closing the gap quicker.”

Staciokas said the automated platform handles many of the “easy” collections conversations by providing immediate answers – current balance due, and options to pay rent on a plan through its partner Flex.

Prior to piloting and implementing Colleen, Staciokas said Western Wealth managed rent collections in the traditional way by knocking on doors, making phone calls, and sending notices and emails to anyone past due on their rent.

A similar method was used by Morgan Properties.

Jason Morgan, Principal and President of Special Situations, tells GlobeSt.com that it takes “a lot of time and effort” to make phone calls and answer emails discussing balances owed.

“With AI, we are able to have consistent, back-and-forth communication as well as answer resident questions without taking time away from our onsite staff.

“By having a technology that manages collections, our teams can focus on being more proactive at our properties and continuing to provide residents with best-in-class customer service.”

Morgan Properties’ residents benefit from receiving consistent reminders through the Colleen AI platform, and they can still speak to a team member if they need additional help with their rental account.