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preparing for the spike in delinquencies...

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  • preparing for the spike in delinquencies...

    I'm thinking that there will be a noticeable spike in delinquencies and ultimate sale auctions due to job losses and re-prioritizing expenses. My notices of move out right now are holding at about the same rate they have been normally, so I haven't seen it yet, but I think it's coming.

    Other than reviewing the legal process and getting the dates clearly understood, anything you're doing to prepare? Will you adjust any grace period you may have and be more lenient with the auction process?
    In no way affiliated with Storman software.

  • #2
    We delaying auctions and waiving 2 late fees or one late fee and one lien fee. So far I'm still under 4% but I'm holding my breath.
    Even duct-tape can't fix stupid. But it can muffle the noises.

    WA State

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    • #3
      I don't see an increase just yet, but I also anticipate it. I was just ready to schedule an auction when this all started, though I really only have 8 and most of those will pay. They are regulars and I only do auctions 2-3 times a year, often just to get those to pay!!!

      Right now, I will hold off. I don't need the sizes these units are, so there's no harm in waiting. As far as fees, I will play that by ear moving forward. I have turned off rate increases for now. And the ones already scheduled, I am delaying.
      MamaDuke

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      • #4
        Gonna wave late fees on a case by case basis. No blanket wave of all fees. I have not had an auction in over 3 years, but I may get some now. No one is late as of now and that would not happen again till the 10th of next month.
        "Never let the inmates run the asylum!"

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        • #5
          What is going to be hard to deal with is that the ones that use the situation that the country is in, to not pay a late fee when they could pay it. I think if a person has paid good in the past and then are late then waive a fee. Yes, Pac and on a case by case situation. Everyone just do your best, try not to be used.
          Dave (Woodee) Scott

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          • #6
            Storman Here is an email we put together today for our customer's who have already started asking us what our response is. Anyone who would like to borrow this verbiage, please feel free and tweak as needed. I looked everywhere for something and couldn't find anything, so we wrote this. We are ONLY sending this to customers who approach us first and not sending out as a blanket email or posting to our webiste.

            Dear (Tenant Name),

            We understand your concern currently regarding your rent payment. A+ Storage of Tennessee has put into place the following:

            Essential businesses to remain open include warehousing and storage. For a complete list of essential businesses, please go to https://www.asafenashville.org/safer-at-home-order/

            The terms of your rental agreement will remain in place. However, to help during this pandemic, we have suspended all auction procedures and will not auction any units during this mandatory Safer at Home order.

            We also encourage you to use our website www.aplustorage.com to make your rental payment and not come into our offices. The health and safety of our employees and customers is our number one concern.

            We are monitoring this ever-changing situation daily and will adjust policies if needed.

            Thank you for your business and trust in A+ Storage of Tennessee.
            Stephanie Tharpe
            President
            A+ Management Group, LP
            Nashville, TN
            www.aplusmanagementgroup.com
            615.288.2162

            TNSSA Board of Directors
            www.tnssa.net

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            • #7
              We will also be doing our late fee waivers on a case to case situation . I’m not about to start waiving fees for tenants that are chronically late. If we start waiving late fees , delinquencies will become an epidemic and then we will be dealing with 2 !

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              • #8
                My case by case comment came about because there were other managers/owners that were sending out notices/letters/emails stating that there will be no late fees charged. That is, IMO, not the best way to do it. Like Dave said, why would you credit back a late fee or even stop an auction-that of course is a separate call to make, for a frequent flier that pays late every month? Owners and managers are going to do what they do but those notices sent out that way was premature. Can't put the toothpaste back in the tube.
                "Never let the inmates run the asylum!"

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                • #9
                  Yeah, that's a good point. You can't just blanket-waive all late fees.

                  One question though, do you guys lock up accounts that are going late now?

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                  • #10
                    Originally posted by bnr_manager View Post
                    Yeah, that's a good point. You can't just blanket-waive all late fees.

                    One question though, do you guys lock up accounts that are going late now?
                    Yes we are. Unless someone has something medically necessary in their unit, then we can provide an escorted (staying six feet away or in our car) visit.
                    Stephanie Tharpe
                    President
                    A+ Management Group, LP
                    Nashville, TN
                    www.aplusmanagementgroup.com
                    615.288.2162

                    TNSSA Board of Directors
                    www.tnssa.net

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                    • #11
                      Yes, the unit gets locked no matter what unless they need something that is critical, like MCG said. Then they would be escorted and allowed 10-15 minutes to dig it out. If they need longer then they are absolutely stupid for burying something critical that far back in their items and likely is not critical. The entitled masses will be playing the "please please please" card for quite a while.
                      "Never let the inmates run the asylum!"

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                      • #12
                        This has been on my mind lately. I'm preparing for it myself. I've had a couple of people ask if we will be deferring rent for those who can't pay. My answer was no and the bosses confirmed this. However they are willing to waive late fees. But if it's the same people who are late every month anyway then no. I'm not waiving anything.

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