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  • Past Due Percentage

    Curious how I could find out what the "normal" percentage is for past dues on storage facilities. Trying to set some new goals. We are in Anderson, SC

  • #2
    You should have a goal to keep your 30+ days past due at less than 5% of the total rented units. 3% is even better. (That's what my training through Skilcheck was, and she knows the business!!!)

    I'm fortunate here and it's usually less than 1%.
    MamaDuke

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    • #3
      Depending on size of facility and where it's located-like, downtown Columbia, well, expect a little higher. In an relatively upscale area around Clemson, probably 4 or less would be doable.
      I would so research about what the past couple of years/occupancy has been like and set goals from there though so you're not being unrealistic.
      When I had all of my ducks in a row-I realized that most of them were not even mine!

      WA State

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      • #4
        Past due % here averages 3% on the 10th of the month and at the end of the month it is less than 1% or actually 0%. Have not had an auction in over 3 years. Be realistic, at first, with your goals and see where you get to and like has been said, the more upscale neighborhood, like my area, the better chance you have of having a great outcome.
        "Never let the inmates run the asylum!"

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        • #5
          How wealthy the area is will play a factor in delinquencies. This is not a very wealthy part of town and I have some customers that don't know how to adult properly. One customer was having issues with her old truck. Instead of buying a hoopty or something inexpensive, she bought a brand new Ford Fiesta just over a week ago and told me how it "talks to her". In that same visit she told me she doesn't have the rent yet. She still hasn't paid this month.

          A texting service that lets you easily send a copy and paste "call me regarding your account 555 xxx-xxxx" type deal is really handy. I have customers that won't answer my call or respond to an email or voicemail, but I text and they're calling me right back. I've been less than 1% and as high as 10% here.

          I'm not real aggressive with collections. If you pay me, great. If you don't and I auction you, that's okay too.
          A lack of planning on your part does not constitute an emergency on mine.

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