Rent Arrears Management is now a necessity for any Social Housing Provider. The number of people on Universal Credit has now reached 2.3 million* – with tenants now expected to manage their own rent payments to their housing providers. The key concerns for Social Housing Providers is managing the increased rate of arrears which has been brought on by the roll out of Universal Credit.
Some of the direct impacts for Social Housing Providers have been:
Without effective or proactive management, rent arrears can have long lasting consequences on the success of Housing Associations, therefore income maximisation and revenue protection has never been so important.
Through a continuous process of data analysis and predictive forecasting, Castleton’s Rent Arrears Management software can deliver instant, real-time analysis and reporting on your tenants – taking into account seasonality (which can impact the tenant’s propensity to pay), previous payment behaviours and patterns and real-time data events.
How Arrears Management works
Castleton’s Arrears Management solution acts to consolidate siloed data sources to build a complete profile of your tenants. This data is then applied to predictive forecasting based on the requirements you set. We are working with organisations who now have full visibility of their data and are using existing resources to proactively target and pinpoint tenant cases who are at the highest risk of falling into arrears – before it happens. Payment trends can be identified so intervention can be made to prevent arrears.
Supporting solutions to help with tenant communication and proactive rent recovery
Through a continuous process of data analysis with Arrears management, you can create instant, real-time and targeted digital communications to push out to tenants who are due rent payments. With Castleton Communications Manager, you can send a series of automated or triggered SMS / emails – to remind tenants of imminent payment or to advise payment is overdue.
This SMS or email can also include a simple payment link – which can instantly take tenants onto a payment platform of your choice.
*Gov.net Aug 2019
CONNECT – Any relevant data source from your existing back-office systems (Housing, Finance, CRM, Repairs)
VISUALISE – Information in a single view across all operations, drilling down on what really matters to you (Voids / Arrears / Universal Credit cases / Payment Schedules)
AUTOMATE – actions based on real-time data events
PREDICT – trends analysis and patterns – including arrears and cash-flow trends, based on the data science algorithms
OUTPUT – varied report formats and dashboards tailored to the user, identify workload prioritisation for Housing or Rent Officers
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