How do I follow monthly collections and arrears?

A property office does not fail from a shortage of contracts but from weak collection. These are the three screens that protect you from that.

Steps

1. Overdue instalments — Figure 1 — the collection clerk’s list every morning: who is late, by how many days, and for how much.
2. The monthly collections report — Figure 2 — compares due against collected, month by month.
3. Filter the report by building and period to see which building the problem is in.
4. The reports dashboard — Figure 3 — gives you the overall picture: occupancy, collections and arrears.
5. Export any list to Excel when you need to chase outside the system.

A suggested habit

Open overdue instalments every morning before anything else, and call those less than a week late before those a month late; the first is collected with a phone call, the second needs a file.

Notes

• The reports are only accurate if the receipt is recorded on the day of collection rather than at month end.
• A chronically late tenant costs you more than an empty unit; decide early instead of waiting on repeated promises.
• Compare a month against the same month last year; collection is seasonal in most cities.