The Holiday Conundrum: Why Rent Collection Can Be A Nightmare

As the holiday season approaches, the air is filled with the scent of cinnamon, the warmth of festive lights, and the joy of giving. However, for those involved in the multifamily housing sector, this time of year often brings with it a unique set of challenges, particularly when it comes to rent collection. While the holidays are a time for celebration and togetherness, they can also be a nightmare for property managers and landlords trying to ensure a steady income stream. Many industry professionals describe these months as some of the toughest of the year.

One of the primary reasons the holiday season is a less-than-ideal time for rent collection in multifamily housing is the financial strain many residents face. With the pressure to buy gifts, host gatherings, and participate in various festive activities, residents may find themselves stretched thin financially. This can lead to delayed or missed rent payments, creating a headache for property managers who are trying to maintain the financial stability of their properties.

Additionally,  the holiday season often brings increased travel and time away from home. As families take holiday vacations or visit loved ones, property managers are left grappling with the challenge of coordinating rent collection with residents who may be unreachable, or less responsive. The logistical nightmare of tracking down residents for payments during this time can lead to delays and disruptions in the rent collection process.

From a psychological standpoint, the holidays can also impact the mindset of residents, making them less inclined to prioritize financial responsibilities. The spirit of generosity and goodwill often leads individuals to allocate their resources towards gifts and celebrations rather than rent payments. This shift in priorities can result in delayed payments and, in some cases, a spike in late fees, creating a less-than-joyful experience for both residents and property managers.

And of course, property managers and other team members also prioritize time off and family priorities. All these factors combine to make these months some of the worst for collecting rent.

With Buzz, your team can utilize sophisticated rent collection tools. By automating the busywork and keeping rent top-of-mind for residents, more rent is collected earlier in the month. Even if your team needs time off, Buzz keeps grinding away doing the busywork.

And just as important, Buzz provides a Collections Tool Kit that highlights residents that need specific attention from your team. This makes it easier to make the tough decisions, and to focus on items where a person’s experience and decision making is needed. 

Make sure your team has everything they need to collect all they can during this tough time of the year. It is more fun to celebrate the holidays when you can also celebrate collecting money! Let Buzz show you have to get results anytime of the year!