“Our customers love the connivance of our guaranteed no late fee auto payment program. Would you prefer to use master card or Visa?”
And most self storages will be looking at and extra $30,000 a year in profits!
To often the managers are not even asking the client if they want to get on the program and if they are they are significantly reducing the chance of a yes by asking the yes or no question: Would you like to get on auto pay? Consumers are trained to think they are being sold to so typically they always lean toward no when asked a yes or no question.
Here are the numbers:
Research shows a renter on auto pay stays two months longer on the average.
And 10 extra auto pays a month = 30,000 a year – Really!
10/month x 12 months/yr x 2 extra months x $125 a month = $30,000 a year WOW
A couple of signs will also help
Sign on counter:
10 days late – $20 late fee
2o days late – $20 late fee
Sign on Wall: Ask me about our guaranteed no late fee plan
And thats not even the whole story -Not only does the customer save time but so do we. – For everyone on auto payment its often one less phone call and letter to collect those over due rents.
Plus you no longer have a problem with that customer who moves out three days after their due. They have already paid. (vs. moving out without paying)