Five Ways AI is Transforming Rent Recovery

Leveraging the power of Artificial Intelligence (AI) in rent recovery operations is the most intelligent, cost-effective and productive process available. AI can act as a vital bridge between organisations and debtors. Here we outline the top five ways that AI is transforming the rent recovery process for landlords, local authorities and government agencies.

1. The Automation of Your Workflows

With AI, organisations can reduce their costs by automating labour-intensive processes and significantly condensing the price of serving their customers. One of the most common ways to automate your rent recover process is by automating your collection workflow. This means that you establish a standard workflow of when to execute each step in your rent recovery operation. Users of rent recovery software can have perfect visibility over the whole recovery process, and financial controllers can make better-informed decisions about potential escalations.

2. Payment Options

AI can provide 24/7 payment methods to all debtors, these options include automated phone, SMS, web portals and bar coded letters. This means debtors can make repayments at a time that’s convenient for them. 

3. Identifying Potential Defaulters 

Another great benefit of AI in the rent recovery process is its power to identify potential defaulters. Systems built using machine learning (ML) and natural language processing (NLP) technologies can be used to accurately analyze a customer’s digital interactions as a means of identifying those individuals who face financial hardship. The local council, government agency, organisation or business can reach out to the potential debtor and help them adapt and respond to their challenging financial situation, e.g. payment plans can be agreed. Building a strong AI-powered analytics framework not only generates valuable insights but also requires minimal human intervention. As such costs overall are reduced.

4. Communications With Debtors

Many lenders only communicate with their debtors when they officially become delinquent. AI can serve to understand and present the behavioural economics and practices of each borrower, and this information is vital. Users of advanced rent recovery software can achieve more positive results because of AI. Machine learning algorithms can identity which communication channel works best for each debtor. The software can also recommend the best time to communicate. Overall the pursuit of rent recovery is streamlined, focused, productive and profitable.

5. An Omnichannel Approach

Leading rent recovery software is also engineered to manage and co-ordinate omni-channel communications (including SMS, WhatsApp, Email and Chat). Today’s savvy customers demand personalised experiences via digital platforms they’re familiar with. When you communicate to your debtor via their most preferred and convenient channel, you reap rewards. 

The transformational potential of AI in the rent recovery process is immense. It dramatically improves customer experience and creates huge exponential value for all organisations who adopt it in their pursuit of rent recovery.

Get in touch with Lateral today, and request a demo, to see first hand how our AI-based collections platforms can result in higher engagement and repayment levels for your organisation.