Managing real estate is not easy. Occupancy fluctuates, maintenance is never-ending, rent must be collected, and leases must be honored. Many factors affect a Tenant’s ability to pay rent, and collecting rent is one of the biggest challenges property owners face. It’s not easy to consistently collect rent from merchants on time and in full every month dealing with financial challenges. Metro Commercial can help. We are experts in property management, making ownership easier for owners of more than TEN MILLION square feet. Here’s how we improve collection rates for you.

A Proven Standardized Process:

Metro Commercial has been in the retail real estate industry for three decades, collecting rents from tenants and improving the overall financial health of properties through this standardized process:

ONE: Cultivating relationships

Collection rates improve when tenants have relationships with the people they are paying. Metro Commercial cultivates relationships with its tenants through frequent site visits. Speaking directly with the business owner, making sure they know we’re paying close attention and that Metro Commercial is a company of caring professionals is an integral part of our philosophy. These discussions are a key tool in deciphering whether a business has true problems or is an opportunistic Tenant. We can tell: Are the nail salon chairs empty? Is the food fresh? Is the store clean and well stocked, or are store operations lacking?

That human touch improves collection rates and opens the lines of communication, furthering problem-solving and tenant retention.

TWO: Excellent communication

Communication is key. Metro Commercial prides itself on communicating early, often, and clearly. With a recipe for automated communication and personal outreach, Metro Commercial ensures their Tenants know what is expected of them and when. Through systematically produced monthly statements, late notices, and late fees, followed up by personal phone calls, emails and site visits, Tenants are compelled to pay rent timely. It is during these personal contacts that intel is gathered so Metro Commercial can aid property owners to make informed decisions of when legal action is required or when further follow-up is the wisest decision.

THREE: Automated Rent Collection Systems:

One of the advantages of hiring Metro Commercial as a property manager is that we bring with us skilled professionals and streamlined systems. State-of-the-art record-keeping and communicating with tenants guarantee that collection data is efficient, reliable, and always up to date.

Metro Commercial has made significant investments in automated processes to issue monthly statements, late notices, and online payment portals. Timely reminders prevent oversights ensuring timely payments.

FOUR: Late Fees and Penalties:

Everyone likes to save money, but no one likes to pay penalties. Late fees encourage on-time payments, and since the late fees are clearly spelled out in the lease agreement, the tenant knows that payments made after the deadline will be penalized. Metro Commercial ensures these terms are enforced routinely and are used as leverage when necessary to collect past due charges, negotiate lease renewals or renegotiate restrictive lease covenants.

Late penalties enhance on-time payments and improve collection rates.

FIVE: Regular Financial Reporting

Metro Commercial helps busy property owners by bringing our years of experience handling thousands of properties to the table.

We formally report collection data to property owners monthly in clear, concise, and easy to understand formats. It’s far more than reporting outstanding balances. We give you the background on why there is a balance owed and what action has been taken, in addition to giving you feedback from your Tenant. We also report on what payments were received and how those payments were applied to the Tenant account. Metro Commercial provides you with a custom report that shows a trailing 12-month payment history dissecting ebbs and flows of Tenant payments.

Improve Your Collection Rates

Metro Commercial has systematic processes and tailored strategies that will increase collection rates and reduce delays in rent payments. This will have a direct impact on your Net Operating Income, reduce risk, and increase the value of your asset.