What is Arrears Management?
Arrears management encompasses the strategies and frameworks that housing associations implement to monitor and reclaim overdue rent payments. Mastering arrears management is essential for upholding financial stability and keeping tenants actively engaged and supported during the repayment process.
Benefits of Arrears Management:
- Proactive monitoring: Detects when residents may be on the verge of falling behind on payments, allowing for timely support and proactive measures.
- Automated payment reminders: Streamline your communication with automatic notifications that minimise manual follow-ups, enhancing consistency and lightening the load for your team.
- Reduced arrears burden: Optimises the recovery process, which may reduce the overall arrears rate.
Use cases:
- Automated workflows: Establish workflows that activate upon reaching arrears thresholds, seamlessly escalating to the designated team.
- Proactive tenant engagement: Leverage data to pinpoint at-risk tenants proactively, enabling tailored assistance and minimising the risk of prolonged arrears.
Key components:
- Microsoft Power Automate: Automates workflows for payment reminders, escalations, and tenant communication.
- Power BI: Provides detailed analytics on arrears trends, identifying areas for improvement.
The BRIKHousing Arrears Management Module is a dynamic tool designed to empower social landlords in effectively handling every phase of the arrears process, whether used in conjunction with the BRIKHousing Rent Accounting module or on its own. By harnessing the power of algorithms to scrutinise payment history, it produces Arrears Alerts and streamlines notifications, ensuring prompt interventions. With the module’s predictive analytics, you can anticipate future arrears and take proactive measures ahead of time. BRIKHousing enhances arrears management by leveraging integrated escalation rules, automated workflows, and in-depth reporting through Microsoft Dynamics 365 and Power Platform, all while ensuring a personalised and empathetic communication experience for tenants.
