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Old 02-24-2006, 11:02 AM
Sean Adams Sean Adams is offline
 
Join Date: Jun 1999
Location: Pennsylvania
Posts: 3,622
Tip Of The Day - 2/24/06 - Payment Booklet

I think a couple of years ago I mentioned this and I thought I would bring it up again.... Obviously one of the issues in this business is getting your regular maintenance clients to pay on time. One of the practices we implemented for our regular monthly clients who payed a set amount each month was a Payment Booklet. We had them made by a local printer. They looked exactly like the payment booklets you receive for mortgage payments, student loan payments, vehicle payments, etc....

The payment sheet included our address, their name and address, the amount owed and the due date. When we sent them to the clients, we included a simple letter letting them know their payment was a set amount and it was due on a certain day...and for their convenience, we provided the payment booklet. We did not have to create and mail out invoices for these clients and they knew exactly what they owed and when it was due.

And depending on how far you want to go, we also included in their payment package 12 pre-addressed and pre-stamped envelopes. The envelope had our address on it already and a 1st class stamp. All they had to do was write the check and pop it in the envelope and send it with their regular bills. We gave the clients the option to choose a payment date (1st, 10th, or 20th of the month)

Had a definitive impact on our cash flow because we could rely on receiving payments on certain dates each month.
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Old 03-20-2006, 07:12 PM
goose goose is offline
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Join Date: Mar 2000
Location: Birmingham , Alabama
Posts: 176
Sean , my question is this. Do you go to the printer everytime you sell a property? We might pickup 10-12 maintenance accounts every month. If each coupon booklet has their address , name and price ; seems like you would have to go maybe 1 time a month or every week or what. I like the idea , just trying to figure out how to do it. I have about 175 properties.Cash flow isnt to bad . I think it would save money .
Goose
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Old 03-20-2006, 07:42 PM
Sean Adams Sean Adams is offline
 
Join Date: Jun 1999
Location: Pennsylvania
Posts: 3,622
Sorry Goose - I should have added we had the booklets printed up blank and would print up name and address stickers and place them in the booklet so that when they sent them to us in the mail we knew who they were from and we would just hand write the amount on the line provided on all 12 stubs.... that way, like you mentioned, if we picked up a new client, it wasn't a printing issue....
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